Obsidian Group Acquires Two Industrial Buildings In Brooklyn Park For $5 Million

The asset involved in this transaction is a 1.69-acre industrial property located at 6307-6317 Welcome Avenue North in Brooklyn Park, MN. The sale price for this property was $5,000,000. The site includes two multitenant industrial buildings, contributing to a total of 30 units, of which five are vacant.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $5,000,000
• Buyer: Obsidian Group
• Seller: Caspian Group
• Financed By: Wings Credit Union
• Previous Purchase Price: $2,290,000 (in 2020)

Obsidian Group, along with local investors, acquired the property as part of a value-add fund. The seller, linked to Caspian Group, had purchased the property in 2020, indicating a significant appreciation in value since the initial acquisition.