Alex. Brown Realty and Biynah Acquire Minneapolis Area Industrial Portfolio

Alex. Brown Realty, Inc. (ABR) and Biynah Industrial Partners, LLC (Biynah) announce the acquisition of the Minneapolis Area Industrial Portfolio located in Minnesota and Wisconsin. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $16.3 million in the joint venture.


The Minneapolis Area Industrial Portfolio consists of three single tenant industrial buildings totaling 1,246,827 sf located in: (1) Lino Lakes, Minnesota, (2) Menomonie, Wisconsin, and (3) Marinette, Wisconsin. The portfolio is 100% occupied with an average remaining lease term of greater than four years.


The portfolio was acquired from separate ownership groups in two transactions. “The opportunity to compile a portfolio from two separate sellers provides for staggered lease rollover, which should mitigate the risks typically associated with single tenant buildings,” stated Jeff Josephs, Biynah’s co-founder and managing principal. The Minneapolis Area Industrial Portfolio represents the ninth transaction between ABR and Biynah.


“This is an attractive value-add opportunity to acquire high-quality industrial assets at a substantial discount to replacement cost,” stated Tom Burton, ABR’s chief investment officer. Burton also noted that the portfolio’s strong tenant base and positive in-place cash flow made the acquisition all the more appealing.