Marcus & Millichap brokers $7.1 million sale of industrial property in Albert Lea

Marcus & Millichap brokers $7.1 million sale of industrial property in Albert Lea

Marcus & Millichap closed the sale of a single-tenant industrial property occupied by Green Bay Packaging, in Albert Lea, Minnesota. The property sold for $7.1 million. Marcus & Millichap Capital Corporation, a subsidiary of Marcus & Millichap, arranged $4,798,000 in acquisition financing. Don Schmidt and Paul Rider, investment and sale-leaseback specialists in Marcus & Millichap’s Milwaukee office, in association with Jon Ruzicka, Marcus & Millichap’s Minnesota broker of record, had the exclusive listing to market the property on behalf of the seller, a Minnesota-based partnership, and procured the buyer, St. Paul Properties.  Michael Hughes, managing director in Marcus & Millichap’s Milwaukee office, secured a 5-year loan with a national bank on behalf of the buyer. The loan is non-recourse with a 5.3% interest rate and 25-year amortization period.  The 127,869-square-foot facility is located at 1851 Margaretha Ave. at the intersection of Interstates 35 and 90. Built in 1952, the asset is situated on 10.5 acres, offering potential for future tenant expansion, and has more than seven years remaining on its initial lease term, with extension options through 2041. Interstate Packaging will continue to operate as a division of Green Bay Packaging.