9231 Penn Ave South, Bloomington, MN
218,899 SF
We acquired the property as the General Partner and brought in a Limited Partner in January 2022. The property was 64% occupied at the time of acquisition. We executed our business plan to upgrade the property and back-fill the vacancies at higher rental rates. We leased the property to 90% and sold the 220,000 sqft industrial building in May 2023.
IRR of 80%
Equity multiple of 2.0x
![](https://fountainrec.com/wp-content/uploads/2022/04/9231-Penn-Ave-S-front-brdr-1024x717.jpg)