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Boone Plaza - Sidecar

Golden Valley, MN

Boone Plaza - Sidecar

Boone Plaza is a 124,608-square-foot flex industrial property in Golden Valley, MN. Constructed in 1984, the office/warehouse property features private entrances, floor-to-ceiling glass exterior, drive-in and dock loading, and 12’ ceiling heights. The asset is functionally designed to accommodate a variety of users and is home to a diverse tenant roster. Boone is currently 100% occupied by 16 tenants, requiring a dual combination of warehouse and office space.

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This website contains certain financial and other projections and forward-looking statements. These projections and forward-looking statements include, in particular, statements about plans, strategies and prospects relevant to the Opportunities described herein. These statements are based on our current expectations and projections about future events. The words “may,” “will,” “should,” “expect,” “scheduled,” “plan,” “seek,” “intend,” “anticipate,” “believe,” “estimate,” “aim,” “potential” or “continue” or the negative of those terms or other similar expressions are intended to identify forward-looking statements and information. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their respective dates. These forward-looking statements are based on assumptions and estimates by our manager and members of its management and its affiliates that, although believed to be reasonable, are inherently uncertain and subject to risks and uncertainties that could cause actual results to differ from historical results or those anticipated or predicted by such forward-looking statements. Past performance is no guarantee of future results. In light of these risks and uncertainties, the matters referred to in the forward- looking statements contained in this document may not, in fact, occur. All of our forward-looking statements contained herein are qualified by these cautionary statements.

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Investment Overview

Boone Plaza is a 124,608-square-foot flex industrial property in Golden Valley, MN. Constructed in 1984, the office/warehouse property features private entrances, floor-to-ceiling glass exterior, drive-in and dock loading, and 12’ ceiling heights. The asset is functionally designed to accommodate a variety of users and is home to a diverse tenant roster. Boone is currently 100% occupied by 16 tenants, requiring a dual combination of warehouse and office space. Boone Plaza provides stable cash flow with value-added potential through mark-to-market rental opportunities as leases roll. Midloch purchased Boone Plaza in a distressed sale for approximately the Seller’s loan balance at a 9.24% cap rate, nearly $3.5 million less than its 2021 sale price.

 

The property is located in the highly desirable submarket of Golden Valley, Minnesota, with proximity to major travel arteries, including I-394, Hwy-55, Hwy 169, and Hwy-100. The infill location provides easy access to the #1 Med-Tech corridor in the US, the Fortune-500 heavy central business district, and the Minneapolis-St. Paul International Airport. Golden Valley is considered one of the most centrally located submarkets in the Twin Cities, given its equidistant drive time of just 10-12 minutes to either downtown Minneapolis or the Lake Minnetonka lakeside community of Wayzata, where many executives live. Golden Valley is also home to the world headquarters for General Mills, a tenant at Boone, where they lease space for a test kitchen.

 

TMidloch acquired the property with Fountain Real Estate Capital. Midloch and Fountain jointly own several similar industrial assets in Minnesota. Those properties include Saint Anthony Industrial, Fairview Business Center, and Science Center Business Park. Midloch Principal Andy Sinclair owned and sold Boone Plaza in his previous role at MLG Capital.

 


Property Location

1000 Boone Avenue N
Golden Valley, MN 55427

Boone Plaza is a 124,608-square-foot flex industrial property in Golden Valley, MN. Constructed in 1984, the office/warehouse property features private entrances, floor-to-ceiling glass exterior, drive-in and dock loading, and 12’ ceiling heights.

Built

1984

Building Size

124,608 SF

NUMBER OF TENANTS

16

Number of Stories

1


Business Plan

Distressed Acquisition

 

Purchasing from a cash-strapped and distressed Seller, Midloch is acquiring the property at approximately the Seller's debt balance. This price represents a ±$3.5 million discount on what the Seller paid for the property in 2021.

Strong In-Place Cash Flow

 

Boone is being acquired for a 9.24% cap rate. The property is currently 100% occupied, which will provide substantial cash flow.

Below-Market Rents and Upside

 

Many current tenants are on legacy leases at below-market rental rates, providing an opportunity to mark rents to market levels.

Central Location

 

Located in the Golden Valley submarket, the infill location provides easy access to I-394, Hwy-55, Hwy 169, and Hwy-100. The submarket is approximately halfway between downtown Minneapolis and the start of the Lake Minnetonka.


Funding Timeline


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