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