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Small Bay Daily - March 24 - The Terrace Group buys Minneapolis area flex park for $29.65M

Small Bay Daily - March 24 - The Terrace Group buys Minneapolis area flex park for $29.65M

Terrace Group buys MN small bay. L&A sells Ft Myers small bay. Legacy buys Tampa small bay. Onyx/Obsidian buy MN small bay. Basis leases AZ small bay. Northmarq finances small bay loan. Six new small bay deals.

Katherine Peach
March 24, 2026

Good morning. Welcome to Small Bay List!

Today’s issue is sponsored by Sapphire — supporting industrial real estate operators with tailored financing solutions.

Now, let’s get to it!

NEWS ROUNDUP

ACQUISITION: The Terrace Group buys Minneapolis area flex park for $29.65M. The Terrace Group, along with equity partner Midloch Investment Partners, has acquired River Tech Workplace, located at 5155-5301 East River Road in Fridley, Minnesota. The property features 4 multi-tenant flex-industrial buildings totaling 270,022 SF. Todd Geller led the Terrace deal team, while Andrew Sinclair led the Midloch team. Bentley Smith with CBRE represented the seller in the transaction.

DISPOSITION: Lee & Associates sells small bay portfolio in Fort Myers, FL. Lee & Associates has facilitated the sale of 12731, 12741, and 12751 Metro Parkway in Fort Myers, Florida. The portfolio features 3 industrial buildings totaling 13,970 SF. Zachary Tillery and Colton Brausen with Lee & Associates represented both the seller and the buyer, Ultimate Realty, in the transaction. Michael Sabbagh and Mark Sabbagh led the Ultimate Realty deal team.

ACQUISITION: Legacy Capital Partners buys small bay park in Tampa, FL. Legacy Capital Partners has acquired 2815 East Henry Avenue in Tampa, Florida. The property features 4 multi-tenant small bay industrial buildings totaling 36,696 SF. Jack McCunn and Jack Slater led the Legacy Capital Partners deal team in the transaction. Harrison Pithers and Olivia Brock with JLL are currently marketing the property for lease.

ACQUISITION: Obsidian Group/Onyx Strategic Partners buy small bay in Minneapolis metro. Onyx Strategic Partners and Obsidian Group have acquired 18326 Joplin Street Northwest in Elk River, Minnesota, through their Obsidian Small Bay Fund I. The property features a 22,680 SF multi-tenant industrial building. The Onyx/Obsidian deal team included Daniel Kurkowski, Jasper Gantriis, Ethan Finger, Sam Carter, Brad Heitzinger, and Jessica Houlihan. Mary Stoick and Michael Schokmiller with Sunrise Banks provided financing for the transaction.

LEASE SIGNED: Basis CRE leases small bay warehouse in Phoenix metro area. Basis Commercial Real Estate has facilitated the leasing of 8621 North 79th Avenue in Peoria, Arizona. The property features a 5,800 SF industrial building with secured industrial outdoor storage (IOS) space. Nick DePaul and Preston Brimhall with Basis CRE represented both the landlord and the tenant in the transaction.

FINANCING: Northmarq arranges $53M cash-out refi loan for Las Vegas small bay park. Northmarq has successfully arranged a cash-out refinance loan for Central 7 Commerce Center, a 7-building multi-tenant industrial park totaling 361,185 SF. The property, which is located at 3400 West Desert Inn Road in Las Vegas, Nevada, is owned by MCA Realty. Scott Botsford, Joe Giordani, and Alvin Cao led the Northmarq Newport Beach Debt + Equity team in the transaction.

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