Listen to this articleEditor’s note: On the Market is a regular feature from Finance & Commerce that highlights interesting commercial real estate that has recently been put up for sale. Let us know about CRE that’s on the market at [email protected].
This week’s On the Market features two older but well-suited — and spacious — industrial properties in the inner Twin Cities metro. At the moment, they’re used primarily for warehousing, distribution and/or light manufacturing, but both could be adapted to other uses by a committed investor or motivated owner-occupant.
Brooklyn Center industrial
This 1982-vintage warehouse is currently “the only industrial building in Brooklyn Center available now for an owner-occupant,” according to listing broker Hudson Brothen, managing director with Cushman & Wakefield.
Most of the 76,223-square-foot building is occupied by Siscovers, a certified woman-owned business that makes bespoke sheets, covers, mattress protectors and other bedding products. Siscovers has a multi-decade history in the area and is selling only because it needs more space than the current location can offer, Brothen said.
Siscovers’ departure will leave the building mostly vacant. But about 13,000 square feet will for now remain leased to HVAC Supply, a sheet metal fabricator serving a regional heating and cooling industry “that’s absolutely exploding right now,” Brothen said. A future owner-occupant could keep the smaller tenant “for additional income,” according to the listing brochure.
The space has about 10,500 square feet of combined “tech” and office space, the brochure says.
The building has about 1,000 amps of 480-volt/3-phase power — decent service for a potential manufacturing occupant — and 24-foot clear heights throughout, according to the listing brochure. Eight dock doors and one drive-in door serve a 100% air-conditioned interior. The entire roof was replaced last year and remains under a 10-year materials and labor warranty, the brochure says.
Overall, 6707 Shingle Creek “is a bright spot for Brooklyn Center” and a great opportunity for an investor or owner-user, Brothen said.
Brooklyn Center Warehouse
Address: 6707 Shingle Creek Parkway, Brooklyn Center
Type: Industrial (warehouse/production)
Square Footage: 76,223 square feet
Asking Price: $6.86 million
Seller: Chedi Holdings, LLC (Brooklyn Center)
Listing Broker: Hudson Brothen, Brent Masica & Danny McNamara, Cushman & Wakefield
Kasota Distribution Center
It’s hard to get more centrally located than the Kasota Distribution Center, a two-level, 212,000-square-foot warehouse on Kasota Avenue, just off Highway 280 on the northwestern edge of St. Paul.
“This is a very well-located distribution facility on a major metro artery, with easy access to I-94, I-35W and Highway 36,” said listing broker Kyle Kalivoda, director at Monarch Commercial Real Estate.
Its central location isn’t the only thing going for Kasota. The building has 20 dock and three drive-in doors, plus 12 open loading docks and 216 parking spaces, according to the listing brochure. Inside, each level has 18-foot clear heights with 30-foot-by-40-foot column spacing in a fully sprinklered enclosure.
A future owner has some flexibility to make the building their own, Kalivoda said. The entire lower floor is leased to a longer-term tenant; a newer tenant occupies about half the upper floor. With enough power, access and interior space for a range of light manufacturing and distribution activities, the building is basically a blank slate for either an owner-user or a “sophisticated industrial investor” looking to reset rents to market, Kalivoda said.
Kasota Distribution Center
Address: 2565-2575 Kasota Ave., St. Paul
Type: Industrial (warehouse)
Square Footage: 211,998 square feet
Asking Price: Not listed
Seller: Kasota Holdings, LLC (Golden Valley)
Listing Broker: Ben Jensen & Kyle Kalivoda, Monarch Commercial Real Estate
