River Road I & II

River Road was purchased through a joint venture. Utilizing a value-add strategy, MLG has focused on property upgrades and maintenance to attract new tenants and grow rents over time with competitive leasing and management.

  • StatusSold
  • Square Feet149,039
  • Built-
  • LocationFridley, MN


Through a joint venture with Hoyt Properties, MLG Private Fund II LLC acquired River Road I & II & River Road III & IV in 2016, 150,000 SF and 120,022 SF, respectively.

The partnership executed a value-add strategy, which included parking lot repairs and signage updates along with minor deferred maintenance.

Property upgrades and strategic partners led to leasing more 63,000 SF throughout the respective 2-year and 1.5-year hold periods.

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Deal Details

  • Acq. Occ.61%
  • Exit Occ.80%
  • Acq. $/SQFT±$42
  • Exit $/SQFT±$71


  • Purchase Price±$6,314,000
  • Sale Price±$10,600,000
  • Fund I IRR29.49%*
  • Date AcquiredMay 2015
  • Date SoldJune 2017
  • Fund II Equity Multiple1.66x**

*Fund IRR is the interest rate at which the net present value of all Fund contributions into the investment and
distributions from the investment equal zero.
** Fund Multiple is calculated by taking the total distributions to the Fund from the investment divided by
the total Fund contributions into the investment.