Updated Aug 13, 2026
Wakeel Rahman Of NorthPoint Development Acquires Two Warehouses In Eagan For $27M
2945 Commers Drive & 2985 Commers Drive
$27,000,000
$66/SF
Building Size
204,382 SF
Asset Type
Industrial
Closing
Aug 11, 2026
About this deal
AI
NorthPoint Development acquired two industrial warehouses located at 2945 and 2985 Commers Drive in Eagan, MN, for a total price of $27,000,000. The properties encompass 204,382 square feet, with a price per square foot of $132.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $27,000,000
- Buyer: Wakeel Rahman - NorthPoint Development
- Seller: Hempel Real Estate
- Square Footage: 204,382
- Price Per Square Foot: $132
- Date of Transaction: 08/11/2026
- Market: Eagan, MN
This transaction marks a significant expansion for NorthPoint Development, increasing their Twin Cities industrial portfolio to approximately 1.16 million square feet. Notably, the properties sold for 50% more than the price Hempel Real Estate paid just 10 months earlier.
On the Map
$27,000,000
$66/SF
Industrial
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Commerce 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
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93