Chambers Street Properties Acquires Industrial Building in Rogers

A New Jersey-based real estate investment trust, Chambers Street Properties, has acquired a warehouse/distribution building in the northwestern Minneapolis suburb of Rogers.

A New Jersey-based real estate investment trust, Chambers Street Properties, has acquired a warehouse/distribution building in the northwestern Minneapolis suburb of Rogers.

Located at 20000 S. Diamond Lake Road, the 280,577-square-foot facility was developed in 2004 and is currently fully leased on a triple-net basis. Situated on 15.2 acres of land, within an established industrial park, it benefits from regional highway access. The state-of-the-art building features 32-foot clear heights, 32-dock loading doors, parking for 215 vehicles and one drive-in door.

“This is an excellent asset, built to high standards in a quality location, and we are delighted to add it to our growing portfolio,” said Phil Kianka, executive vice president & COO for Chambers Street Properties. “The economic recovery in the Minneapolis market, the 10th largest industrial market in the country, continues to show improvement, and total employment is projected to increase over the next five years, making this a desirable asset for Chambers Street Properties.”

The 20000 S. Diamond Lake Road building is not the first property acquired by Chambers Street Properties in the submarket, the trust having acquired a 335,000-square-foot distribution facility at 13201 Wilfred Lane in Diamond Lake Park in June 2009.

According to the Hennepin County property tax records list, quoted by the Minneapolis / St. Paul Business Journal, the previous owner was Minneapolis-based Geneva Arcx. Details of the transaction were not disclosed, and the most recent recorded sale for the property was in February 2005 for $13.4 million.

Chambers Street Properties, formerly CB Richard Ellis Realty Trust, invests in real estate and focuses on office and industrial properties located across the major metropolitan areas of the United States and internationally.

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Logo Courtesy of: www.chambersstreetproperties.com