Rare, Urban Infill Industrial Property in Hopkins is Acquired by SR Realty Trust.
August 31, 2022
SR Realty Trust, Inc. is pleased to announce the acquisition of Excelsior Tech Center, a 110,000 square foot multi-tenant industrial property.
For more information contact:
Evan Richardson, Senior Vice President – Investments
Schafer Richardson / SR Realty Trust
For Immediate Release
Rare, Urban Infill Industrial Property in Hopkins
is Acquired by SR Realty Trust
July 21, 2022 (Minneapolis, MN) — SR Realty Trust, Inc. is pleased to announce the acquisition of Excelsior Tech Center, a 110,000 square foot multi-tenant industrial property. The property is located at 175 Jackson Avenue North in Hopkins, Minnesota, was built in 1955, sits on a 6.2 acre site and is near the Southwest light rail route, close by the Blake Road station.
The property was originally occupied by Honeywell, where they produced and tested defense items for the United States military. It’s now home to small bay warehouse tenants occupying 97.7% of the building.
As part of the transaction, the seller Hopkins Mainstreet II, LLC completed a 721 Exchange, or UPREIT.
Dan Ruehl, Acquisition Manager, SR Realty Trust stated, “The Minneapolis-St. Paul industrial real estate market is still incredibly hot. With rising construction costs, the tenant demand for small bay warehouse properties is ever increasing; this property has the flexibility to fit that need. SR Realty Trust is actively looking for additional industrial acquisitions within the Minneapolis-St. Paul market.”
About SR Realty Trust, Inc.
SR Realty Trust, Inc. is a private real estate investment trust investing in commercial real estate properties located in the Upper Midwest. The company’s portfolio totals 3.9 million square feet. More information on SR Realty Trust, Inc. may be found at: www.srrealtytrust.com.