Peak acquired this 98,595 SF multi-tenant industrial asset in Hastings, MN for $2.5MM ($25/SF)—well below market comps, which typically range from $50–$70/SF for similar product. The property is currently 100% physically occupied but only 83% economically occupied due to legacy leases. As renewals occur over the next 12–24 months, economic occupancy is projected to reach 100%, increasing NOI from approximately $200K to $250K (including a vacancy factor).
The building includes less than 10% office finish, 5 dock doors, 1 drive-in door, and clear heights ranging from 12’ to 18’+. Roofs are ballasted EPDM and estimated to be 15+ years old.
Located near the Twin Cities at the intersection of two major rivers and key highways, the site offers strong logistics advantages. Hastings continues to attract industrial tenants with economic incentives, a skilled labor pool, and a pro-business environment—positioning the asset for long-term value growth.
