Cemstone Acquires Industrial Building In Minneapolis For $6.3M

The industrial property located at 2418 North Washington Avenue in Minneapolis was sold for $6.3 million. Spanning 182,376 square feet on a 5.2-acre lot, the building was originally constructed in 1914. The transaction involved Cemstone, based in Mendota Heights, purchasing the multitenant industrial building from Classic Space Inc.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $6,300,000
• Address: 2418 North Washington Avenue
• Market: Minneapolis
• Square Feet: 182,376
• Price Per Square Foot: $35
• Buyer: Timothy A. Becken - Cemstone
• Seller: Classic Space Inc
• Buyer's Rep: Jon Rausch - Cushman & Wakefield
• Seller's Rep: Chris Weirens - Transwestern

The seller, Classic Space Inc, was represented by Chris Weirens from Transwestern, while the buyer, Cemstone, had Jon Rausch from Cushman & Wakefield as their representative in the deal. Although the buyer did not provide comments on the acquisition, the seller expects no significant operational changes to the industrial building following the transaction.