Onward buys $41 million portfolio.

Byline: Matt M. Johnson

Fresh off a protracted purchase earlier this year of Sears' Minneapolis warehouse, Onward Investors has bought industrial in bulk in a northwest metro deal worth $41.5 million.

Eden Prairie-based Onward, in a joint venture with investment fund sponsored by New York-based AIG Global Real Estate, purchased three Brooklyn Park industrial buildings and a flex building in Minnetonka from St. Louis-based Altus Properties, according to certificates of real estate value made public on Monday. The buildings total 450,727 square feet of space. The deal was made in four separate cash transactions.

The buildings Onward acquired in the deal are:

The 22-year-old, 184,646-square-foot Northland Interstate Business Center IV at 9300 75th Ave. N. in Brooklyn Park for $14.7 million. The county values the property at $10.1 million.

The 21-year-old, 111,690-square-foot Northland Interstate Business Center V at 7601 Northland Drive N. for $10.9 million. The county values the property at $6.9 million.

The 35-year-old, 94,561-square-foot Minnetonka Corporate Center at 5900-5950 Clearwater Drive in Minnetonka for $8.9 million. The county values the property at $7.1 million.

The 22-year-old, 59,830-square-foot Northland Interstate Business Center III at 7115 Northland Terrace in Brooklyn Park for $7 million. Hennepin County values the building at $4.1 million for tax purposes.

The overall deal works out to about $92.07 per square foot of space.

Combined, the buildings were about 95% occupied by a total of 17 tenants at the time of the sales, which closed on Sept. 27. The tenant roll includes General Mills leasing 68,244 square feet of space, Morcon leasing 60,021 square feet, Octane Fitness with 40,913 square feet, Sterile Medical leasing with 37,151 square feet and Children's Hospitals and Clinics of Minnesota with 30,272 square feet, according to CoStar.

Onward was attracted to the properties because they are "a high-quality portfolio of buildings in infill locations," said Mark Peterson, Onward's vice president, in a statement. The acquisition is...

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