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Hartung Enterprises Acquires 30 81st Avenue Northeast Industrial Property For $6.75M

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SOLD
$6,750,000

Minnesota

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Industrial15,780 SF
Sold 03/18/2024
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Property Image
SOLD

Hartung Enterprises Acquires 30 81st Avenue Northeast Industrial Property For $6.75M

30 81st Avenue Northeast

See Similar Deals
Industrial15,780 SF
Sold 03/18/2024
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Summary

MINNESOTA
Asset Type:Industrial
Price Per Square Foot:$427
Total Square Footage:15,780 SF
Transaction Type:Sale

The industrial property located at 30 81st Avenue Northeast in Fridley, MN was sold for $6,750,000. The asset comprises three buildings spanning 15,780 square feet, equating to a price per square foot of $428. The transaction occurred on 03/18/2024 and involved Hartung Enterprises purchasing the property from Carlson Park Properties LLC.

Summary of transaction details:

The deal was facilitated by the brokers Brent Masica and Danny McNamara from Cushman & Wakefield. The buyers, Hartung Enterprises of Fridley LLC, made the purchase of the industrial site with a significant outdoor storage area of almost 8 acres. This transaction marks a strategic acquisition in the industrial real estate market, showcasing the active involvement of key industry players in property investments.

Players

Brent Masica
5 deals$13.6M volume(952) 893-8231
BROKER

Danny McNamara
Cushman & Wakefield
5 deals$19.5M volume(952) 893-8895
BROKER

Details

SOLD
IMAGE: 03/18/2024 ADDRESS: 30 81st Avenue Northeast MARKET: Fridley, MN ASSET TYPE: Industrial BUYER: Hartung Enterprises SELLER: Carlson Park Properties LLC BROKERS: Brent Masica & Danny McNamara - Cushman & Wakefield SALE PRICE: $6,750,000 SF: 15,780 ~ PPSF: $428 NOTE: A buyer from Hastings purchased a Fridley industrial site with nearly 8 acres of outdoor storage for $6.75 million. The property includes 15,780 square feet of space across three buildings and was sold by Carlson Park Properties LLC to Hartung Enterprises of Fridley LLC, with representation from Cushman & Wakefield's Danny McNamara and Brent Masica.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$360,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$23,981.32
Cash-on-Cash Return-1.27%
Monthly Debt Service$31,998.44
Annual Debt Service$383,981.32