©2022 Real Estate Publishing Corporation February/March 2022 • VOL. 38 NO. 1
Refreshed and move-in ready at Butler Square: Pg. 6
Light industrial’s roll: Ryan Companies boosting its investments in light industrial properties By Dan Rafter, Editor
This building, in Edina, Minnesota, is an example of the type of light industrial facility in which Ryan is increasingly investing.
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inneapolis-based Ryan Companies hasn’t been shy about investing in light industrial properties in the Twin Cities market.
This isn’t surprising. The demand for this asset class – which CBRE defines as industrial facilities smaller than 120,000 square feet – has been soaring before and during the COVID-19 pandemic.
Earlier during the pandemic, Ryan, as part of a joint venture, acquired a $16 million light industrial warehouse facility in Edina, Minnesota. Earlier this year, Ryan closed on its acquisition of the Minco industrial portfolio in Minnetonka, Minnesota. This $12.5 million portfolio includes three industrial buildings totaling 168,315 square feet. We recently spoke with Shawn Moore, vice president of acquisitions and assets management with the Minneap-
olis office of Ryan Companies, about why the company is so eager to invest in light industrial and why this asset class has generated such demand from investors. Let’s start with the obvious question: What do you consider to be a light industrial facility? Shawn Moore: Different people have slightly different definitions. But in general, light industrial facilities have lower ceiling heights than do bulk distribution facilities. INDUSTRIAL (continued on page 16)
The best city for renters in the Midwest? New study points to Minneapolis By Dan Rafter, Editor
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hat’s the best city in the Midwest in which to rent an apartment? That’s pretty subjective, but a Feb. 10 report from Living Cozy puts Minneapolis at the top of the list.
Living Cozy looked at the average rent for a two-bedroom property in a city, the average wage there and the cost of
living. It also considered the amount of green space and parks in cities and looked at whether the city had any rent-control legislation that could protect tenants.
you’re looking for other Midwest cities on the top-10 list? Don’t bother. Minneapolis was the only one that made Cozy Living’s list.
When looking at those factors, Living Cozy ranked Minneapolis as the third-best city in which to rent in the United States and the best city in the Midwest. And if
What gave Minneapolis the edge? First, apartment rents here are fairly affordable compared to other cities in the RENTERS (continued on page 18)