Founders Properties, L.L.C. announced the purchase of two industrial manufacturing facilities located in Rogers and Brooklyn Park, Minn., marking the fourth acquisition in the company's newly launched Income Fund V, which focuses on stable, core and core+ industrial and office properties throughout the United States.
“This recent acquisition further diversifies our existing portfolio of investments for our fifth income fund," said Chris Courneya, vice president of investments and acquisitions. “As we continue to expand this fund, we feel confident that this lease structure with a well-established manufacturing company will limit the risk of future capital infusion by our investors."
Totalling 231,771 square feet, the two industrial manufacturing facilities directly mirror Founders' foundational income fund investment strategy, centered on an overall goal of portfolio diversification, in-depth knowledge of industrial and office assets and markets, and analysis of tenants' credit and strategic relationships. Over the next three years, Founders' goal is to purchase between 15-20 property assets to complete Fund V, with a focus on investing in growth markets and the right blend in assets that will generate a long-term, stable income stream.
About Founders Properties, L.L.C.
Headquartered in Minneapolis, MN, Founders Properties, L.L.C. (“Founders") is a privately held real estate investment company formed by two highly regarded industry veterans: Best Buy founder Richard Schulze and Opus founder Gerald Rauenhorst. Richard Schulze and the Trusts created for the benefit of the descendants of Gerald Rauenhorst will sponsor this fund. Since 1998, Founders (previously known as Opus Properties, L.L.C.) has been involved in raising and managing 13 private commercial real estate investment funds with a purchase value of over $3.4 billion covering approximately 40 million square feet.