United Properties, a Minneapolis-based commercial real estate developer and investor, has sold Northland Center in Bloomington for $51 million to California-based KBS Realty Advisors. Terms of the agreement haven't been disclosed, according to a Minneapolis / St. Paul Business Journal article, and officials from KBS and United Properties declined to comment.
"Northland Center is a well-located, highly amenitized, multi-tenant office complex within one of Minneapolis’ largest and most active submarkets," KBS central regional president Ken Robertson said in a GlobeSt.com article. "This property benefits from its location along the border of affluent Edina, MN, as well as within the I-494 corridor, which is the second-largest submarket in the Twin Cities."
"The amenity mix at Northland Center gives it a definite boost in this market," added KBS senior vice president/market leader Gio Cordoves. "The property also enjoys close proximity to an abundance of shopping, dining, hospitality and entertainment options, as part of the great location near France Ave., a major north/south thoroughfare."
The 460,000-square-foot two building office complex near France Avenue and I-494 at 3600 and 3700 American Boulevard West was originally developed by United Properties in 1983, and underwent renovations in late 2009. United Properties and its sister real estate companies, including Cushman & Wakefield/NorthMarq and NorthMarq Capital, occupies roughly one quarter of the property, and have indicated that they intend to continue leasing that space. In total, the complex was 80% leased at the time of sale, with other tenants including ConAgra Foods Inc., Xerox Corp., Kellogg Co. and Wal-Mart Stores Inc.
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