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| 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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