Nicola Wealth Real Estate (NWRE) has acquired the Minneapolis Industrial Infill Portfolio, marking the firm’s entry to market.
The acquisition, comprising the Minneapolis North Sub-Portfolio and the Dell 5 Sub-Portfolio, is a collection of 22 well-located industrial and flex-industrial buildings totaling 1.92 million square feet on 151 acres of land. The multi-tenant portfolio is geographically diverse in the Minneapolis/St. Paul market, which boasts a low vacancy rate of 3.6 percent as of second quarter 2021 on an existing inventory of approximately 374 million square feet.
“We are excited to expand our US industrial footprint in an established and stable market such as Minneapolis,” says Matthew Schaeffers, director of acquisitions at Nicola Wealth Real Estate. “This acquisition presents an opportunity to add a diversified portfolio in a low vacancy environment that offers attractive risk-adjusted returns. These assets provide immediate scale complementary
