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ST. PAUL, MN-On behalf of a 1031 exchange made up of 32 investors, Los Angeles-based Griffin Capital has acquired the 362,230-sf US Bank Center here. The property, located at 101 5th St. East, was purchased for $53.2 million from Chicago-based Hearn Co. The building is leased to 33 tenants, with US Bank and Educational Credit Management Corp. occupying a combined 64% of the square footage.

JPMorgan Chase Bank, N.A. provided a $40-million first mortgage loan. Griffin Capital raised $19.97 million in equity from individual investors, which were primarily represented by Welton Street of Denver, Sigma Financial Corp., OMNI Brokerage Inc. and 1031 Exchange Options. The remaining funds will be used for fees and possible renovations.

David Rupert, COO of Griffin, tells GlobeSt.com that despite the building's 89% occupancy, the decision to acquire the Midwest asset was based on securing a higher internal rate of return for investors.