The Business Journals – Dallas-based Westmount buys five industrial properties in the Twin Cities for $26 million (and counting)

Dallas-based Westmount Realty Capital said it has acquired a portfolio of five office-warehouse buildings in the Twin Cities suburbs. Westmount bought properties in Eden Prairie, Plymouth and Bloomington from Bloomfield Hills, M.1.-based Alidade Capital. The portfolio, called West Tech, is around 90% leased to 13 tenants including aeronautics, defense, life science and technology companies.

So far, the acquisition totals $26.25 million, according to real estate records for three of the properties in Plymouth and Bloomington. That amount is likely to rise by several million when records for Westmount’s acquisition of the Eden Woods II and III are public – properties with a combined total of more than 124,000 square feet.

Eden Woods II and III are estimated to be worth a combined $11.2 million, according to Hennepin County property records. They’re located in the city’s Golden Triangle area at 10250 and 10300 Valley View Road. Plymouth Tech IV and V, at 5000 and 5010 Cheshire Lane N, were included in the sale. With a total sale price of $18.75 million, the sale works out to around $148 per square foot for the nearly 127,000-square-foot property. The sale price was published in filings with the Minnesota Department of Revenue.

Both Plymouth buildings are Class A and tenants include Embroidery Library Inc, Ecolab’s Nalco Water office and North Country Business Products, according to the companies’ websites.