Todd Geller And Andy Sinclair Acquire Industrial Property In Fridley For $29.65M

The industrial asset, comprising four flex-industrial buildings, was sold for $29,650,000. Located at 5155-5301 East River Road in Fridley, MN, this property spans 270,000 square feet. The price reflects a per square foot rate of $110. The buildings are fully occupied and cater to small to medium tenants with adaptable floor plans, situated in a resilient industrial submarket.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $29,650,000
• Sale Price per Square Foot: $110
• Square Footage: 270,000
• Address: 5155-5301 East River Road
• Market: Fridley, MN
• Buyer: Todd Geller - The Terrace Group; Andy Sinclair - Midloch Investment Partners
• Seller: QT Commercial, Capital Partners
• Brokers: Bentley Smith & Judd Welliver - CBRE

The Terrace Group, in partnership with Midloch Investment Partners, facilitated this acquisition as part of an off-market transaction. The River Tech Workplace, built in 1987, was previously sold in 2017 for just under $19 million, showcasing the changing dynamics and demand within the local industrial real estate market.