COON RAPIDS, Minn., Oct. 13, 2015 (GLOBE NEWSWIRE) -- Shopoff Realty Investments announced today that the company has acquired a 261,805-square-foot office/manufacturing building in the Minneapolis suburb of Coon Rapids, MN. The acquisition was capitalized in a tenant-in-common structure through co-investments from two Shopoff affiliated funds, and a private third party 1031 exchange investor.
“The property, located at 8840-8800 Evergreen Boulevard, is in an industrial submarket of Minneapolis with limited vacancy and stable rental rates,” said William Shopoff, chief executive officer of Shopoff Realty Investments. “While it is currently 100 percent occupied, we have formulated a strategy to increase the income and value of the asset by marketing and leasing an additional 86,000-square-foot building which can be developed on the existing property.”
The property is currently leased to two credit-grade tenants, Honeywell, a Fortune 100 company focused on global technology and aircraft parts, and MEDRAD, a wholly owned subsidiary of innovative medical company Boston Scientific.
“The Evergreen property is expected to benefit greatly from the occupancy of the current tenants, the potential for increased income based on rents that are currently below market rates, as well as the proposed building expansion, which will enable additional industrial and manufacturing tenants to be housed in this business area and will create additional future value,” said David Placek, executive vice president of Shopoff Realty Investments’ Commercial Property Division.
About Shopoff Realty Investments
Shopoff Realty Investments has a 23-year history of over 100 programs and 526 investments, of which more than 486 have gone full cycle with an average holding period of 2.7 years. Shopoff Realty Investments and its executive leadership have completed more than 5,000 real estate transactions, including the acquisition, management, entitlement and development of more than 10,000 parcels and lots, 50,000 multifamily units, and 5 million square feet of commercial properties, with an aggregate value in excess of $4 billion. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 1120, Irvine, CA 92614, (844) 4-SHOPOFF.
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Source: Shopoff Realty Investments