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1031 Picks Up 362,230-SF Office Asset

ST. PAUL, MN-Griffin Capital, on behalf of 32 individual investors, acquires the US Bank Center in St. Paul's CBD. The asset is purchased for $53.2 million from Chicago-based Hearn Co.

By Brian Miller and Dana Dubriwny | Updated on May 02, 2006

(To read more on the debt and equity markets, click here.)

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.

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