Morgan Stanley Acquires 417600 Square Foot Industrial Warehouse From Seefried Industrial Properties For $70.15M
15401 Boulder Avenue
$70,150,000
$168/SF
Building Size
417,600 SF
Asset Type
Industrial
Closing
Nov 20, 2024
AI
A 417,600-square-foot warehouse located at 15401 Boulder Avenue in Rosemount, MN, was sold for $70.15 million. The asset, leased to Home Depot for 18 years, reflects a price-per-square-foot of $168.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $70,150,000
- Sale Date: 11/20/2024
- Buyer: Morgan Stanley
- Seller: Seefried Industrial Properties
- Brokers: Bentley Smith & Judd Welliver - CBRE
- Square Footage: 417,600
- Price Per Square Foot: $168
- Market: Rosemount, MN
The transaction was facilitated by brokers Judd Welliver and Bentley Smith from CBRE, representing the seller, Seefried Industrial Properties, in the sale to Morgan Stanley subsidiary Eaton Vance. The strategic location of the warehouse, particularly its proximity to rail and labor, were significant factors influencing the deal.
Rosemount Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93