Ryan looks to light industrial market.

Byline: J.D. Duggan

Minneapolis-based Ryan Cos. sees an opportunity in the light industrial real estate market with two recent property acquisitions in the west metro.

Ryan, along with California-based Nella Invest, purchased an Edina warehouse space for $16 million last month. The commercial real estate giant also bought the Minco portfolio in Minnetonka for $12.5 million on Tuesday. Shawn Moore, vice president of acquisitions and asset management with Ryan, said the company is actively pursuing further light industrial purchases in the Twin Cities and other markets around the country.

"The entire industrial market is in high demand, both from a tenant's perspective and from an investor's perspective," Moore said. "We see this as a very complementary piece of growth to the rest of our development and construction activities."

The Minnetonka property sold for $74.27 per square foot and the Edina property sold for $117.65 per square foot.

Ryan plans to manage and service the recently purchased properties. There are no plans for major redevelopments, but Moore said renovations are likely, such as roof replacements that could occur at the Minnetonka property.

Tenants at the 168,315-square-foot Minnetonka property at 15200 Minnetonka Industrial Road and 15225 Minnetonka Blvd. include Laursen Piano Service and multiple regional and local retailers, many of which are in the e-commerce market. The 136,000-square-foot Edina warehouse at 5182 W. 76th St. is home to a company that creates products for diabetics and an engineering and environmental consulting firm.

"These light industrial buildings usually have more tenants in them [than bigger distribution centers], but that's an opportunity for local firms like us that have local property management," Moore said. "We can offer services and be responsive to the tenants."

Industrial demand in Minnesota remains strong...