Suburban Minneapolis industrial park sells for $82m
Link Logistics has paid $82.3 million for Plymouth Ponds Business Park, an eight-building, multi-tenant light industrial park in the suburban Minneapolis community of Plymouth, Minn.
The seller was not disclosed.
Situated on 60 acres at 17100 Media Road, Plymouth Business Park is at the intersection of Highway 55 and County Road, which provides easy access to Interstates 394 and 494. The park is approximately 13 miles west of downtown Minneapolis and 25 miles from the Minneapolis-Saint Paul International Airport.
“This is another example of the strength of infill industrial,” said Colin Ryan, a senior managing director at JLL Capital Markets, which advised the buyer. “Plymouth Ponds is the ideal business park in the Twin Cities — well-located, high-quality stabilized assets at a price well below replacement cost. We continue to see more and more capital chase secondary markets like Minneapolis-St. Paul because of the higher yields when compared to the sm