IRG, a leading real estate company specializing in industrial properties, has recently completed the acquisition of a 965,134-square-foot industrial portfolio located in Central Minnesota.
The portfolio consists of eight buildings situated within the St. Cloud Industrial Park and is currently occupied by Publisher’s Clearinghouse (PCH). As PCH plans to vacate some of the space in the near future, IRG intends to redevelop and lease these buildings for new tenants.
According to Justin Lichter, Chief Investment Officer at IRG: “We have a proven track record of acquiring similar assets and attracting job-creating companies to lease our spaces. We look forward to working with local stakeholders on developing a plan that will benefit both the economy and community in St. Cloud.”
Minnesota has always been an attractive market for IRG; they currently own approximately 4.8 million square feet of space throughout the state including Rochester Technology Campus which houses IBM.
Although most of the space within St.Cloud is currently leased out, PCH’s departure presents an opportunity for IRG to attract a diverse mix of flexspace users such as distribution centers or manufacturing facilities into their newly acquired properties.
