They will work with Northstar Partners, a full-service commercial real estate firm with an office in Downtown Minneapolis that is a member of the Cushman & Wakefield Alliance.
"Fifth Street Towers offers the rare opportunity to acquire a value-added property with core-plus returns at pricing substantially below replacement cost," Whitmore says. "Minneapolis' economic indicators suggest that the market is poised for recovery and the ability to acquire a trophy asset with significant upside is a unique and well-timed opportunity."
The owner is advised by ING Clarion Partners, a real estate investment advisor and management services provider for institutional and high net-worth investors with more than $12 billion in assets under management. HFF is a largest commercial real estate capital intermediary with 17 offices nationwide.
Fifth Street Towers is located in the center of Minneapolis' Central Business District next to the Light Rail Transit line and bus routes, close to shopping and entertainment, and accessible from Interstates 35 and 394. Parking--494 spaces--is available on site and nearby, via the skyway. Amenities include an on-site café and convenience store.
"This is a trophy asset in an area of the country that is poised for growth," Morningstar says. "The diverse economic base allows the area to handle economic down swings better than any other part of the country. The economy doesn't rely on any single company or specific industry."
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