Sealy & Co. Grows Minneapolis Footprint

Scannell Properties sold the fully leased industrial property in an off-market deal.

10600 Xylon N Ave.

NorthPark VII rendering. Image courtesy of Sealy & Co.

Sealy & Co. has acquired NorthPark Business Center VII, a 221,128-square-foot industrial asset in the Minneapolis suburb of Brooklyn Park, Minn. Scannell Properties sold the fully leased property in an off-market deal.

The purchase came on the heels of another transaction that involved both companies: Last month, Sealy acquired two Memphis, Tenn., industrial properties from Scannell. The Class A buildings were fully occupied as well at the time of sale.

Managing Director of Investment Services Jason Gandy and Director of Investment Services Davis Gibbs led both deals on behalf of Sealy & Co.

A Minneapolis-area industrial facility

According to CommercialEdge data, NorthPark VII came online in 2021 on some 73 acres of land within NorthPark Business Center, a 230-acre master-planned campus that could include up to 19 industrial buildings when fully developed.

Situated at 10600 Xylon Ave. N., the rear-load facility features 32-foot clear heights, two drive-in doors, 50 dock-high doors, ESFR sprinklers and parking for cars and trailers. Situated in Minneapolis’ Northwest submarket, the property provides easy access to highways 169 and 610, as well as to Interstate 94.

The Twin Cities has seen negative absorption of industrial space in two of the last 20 quarters, according to a quarter four 2022 report by Avison Young. Despite posting a high net absorption, last year’s leases recorded the lowest activity since 2010. The area’s industrial supply totaled 6.3 million square feet at the end of December, with the quarterly average has been climbing each year since 2018.

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