Link Logistics sells portfolio of warehouses

A warehouse portfolio spread throughout the western Twin Cities metro has swapped hands between two firms with ties to the investment company Blackstone.

Five warehouses sold for a collective $46.7 million last week to Centaur Capital Partners, according to a series of certificates of real estate value.

The warehouses were previously owned by Link Logistics, a Chicago firm founded in 2019 as a Blackstone portfolio company. According to Link Logistics’ website, the group seeks last-mile warehouse distribution centers.

CBRE’s Judd Welliver and Bentley Smith facilitated the transaction. Welliver, in an interview with Finance & Commerce, said that the fundamentals of the metro’s industrial market have attracted liquidity to the area’s assets.

Though six properties have been revealed through certificates of real estate value, Welliver said that the portfolio is 12 properties and traded for approximately $130 million. Other properties sold in Mendota Heights and Shakopee.

“The Minneapolis market continues to have really good liquidity for industrial real estate, and that’s why you’re seeing so many larger industrial sales take place,” Welliver said Monday.

The properties in the transaction that have been revealed through certificates of real estate value are all located in Hennepin County and were all built in the year 2000 or earlier, according to a Catylist listing of the properties. The properties are addressed and sold for as follows:

• Boone Avenue Business Center I & II at 7145 and 7165 Boone Ave. N. in Brooklyn Park sold for $20.3 million.



• 14630 28th Ave. N . in Plymouth sold for $7.5 million.



• 10851 Louisiana Ave. S . in Bloomington sold for $6.4 million.



• 10901 Louisiana Ave. S . in Bloomington sold for $6.2 million.



• 6810 Shady Oak Road in Eden Prairie sold for $6.3 million.

Centaur, the buyer, was founded by John G. Schreiber, according to a biography of Schreiber by Crain’s Chicago Business. Schreiber previously was the partner and co-founder of Blackstone Real Estate.

Centaur did not respond to requests for comment from Finance & Commerce.

Welliver said that Link Logistics was selling the properties because it was “bringing some investments full circle.”

The Northwest and Southwest submarkets of the metro have a vacancy rate of 5.5% and 6.2%, according to a recent third-quarter report by Colliers, which is higher than the Twin Cities average of 4.6%. However, the Northwest and Southwest inventory of space is around 80.2 million square feet and 77.9 million square feet, respectively, higher than all the other submarkets in the metro.

RELATED: Report: Industrial rent jumps 30% from last year

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