Water Street Partners makes first purchase: $10M building in Brooklyn Park
Water Street Partners, the real estate company founded last fall by two former employees at The Excelsior Group, made its first purchase.
The company recently bought 610 Business Center, located at 9300 Winnetka Avenue North in Brooklyn Park, for $10 million. The 80,000-square-foot-building has office space and warehouse space. A subsidiary of Southern Graphic Systems Inc. currently leases the entire facility and will likely continue to for some time.
“Several characteristics of 610 Business Center make it an ideal investment for the fund,” said Joe Boone, Water Street Partners managing partner. “Among those are location, quality, functionality and tenancy, as each of these reinforces our conviction that the building will produce strong results over the hold period.”
In September 2017, Boone and Jim Hegedus announced they had formed Water Street Partners. The firm’s goal is to acquire properties, raise equity for development and make value-add investments. Boone is the former vice president of commercial acquisitions for The Excelsior Group, which is based in St. Louis Park. Hegedus was vice president of fund management.
This article about Water Street Partners comes from Minneapolis / St. Paul Business Journal.