Clear Height Properties/Harbert U.S. Real Estate Acquire Fully Leased Multi-Tenant Light Industrial Building in Burnsville, Minnesota
A joint venture partnership between Oak Brook-Illinois-based real estate investor Clear Height Properties (“Clear Height”) and Harbert US Real Estate (“HUSRE”), an investment strategy sponsored by Harbert Management Corporation (“HMC”), has acquired a fully leased 103,540 square foot, multi-tenant light industrial building located at 2200 Highway 13 West in Burnsville, Minnesota, with frontage on the north side of Highway 13 West.
The Minneapolis market consists of over 400 million square feet of industrial supply, reporting a 4.4% current vacancy rate. The property is in the South-Central submarket, one of Minneapolis’ best performing submarkets, reporting only a 3.5% vacancy rate.
The building sits on over ten acres of land, including extensive outdoor areas, utilized by each of the tenants for car parking, fleet vehicle parking & material storage.
The acquisition marks Clear Height’s fourth investment in the Minneapolis market.
About Clear Height Properties
Piloted by an experienced leadership team, Clear Height Properties has built a strong platform for acquiring and operating industrial real estate in the most desirable locations throughout the Midwest and central United States. From its headquarters in Oak Brook, Illinois, the firm has bought and sold 194 assets totaling over $850M over the past ten years, establishing a record of strong risk-adjusted returns. Driven by its core values and mission of “building wealth and creating legacies,” Clear Height is uniquely positioned to invest in, manage and add value to every asset and relationship. Learn more at www.clearheight.com.
About Harbert Management Corporation
Harbert Management Corporation is an alternative asset manager with approximately $8.2 billion in Regulatory Assets Under Management as of June 30, 2024. Formed in 1993, the firm is privately owned and serves foundations and endowments, fund of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes. Investment strategies include European and U.S. real estate, seniors housing, U.S. growth capital, credit solutions, infrastructure, and absolute return funds. For additional information about HMC visit, www.harbert.net.