Twin Cities Industrial Life Science Portfolio
Twin Cities Industrial Life Science Portfolio
JLL is pleased to offer this 314,319 sf, fully leased and recently upgraded 4-building, life science portfolio located in the Twin Cities industrial market.
Revere is an invite-only digital network and deal marketplace for commercial real estate professionals, with $50 billion in deal volume launched this year.
Connect with 50,000+ professionals today
David is senior managing director and co-head of the Minneapolis office of JLL Capital Markets, Americas. He joined JLL in 2020 to develop the capital markets investment advisory practice and has more than 15 years of experience in commercial real estate. David specializes in single-tenant and multi-tenant office, industrial and medical investments. During the course of David's career, he has successfully represented and closed a broad range of property types in excess of $4 billion of real estate transactions.
For over 30 years Hoyt Properties, Inc. has been at the center of commercial-industrial, office and retail development, brokerage, and property management throughout the upper Midwest. Hoyt Properties has been responsible for over seven million square feet of commercial-industrial projects. Our Hoyt Properties team, collectively, has over 100 years of experience in the real estate industry, and has represented some of the foremost names in the Twin Cities metro area. We focus on four core areas: Property Management, Brokerage, Development and Investment. We specialize in Brokerage: Leasing and Sales, Buyer and Seller Representation, Landlord and Tenant Representation, as well as Property Management and Investment.
- Property Type
- IndustrialOffice
- Deal Type
- Acquisition
- Risk Profile
- Core Plus
- Fully occupied Portfolio with a WALT of 6.1 years securing stable cash flows and returns now and into the future
- Diversified tenant roster with over 1/4 of the portfolio's square feet consisting of investment grade credit
- Strong tenant roster of majority life science industry tenants with no tenant currently accounting for more than 20% of the portfolio
- Premier location with proximity to nation's #1 Med-Tech corridor and the CBD filled with an abundant number of Major Employers
- Minneapolis is consistently ranked in the top 25 major metros for millennial workers as population continues to grow
- Highly accessible infill locations sitting just miles from major arteries of travel, I-35 and I-94 within the core of the Twin Cities
- Extremely low vacancy in the highly desirable northeast submarket
- Opportunity to grow rents within the Portfolio. We have seen a significant amount of rent growth in similar product type over the past 24 months. With vacancy continuing to trend downwards and asking rates rising, we see an opportunity for investors to push rates on upcoming renewals and grow the NOI long-term.
- 37% (114,877 SF) of the portfolio is made up of life science space
- $18.4 million of tenant improvements has been invested into the buildings in recent years, including nearly $10 million by the tenants themselves