SOURCE: Waba Financial

December 09, 2013 10:00 ET

Waba Financial Announces the Purchase of Meadowbrook Industrial in St. Louis Park

MOUNTAIN VIEW, CA--(Marketwired - Dec 9, 2013) - Waba Financial has acquired the 3938 Meadowbrook Road Building located in St. Louis Park, Minnesota. Financial terms of the transaction were not disclosed.

The 43,966 sq. ft. manufacturing facility is situated on 2.33 acres and is rented to Wellington Home Improvements; Wellington Replacement Windows have been manufactured at this location for 20 years.

Waba Financial's Principal, Eric Swildens, says, "This building is well-designed for its industrial purpose and is exceptionally well located."

"Waba Financial is continuing to expand by acquiring property in great locations in the Twin Cities. This is an excellent little corridor for industrial activity in St Louis Park, and we are delighted to have Wellington Home Improvements as a tenant," according to Amie Heddle, Waba Financial's Chief Financial Officer.

According to the buyer's agent, Matthew Klein of Eagan, MN based KW Commercial Midwest, "We view the acquisition as a good long-term investment due to its prominent Twin Cities location, overall quality, specialized building improvements, and ever-improving market fundamentals."

The property will be managed by Anderson Property Management, which provides comprehensive real estate management services, specializing in third-party management of commercial property between 5,000 and 100,000 square feet in size.

Brent Woods, President and Chief Executive Officer of Wellington, says, "St. Louis Park is a fantastic and thriving community that has served the Wellington brand very well for 20 years. Because I sell and install windows all across the Twin Cities being centrally located in the community is extremely important to Wellington."

Waba Financial acquires and manages a variety of real estate and related investments, focusing on income producing opportunities in high quality locations in the Midwestern United States. It is privately held and operates out of Mountain View, California.

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