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Minneapolis
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November 6, 2007Fifth Street Towers Sold For $186M
Minneapolis
A London based firm, Strategic Real Estate Advisors purchased the Fifth Street Towers for $186.4M. The sale also included the Riverpark building in Norwalk, Conn., for an additional $107.6M. The final sale price of $294M made this one of the largest U.S. real estate deals in the months. The 25 and 36 story Fifth Street Towers total around 1.1M square feet, the price per square foot being around $170. The towers were 83 percent leased at the time of sale to tenants including publisher Augsburg Fortress, Qwest and law firm Leonard, Street, and Deinard.
The 4 story, 412,000 square foot Riverpark Building was purchased for about $270 per square foot. It was 97 percent leased at the time of sale to tenants including Priceline.com and Georgia-Pacific Corp.
The buyer, Stratreal was assisted by Atlanta based Carter Real Estate. The seller, CB Richard Ellis Investors was represented by brokers; Tom Holtz, Steve Buss and Ryan Watts of CB Richard Ellis.
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November 2, 2007Fingerhut leases 93,000 SF
MinneapolisFingerhut Direct Marketing, Inc leased 93,146 square feet of the Superior Office Center at 6509 Flying Cloud Drive in Eden Prairie. The 204,000 single-story office complex is located near the intersection of highway 169 and 62. The building is located on a 16 acre parcel known as the Golden Triangle business area that has been redeveloped by United Properties.
Fingerhut will be moving from their current 35,000 square foot location in June 2008 after all interior renovations are completed. This move will allow Fingerhut to expand their business and increase staff in the coming years. The Superior Office Center was subdivided in 2005 with 70,000 square feet sold to Foss Swim School.
John McCarthy, United Properties Brokerage represented United Properties. Brent Karkula of CB Richard Ellis was the representative of Fingerhut.
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November 1, 2007Northtown Village Sold for $20M
Minneapolis
A group of tenant-in-common investors purchased the Northtown Village at 10-20 Northwest Coon Rapids Blvd. for $20 million. At $120 per square foot, the 177,613 square foot center has an 8% cap rate.Two seperate buildings make up the sale which sits atop a 7.5 acre parcel, with 275 parking spaces. The Center, whose tenants include Circuit City, Sports Authority, Bed Bath & Beyond, Hancock Fabrics, Michaels, Office Depot and T-Mobile was 100% occupied on the date of purchase.
Rick Biagini of Biagini Properties represented the seller, the buyers broker information was not available.
Image courtesy of Costar Group, Inc.
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