A warehouse with 18 years left on its current tenant's lease has been sold for $70.15 million, according to one of the brokers who facilitated the deal.

The property serves as the distribution center for Home Depot, which leased the property starting last year upon its completion, Judd Welliver of CBRE said.

The building, at 15401 Boulder Ave. in Rosemount, was sold by Seefried Industrial Properties, which is based in Atlanta and bought by Morgan Stanley subsidiary Eaton Vance, an investment firm from Boston.

Welliver, along with Bentley Smith of CBRE, facilitated the trade between Seefried and Eaton Vance.

The main driver to the property, said Welliver, a vice chair at CBRE, was the lease Home Depot had on the property followed by the fact that the facility is hardly a year old. Welliver said a lease term coupled with a property with "this high quality of credit" is not common.

"If I do 50 transactions a year, I'm lucky to have one or two that fall into that category," Welliver told Finance & Commerce.

Welliver said Seefried had always intended to sell the property but were trying to finesse the timing and were waiting until the interest rate environment became a little more friendly.

No certificate of real estate value was publicly available at the time of publication. According to Dakota County property taxes, the estimated market value of the property is about $32 million.

According to a Catylist listing of the property, the warehouse is about 417,600 square feet. With its $70.15 million sale price, the price-per-square-foot is about $168. Welliver said this dollar amount is because of the lease and because of the outside storage available at the facility.

Seefried, when it built the facility, was attracted to Rosemount because the site was near the railroad.

"The rail was a key driver," Welliver said. "That was the No. 1 driver. Then the second to that would be access to labor."

This is the third sale facilitated by the CBRE warehouse duo of Smith and Welliver reported on by Finance & Commerce in the past week. Earlier in the month, Trive Capital bought a Lino Lakes warehouse for $30.8 million, or $76 per square foot, and Big River Real Estate bought a portfolio of properties in Edina and Eden Prairie for $30.3 million, or $98 per square foot.

According to a CBRE third quarter industrial market report, the South Central submarket has a vacancy rate of 2%, the third lowest rate in the metro, with the North Central and the Minneapolis-proper submarkets both having a lower 1.6%.