"The office market in Minneapolis-St. Paul has realized positive growth in 2004," says David Steinwedell, Wells' chief investment officer. "We anticipate that this growth will continue in 2005."
The property was purchased from JP Morgan Asset Management for an undisclosed amount. Ray Owens and Spencer Patton of Wells Real Estate Funds represented the buyer in the deal, while Lori Larson, Tom Holtz, and Steve Buss of CB Richard Ellis represented the seller. The city's assessors have estimated the market value of the property for taxes purposes at $16.5 million.
The 5995 Opus Parkway property is located on 8.9 acres in the Opus 2 Park. It is connected by an open walkway to the Minneapolis Marriott Southwest Hotel. Two years ago, Wells, a privately held real estate investment trust, bought the US Bancorp Center in downtown Minneapolis for $174 million.
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