Debt Capital Markets Intern

Galvanize buys Link Logistics' three-building, 285,000 SQFT Tustin industrial portfolio for $74.1MM. Galvanize Real Estate, the climate-focused property arm of Tom Steyer's investment firm Galvanize, has paid $74.1 million for a three-building Tustin industrial portfolio from Blackstone-backed Link Logistics, planting its first flag in Southern California with a plan to wire the warehouses for solar, battery storage and electric-vehicle charging. Thank you for your interest in The Registry. If you'd like to read further, you must Subscribe or Log In below to read the rest of this content. Signup for news and special announcements! Discover more Explore History Read Travel Guides Book Local Tours

Capital Partners buys Twin Cities industrial portfolio. The blueprint. - Capital Partners paid $54.25M for five industrial properties. - The portfolio spans Burnsville, Roseville and Maple Grove. - The properties total 449,456 square feet. - The portfolio has 11 tenants with a 2.4-year weighted lease term. The Twin Cities' largest owner of industrial real estate has just purchased five more properties, according to the firm's founding partner. Capital Partners bought a portfolio from entities related to Link Logistics worth a combined $54.25 million, Peter Mork, Capital Partners' founding partner, told Finance & Commerce. The five properties included in the portfolio span three suburbs in the Twin Cities metro area: Roseville, Maple Grove and Burnsville, according to a LinkedIn posting by the broker on the sale. The properties included in the sales are: * 701 Ladybird Lane W. in Burnsville, which spans 142,438 square feet of space and sold for $14.55 million. * 2340 County Road C W. in Roseville, which spans 80,081 square feet and sold for $10.97 million. * 2350 County Road C W. in Roseville, which spans 94,953 square feet and sold for $11.05 million. * 2360 County Road C W. in Roseville, which spans 68,400 square feet. * 9775 85th Ave. N. in Maple Grove, which is 63,584 square feet. At the time of publication, certificates of real estate value were released for only three properties. The CRVs for the Maple Grove and the 2360 Roseville properties have yet to be released. With a combined square footage of 449,456 square feet, the price per square foot works out to about $120.70. CBRE's Judd Welliver and Bentley Smith arranged the sale. Mork said that the properties are "exactly" what Capital Partners is looking for in industrial purchases, calling them well-located infill sites. According to Mork, the property has a weighted average lease term of 2.4 across its 11 tenants, which he called "short." "During our hold period, we'll be able to get those leases," he said. "They're designed properly, no functional obsolescence with these properties. They're going to lease when we get a vacancy - if we get a vacancy." Listings for the property by Catylist show that the Roseville properties have a 20-foot clear height while the Maple Grove and Burnsville locations have a 24- and 28-foot clear height, respectively. Mork said that Link Logistics took "wonderful care" of the five properties. There are not many capital needs that Capital Partners will have to address, and the firm plans to just "continue to maintain" the properties. Link Logistics, which is an investor arm of Blackstone, has been selling in the Twin Cities market for a couple of years. Two years ago, the group sold a dozen warehouses to Centaur Capital Partners for around $130 million. Capital Partners has not only been active in the investing space, but also the developing space. The late summer saw the Edina-based firm propose building industrial space in Oakdale, a project which is still going on, Mork said Monday.