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Westmount Realty Capital Announces Sale of Warehouse in Minneapolis' Booming Industrial Submarket

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BURNSVILLE, Minn. - eTradeWire -- Today Westmount Realty Capital, LLC (http://westmountrc.com/) sold I-35 Industrial Center, a 413,239-square-foot Class B warehouse and distribution facility at 2300 State Highway 13 West in Burnsville, located just 15 miles south of downtown Minneapolis. ShopJimmy.com, an award-winning e-commerce company, has leased 100 percent of the mixed-use space for its headquarters since 2018.

ShopJimmy.com was founded in 2007 by Jimmy Vosika who began selling TVs on eBay. The company has since grown into a 47-employee e-commerce business, specializing in reverse logistics and consumer electric components, including TV parts, TV stands, lamps, component kits, board repair services, tech tools and electronic accessories.

Even with this sale, Westmount still holds four assets in Minnesota, totaling 433,181 square feet. The portfolio is 98% leased.

"The thriving Twin Cities of Minneapolis-St. Paul will continue to be a hub for the world's most well-known companies because of its strong economy and low unemployment rate," said Westmount Asset Management Director Julie Butticarlo. "ShopJimmy.com is a high-quality and durable tenant that is leased through June 2028 with two, 5-year extension options. ShopJimmy.com has occupied the property since September 2012, and our biggest value-add was having them expand and occupy the whole building in August 2018."

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The industrial property was originally built in 1970, spanning approximately 21 acres and now serves as the corporate headquarters for ShopJimmy.com complete with a recycling center, showroom and storage space. It also has 23 dock doors, including 12 drive-in doors with 21-feet clear height. Westmount also repaired masonry work on the building's exterior, painted the building and upgraded the parking lot. Its centralized location is 1 mile from I-35W and just north of Highway 13.

"The South of the River industrial submarket is one of Minneapolis' most in-demand and well-positioned areas, boasting a 5.8 percent vacancy rate," said Brant Brown, COO & CFO of Westmount. "While other submarkets posted negative absorption in 2020, this submarket saw an astonishing 288,640 square feet absorbed."

Mark Kolsrud, Pete Carbonneau and Peter Loehrer of Colliers, MSP Investment Services Group represented the seller in the sale transaction.

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About Westmount Realty Capital


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Westmount Realty Capital, LLC is a time-tested, privately held, Dallas-based commercial real estate company that has achieved exceptional performance, with a core team in place, for more than 30 years. Westmount is seen as an innovator and leading-edge company in the industry and is a relationship-driven trusted operating partner of numerous U.S. and foreign institutional and private capital sources. The company is active within the U.S., specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com. (http://www.westmountrc.com/)

Source: Dala Communications
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Filed Under: Real Estate

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