Class B flex property will be renovated to create a desirable office and warehouse mix to support the Minneapolis DMA’s strong job market and growing labor force
Brookfield, Wis. (May 15, 2023) – MLG Capital – a national leader in diversified private real estate investments – today announced its acquisition of Hampshire Technology Center, located at 10900 Hampshire Ave S in Bloomington, Minn. The 14+ acre Class B flex-industrial property features more than 144,000 square feet and over 680 parking spaces. MLG acquired the property in partnership with Hoyt Properties, its sixth such project with the firm, and plans to make interior renovations to maximize the space and create a more desirable office/warehouse mix.
“This is an exciting acquisition for us, located in a desirable submarket that MLG has executed on several successful investments,” said Nathan Clayberg, vice president at MLG Capital. “Given the tight occupancy in the market and our partner, Hoyt Properties, leasing capability, we are confident that we will be able to get this building leased and create value for all involved.”
According to the Bureau of Labor Statistics, Minneapolis is ranked in the top 10 best job markets in the U.S. Its labor force has grown 6.5 percent in the past five years and is expected grow another 3.8 percent by 2026. The Minneapolis market is home to 17 companies in the Fortune 500, including UnitedHealth Group, Target, Best Buy, 3M and US Bancorp.
MLG Capital has been acquiring assets since 1987. Since 2012, the firm has operated under a fund strategy, providing investors the opportunity to participate in portfolios of assets rather than individual deals. MLG’s property acquisitions focus on geographic, asset class and asset type diversification. The firm opened its most recent fund – MLG Private Fund VI – in May 2022 with an equity raise goal of $400 million. Hampshire Technology Center will be the 11th acquisition within Fund VI and its 25th all-time investment in the Minneapolis MSA.
About MLG Capital
MLG Capital is the premier outsourced investment manager in private real estate for investment advisors, family offices and accredited high net worth individuals. Since its inception in 1987, the firm and associated entities have had active, exited, or pending investments totaling approximately ±42.6 million square feet of total space across the United States, inclusive of more than 36,500 apartment units, with exited and estimated more information about MLG Capital and its investments, visit the firm’s newsroom.
For more information, contact:
Laughlin Constable Public Relations
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