Located at 222 S. Ninth St., Campbell Mithun Tower was completed in 1986. Key tenants include Campbell Mithun, which currently occupies 120,000 sf, and Berkley Risk, which occupies 93,000 sf. Capella University occupies 91,000 sf and in July announced a long-term lease renewal on its space. The building is skyway-connected in two directions.
PREI is mulling plans to upgrade Campbell Mithun Tower's common spaces. It has retained United Properties to lease and manage the property. Northstar Partners/Cushman & Wakefield represented TIAA-CREF in the sale.
The acquisition expands PREI's Twin Cities investment portfolio to over 2.6 million sf of office, apartment and retail properties, including the Uptown landmark Calhoun Square.
PREI announced the sale on Wednesday, but refused to release the purchase price. Hennepin County could not provide the transfer tax amount and tax rate until this morning due to a computer problem. GlobeSt.com is the first to report the sale price.
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