MINNEAPOLIS AND BALTIMORE — Global alternative investment firm Investcorp has acquired two industrial portfolios for a total of more than $335 million. Located in the Minneapolis and Baltimore markets, the portfolios feature a combined 2.7 million square feet across 27 properties.
The 17-building Minneapolis portfolio totals 1.9 million square feet, and the Baltimore portfolio comprises 10 buildings with 881,000 square feet. The seller and specific addresses of the properties were not disclosed.
“The Minneapolis and Baltimore portfolio acquisitions offer us a unique opportunity to scale our presence in two markets with highly diversified tenancies,” says Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties making up each of these portfolios feature favorable characteristics, such as high average clear heights, ample loading docks, plentiful parking and convenient locations.”
According to a press release issued by Investcorp, industrial market rent growth in Baltimore and Minneapolis has averaged 13.4 percent and 11.4 percent, respectively, over the past three years. Fortune 500 companies with a presence in Minneapolis include Target Corp., Best Buy Co. Inc., 3M Co. and General Mills Inc.
Baltimore hosts corporations including Optum Inc., JLL, Under Armour Inc. and Morgan Stanley & Co., among others.
Founded in 1996 with a U.S. headquarters in New York City, Investcorp has acquired roughly 1,400 properties totaling $26 billion since its inception. Approximately 98 percent of Investcorp’s portfolio comprises industrial and residential properties. The Bahrain-based firm ranks among the top five largest foreign buyers of U.S. real estate of the last five years, according to MSCI Real Capital Analytics.
— Hayden Spiess