PF Properties Purchased Lexington Commerce Center
The firm acquired the Eagan industrial facility for $14.1 million, marking a 56% value increase since 2017.
Updated on Oct. 8, 2026 in Commercial
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PF Properties has completed the purchase of the Lexington Commerce Center in Eagan for $14.1 million. The deal marks a significant return on investment for seller Steven B. Leifschultz, who originally bought the property for $9 million in 2017.
Why it matters
The sale highlights ongoing investor interest in Twin Cities industrial assets, with property valuations rising significantly over the last decade. This acquisition adds to the growing portfolio of commercial holdings managed by PF Properties in the region.
The 90,260-square-foot facility sits on 6.7 acres and features 15 dock doors with a 24-foot clear height. The building is currently 16% vacant, with a valuation amounting to $156.21 per square foot.
The players
PF Properties
This real estate firm is based in Golden Valley and now maintains a portfolio of nine commercial properties across the Twin Cities.
Steven B. Leifschultz
A Minnetonka-based investor who previously held ownership of the property before selling it for $14.1 million.
The details
The transaction confirms the transfer of the 3030 Lexington Ave. S. site from Steven B. Leifschultz to PF Properties. The facility, which underwent a major renovation in 2001, serves as a primary industrial hub in Dakota County.
Timeline
The property was originally constructed in 1997.
The facility underwent significant renovations in 2001.
The seller purchased the site for $9 million in 2017.
PF Properties officially acquired the property in October 2026.
Culture Shift
This transaction reflects a broader trend of high-value industrial asset consolidation within the Twin Cities commercial landscape. Investors are increasingly prioritizing industrial sites with established logistical infrastructure, mirroring a shift toward regional supply chain density.
The transition to a new ownership group may influence future lease renewals and rental rates for the 16% of the facility currently standing vacant. Tenants in the building can expect potential changes to property management protocols under the new corporate ownership.
The takeaway
Industrial properties in high-demand hubs continue to see strong appreciation despite fluctuations in commercial vacancy rates. Investors looking at similar markets should evaluate current clear-height specifications and logistical access points as key drivers of long-term asset value.
Further reading
For more information on regional market trends, explore our Commercial real estate section.
Source note: This article includes information reported by Finance & Commerce.
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