The building, which was owned by Best Buy, has been vacant for several years since the large consumer electronics retailer moved to new headquarters in Richfield. Best Buy was represented by Jim Leary and David Brown, brokers with CB Richard Ellis, while Robert Atkinson Inc. represented Hoyt.

Hoyt says he will not tear down the building to make way for a larger development because "the building has good bones." Hoyt says the building is unusual given its 170,000-sf floor plate. Although Hoyt could divide up the facility into several spaces, most of the interest has been from users who want 100,000 sf or more, he says. "We anticipate two large office tenants, one on each floor, with two separate entrances to the office building," he says.

At 47 acres, the site is the largest site available in the Golden Triangle area of Eden Prairie, Hoyt says. Hoyt Properties previously developed the 100-acre Technology Park, located next to the property. Hoyt says he is developing plans for the portion of the site not needed for parking--which could be as much as 20 acres or so. The site is suitable for a variety of uses, including offices, hotel, condos or retail, he says. Minnetonka-based developer Opus Corp. originally built the structure for Lee Data.