CIRE Equity Acquires Seagate Technology's Shakopee Facility For $36M

Seagate Technology has sold its 400,000-square-foot industrial facility located at 1280 Disc Drive in Shakopee, Minnesota. The property was sold to CIRE Equity in a sale-leaseback deal for a total price of $36 million. This transaction aligns with Seagate's real estate strategy, which involves consolidating operations in Minnesota and executing similar deals in California and Colorado. As part of the deal, CIRE Equity has agreed to a 10-year lease for the facility.

Summary of transaction details

• Property Type: Industrial
• Sale Price: $36,000,000
• Square Footage: 400,000
• Price per Square Foot: $90
• Address: 1280 Disc Drive, Shakopee
• Market: Shakopee

Joshua Volen of CIRE Equity served as the buyer in this transaction, while Dave Mosley, representing Seagate Technology, acted as the seller. The sale was facilitated by Vicki Keenan from Cresa. Through this sale-leaseback deal, Seagate Technology can continue its operations in the facility while unlocking the value of the property. This transaction marks another strategic move by Seagate in streamlining its real estate portfolio.