Endeavor recapitalizes its first three developments in $31.75 million transaction

Endeavor Development and the equity partner involved in the company's first speculative industrial projects have completed a deal that allows that partner to exit and a new one to join.

That deal involved a joint venture made up of Edina-based Endeavor and Lake Forest, Ill.-based Westminster Capital selling the portfolio for $31.75 million to a newly formed joint venture between Endeavor and Chevy Chase, Md.-based Artemis Real Estate Partners, according to Endeavor Principal Josh Budish. The deal closed August 14th.

“We are excited to embark on a relationship with Artemis as we continue to grow our industrial portfolio at Endeavor via acquisition and development,” Budish said in a statement. “Our parties are very well-aligned, and we look forward to our future together.”

Endeavor and Westminster purchased the properties in 2020 to build the projects, Budish said, adding that Westminster has been a "great partner for us from the beginning. The investment strategy was build, lease and sell these assets, and today marks the completion of that strategy."

Read the full article online at Minneapolis/St. Paul Business Journal.