Friday, October 16, 2015

Shopoff Realty Investments Acquires Value-Add Industrial Property Near Minneapolis, MN

William Shopoff
 Coon Rapids, MN –Shopoff Realty Investments announced 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 (NYSE:HON), a Fortune 100 company focused on global technology and aircraft parts, and MEDRAD, a wholly owned subsidiary of innovative medical company Boston Scientific (NYSE:BSX).

For a complete copy of the company’s news release, please contact:

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701

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