MINNETONKA, MN-Carlson Real Estate Co. has hired New York City-based Eastdil Secured to evaluate the possible sale of most of its more than six million square feet of properties. The 5.5 million square feet, mostly office and industrial sites, are located here and in Phoenix and Charlotte.
The company is still affiliated with the global hotel and retail chain Carlson, founded by the late Curtis Carlson as the Gold Bond Stamp Co. in 1938. Between then and 1985, Carlson amassed a collection of brands including Radisson and T.G.I. Friday’s, and developed Carlson Center, a 250-acre business park that includes office, industrial, retail, apartments and a hotel at the intersection of interstates 494 and 394.CREC was formed in 1985 to handle the Carlson real estate holdings.
Now, the firm is considering either selling off most of its real estate holdings, or forming a joint venture with an investor. Matt Van Slooten, president of CREC, said the firm wants to be more closely aligned with the main Carlson firm’s enterprise-wide strategic objectives. “We are exploring new forms of financial arrangements from what we’ve had in the past, with the goal of maximizing the potential of our real estate business.”
A spokeswoman tells GlobeSt.com that the move is partly because the Carlson family is now in its third generation of running the company, and now wants to investigate what can be done with the owned properties. “That’s why they’ve brought in Eastdil, to get a full picture of everything that’s out there,” she says.
The CREC holdings in Minnesota include office buildings Carlson Center Towers and Carlson Center East I and II here, One and Two Carlson Parkway in Plymouth, MN and the Oaks Office Center in Oakdale, MN, as well as industrial sites Carlson Business Center in Plymouth and the Oaks Tech Center in Oakdale, as well as the Gates at Carlson Center multifamily property and the Country Inn & Suites here.
In Phoenix, the company owns Cotton Corporate Center and Corporate Center III, as well as eight industrial properties in Arizona, including Cotton Center IV in Phoenix and Warner Business Center I, II, III and IV in Tempe, AZ. In Charlotte, the firm owns Chemway Industrial Park and CLT Logistics Center. The spokeswoman did not reveal which properties are not included in the potential sale.
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