ROGERS, MN—Chambers Street Properties has acquired 20000 S. Diamond Lake Road, a 280,577-square-foot distribution building here in northwestern Minneapolis.
The building, developed in 2004, is fully leased on a triple net basis, features 32-foot clear height ceilings, 32 dock high loading doors, one drive-in door and parking for 215 vehicles. The building sits on 15.2 acres within an established industrial park, and is in the same submarket as a 335,000-square-foot distribution facility acquired by the Chambers in June 2009.
Phil Kianka, executive vice president and COO for Chambers, said in a statement that the economic recovery in the Minneapolis market continues to show improvement and total employment is projected to increase over the next five years. Chambers did not provide information on the tenants in the building or the amount paid.