Midloch Investment Partners and Fountain Real Estate Capital have sold “Last Mile Penn Industrial” at 9231 Penn Ave. So. in the Minneapolis suburb of Bloomington, MN to Buligo Capital for $15.4 million in a deal brokered by Colin Ryan and Dave Berglund at JLL. Midloch and Fountain acquired the property back in January 2022 for $11.2 million, which had below-market occupancy requiring capital improvements that were quickly stabilized by an experienced team led by Mike Wilhelm and Rick Burnton from Fountain Real Estate’s in-house leasing division resulting today with strong cash flow from a mix of national & regional tenants plus further upside potential through leasing vacancies as it spans 218,899 square feet overall .
Andy Sinclair CEO & Principal of Midloch commented on this transaction saying “Last-mile industrial properties including those nearby distribution & logistics centers continue to be strong real estate investment performers nationally” .
