Five Star Commerce Center

Project Info

Project Description

Five Star Commerce CenterLocation:  Maple Grove, MN

Previous Use:  Industrial Park

Proposed Use:  Industrial Park

Project Budget:  $9.7 million

Challenges:  Five Star Commerce Center, renamed to 610 Industrial, was owned by a non-performing TIC (tenant-in-common ownership structure).  The TIC structure, with a broad investor base, was not the ideal ownership entity for  this type of product, considering the size of the project and number of tenants.  The TIC was challenged to recapitalize in order to lease up the vacancy, struggled to make capital improvements and maintain positive relationships with the Tenants.  Interstate, brought a ‘hands on’ strategy to the project.   Interstate acquired the portfolio in May of 2015 and immediately brought the park to 100% occupancy.  Subsequently, Interstate’s operations group restored tenant  relationships and has increased operational efficiencies.