MINNEAPOLIS—As reported earlier this week in GlobeSt.com, many institutional investors want a piece of Minneapolis' burgeoning real estate market, and another KBS-affiliated company has just joined the rush. Newport Beach, CA-based KBS Realty Advisors acquired Northland Center, a 465,168-square-foot office complex in suburban Bloomington, for $51 million. United Properties sold the property, which was 89% leased at closing.
The seven-story, two-building Northland Center sits at 3500 and 3600 American Blvd. West in Bloomington's I-494 submarket. It was renovated in 2010 and now has a LEED-EB Silver-rating.
“Northland Center is a well-located, highly amenitized, multi-tenant office complex within one of Minneapolis' largest and most active submarkets,” says KBS central regional president Ken Robertson. “This property benefits from its location along the border of affluent Edina, MN, as well as within the I-494 corridor, which is the second-largest submarket in the Twin Cities.”
Northland Center joins two other KBS-affiliated company-owned assets in the region. In 2013, for example, KBS Real Estate Investment Trust III bought the 678,045-square-foot RBC Plaza in downtown Minneapolis for $118.1 million. And earlier in that year, KBS Legacy Partners Apartment REIT bought the 228-unit Watertower Apartments in suburban Eden Prairie.
Amenities at Northland Center include a full-service cafeteria, a fitness facility with locker rooms and showers, state-of-the-art conference rooms, sundry shop, hair salon, dry cleaning service and car wash/detailing service.
“The amenity mix at Northland Center gives it a definite boost in this market,” says KBS senior vice president/market leader Gio Cordoves. “The property also enjoys close proximity to an abundance of shopping, dining, hospitality and entertainment options, as part of the great location near France Ave., a major north/south thoroughfare.”
Tom O'Brien and Scott Pollock of Cushman Wakefield NorthMarq, Minneapolis, represented United Properties in the sale.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
