Just Sold: Self-storage business buys Minneapolis distribution center.

Byline: Anne Bretts

Editor's note: "Just Sold" is a Finance & Commerce feature based on certificates of real estate value recently filed for commercial transactions and significant residential transactions in Twin Cities counties. Additional details in the transactions come from Plat Research, the Minnesota Secretary of State's Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded. Full prices are available on the CRVs posted here.

Yet another player has entered the crowded self-storage market in the Twin Cities.

An entity related to Riverside, Missouri-based Northpoint Development has paid $9.2 million for the 181,526-square-foot distribution center and 11.84 acres at 345 Industrial Blvd. in Minneapolis. Northpoint, which owns the Beyond Storage brand, will convert the center to a 631-unit self-storage facility.

The seller is Atlanta-based Veritiv Operating Co., which closed Oct. 12 on the sale to NP-OV 345 Industrial LLC, a Northpoint entity. The purchase price works out to $50.68 per square foot.

Veritivwas established in 2014, following themergerof International Paper Company'sxpedxbusiness and Unisource Worldwide. Veritiv acquired the Minneapolis building for $4.4 million in 2014. Veritiv still operates distribution centers in Bloomington, Roseville and Brooklyn Park, according to its website.

The Minneapolis building, which was built in 1966, has 22-foot clear height, which is tall enough to install the framework to create a two-level storage facility. It also has one drive-in door, allowing year-round indoor customer access to storage units.

Northpoint is operating or developing Beyond Storage properties in Michigan, Missouri, Illinois, Kansas and Minnesota. The Minneapolis building will be the 15th Beyond Storage location for the company and its third in Minnesota.

Wayzata-based Mohagen Hansen Architecture | Interiorsis the architect for all three projects. Copeland Construction Corp. of Edina is the general contractor for the Minneapolis project. Hoyt Properties of Minneapolis served as broker for the buyer in the Minneapolis acquisition. Northpoint officials were unavailable for comment.

Northpoint launched the brand in 2016. It paid $550,000 in June 2017 for 2.92 acres at 3100 Courthouse Lane in Eagan, near the intersection of Dodd Road and Highway 55. It opened a 100,000-square-foot building with more than 100,000 square...

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