IRG Buys Twin Cities Industrial Property in St. Paul, Minn.
Los Angeles-based real estate development and investment firm Industrial Realty Group, LLC (IRG) recently announced the acquisition of a sizeable industrial distribution facility in the Twin Cities market.
Located on 19 acres in an established industrial corridor, the property at 411 Farwell Ave. encompasses more than 392,700 square feet of St. Paul, Minn., warehouse space, in addition to about 30,000 square feet of office space.
Formerly serving as the headquarters of online and catalog retailer The Sportsman’s Guide, the facility was reportedly fully available for occupancy at the time of sale, creating an opportunity for IRG to reposition and market the property to industrial users.
Strategically located just a few minutes from Interstate 494, the property provides convenient access to the broader Minneapolis-St. Paul interstate network and is approximately 15 minutes from both downtown St. Paul and the Minneapolis-St. Paul International Airport.
Notably, the property’s design allows it to accommodate a single large user or be divided to support multiple tenants. Features include: cross-dock loading on three sides; 36 dock-high doors; two drive-in doors; a 110-foot truck court; 22-foot clear height; substantial employee parking; and an existing Union Pacific rail spur and rail doors.
“411 Farwell is a highly functional distribution asset with the infrastructure, scale, and location to serve a wide range of industrial users,” said Peter Goffstein, executive vice president of IRG. “The property’s cross-dock configuration, rail capability, and access to the Twin Cities transportation network make it a strong addition to our portfolio and an attractive opportunity for companies seeking efficient regional or national distribution space.”
Construction in the Twin Cities market saw the industrial pipeline expand 81% in 12 months with nearly 5.6 million square feet of new industrial space in development at the close of July 2026.
Furthermore, with leases averaging $7.77 per square foot, industrial space in Minnesota’s Twin Cities commanded roughly $1 more per square foot than rents in Chicago as of July.
At the same time, sales closed here during the first seven months of the year added up to $595 million — the fourth-largest year-to-date sales total among Midwestern U.S. markets in July.