Lafayette Street Capital (“LSC”) is pleased to announce the acquisition of its first asset, the NuAire Plymouth Industrial Portfolio, alongside its Joint Venture partner Pendulum Property Partners (“Pendulum”).
This Portfolio consists of two industrial properties totaling 231,306 SF strategically located in the city of Plymouth within the Minneapolis industrial market.
100% occupied by NuAire, Inc., a biomedical manufacturer, with below market rents, this Portfolio offers stable cash flow at an attractive basis well below replacement cost.
The asset will seed a targeted programmatic industrial strategy, managed by a Joint Venture formed by LSC and Pendulum. The strategy will target the acquisition of sub-250,000 SF, single-tenant industrial assets with mark-to-market lease upside.