River Tech Workplace, a four-building, nearly 20-acre business park along East River Road in Fridley, has a new landlord after trading this week for $29.6 million. Terrace Group teamed up with a Chicago-based equity firm to acquire the flex, R&D, and light-industrial complex, shifting a chunk of suburban industrial space into fresh hands at a time when investors are still circling the Twin Cities market.
According to Twin Cities Business Journal, reporter Abby Bulger noted that Terrace Group, working with its Chicago equity partner, paid $29.6 million for the campus. The Business Journal delivered the first public report on the transaction on March 18, 2026.
What Changed Hands
The River Tech Workplace campus consists of four buildings spread across roughly 20 acres along East River Road, according to marketing materials and the River Tech Workplace website. The marketing information lists building addresses in the general range of 5155 through 5301 East River Road.
Anoka County parcel records connect those addresses to River Road Business Center entries, confirming how the site is carved up on the tax rolls.
Who Bought It
Terrace Group operates as a regional player that often serves as a sponsor or manager on Twin Cities property deals. Public records identify a Terrace Group LLC office in St. Paul, including references in court filings.
Pairing a local operator like Terrace Group with outside equity is a standard structure for mid-market industrial purchases. In practical terms, that usually points to a business plan centered on leasing, day-to-day asset management, and measured capital improvements rather than a flashy redevelopment.
Why Investors Care
The Minneapolis–Saint Paul industrial sector has held up comparatively well. Market research shows steady demand for flex and warehouse space even as a new wave of projects wraps up construction, according to Cushman & Wakefield MarketBeat. In that kind of environment, smaller multi-building parks that can be repositioned or re-tenanted still look attractive to buyers hunting for dependable cash flow.
Local broker listings indicate there is leasing work to do at River Tech. JLL and other firms are currently marketing available suites in the complex, with details posted by JLL. At the same time, the campus already has recognizable occupants, including a Quest Diagnostics lab at 5255 East River Road, as listed by Quest Diagnostics.
The acquisition gives Terrace Group a clear to-do list: stabilize occupancy, freshen up the property where it pencils out, and, if all goes according to playbook, nudge rents higher in a suburban industrial pocket that has proved resilient.
