Buligo Capital Acquires Penn Avenue South Industrial Facility In Bloomington For $15.4M
9231 Penn Avenue South
$15,400,000
$70/SF
Building Size
218,899 SF
Asset Type
Retail
Closing
Jun 1, 2023
AI
Midloch Investment Partners and Fountain Real Estate Capital have sold a last-mile industrial facility in Bloomington, Minnesota, to Buligo Capital for $15.4 million. The property, located at 9231 Penn Ave. South, spans 218,899 square feet and underwent capital improvements after being acquired by Midloch and Fountain in January 2022.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $15,400,000
- Square Footage: 218,899
- Address: 9231 Penn Avenue South
- Market: Bloomington, Minnesota
Colin Ryan and Dave Berglund from JLL represented both the buyer, Buligo Capital, and the sellers, Midloch Investment Partners and Fountain Real Estate Capital, in this transaction.
Players
Minneapolis Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.03%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93