MINNEAPOLIS—A joint venture between Axar Capital Management, a New York-based hedge fund, and Morning Calm Management, a West Palm Beach, FL- based investor, has just purchased the 847,667-square-foot Ameriprise Financial Center at 701 2^nd Ave. South in downtown Minneapolis for $200 million, or about $236 per square foot.

National investors drawn to this region's healthy economy were buying up Minneapolis' office properties at a historic pace several years ago. And even though sales dropped in 2015, this purchase proves the interest in Minneapolis remains, and many experts believe it's possible that by the end of 2016, outside investors will once again have bought up several of the region's trophy buildings.

“Although the first half of 2016 recorded fewer sales than first half of 2015, we expect that by the end of 2016 the Minneapolis/St. Paul market will see total sale volume again approaching record levels,” CBRE senior vice president Ryan Watts, tells GlobeSt.com. “We expect sales volume to be strong in the Minneapolis CBD where, in addition to the closing of the Ameriprise headquarters, there are still a handful of large trophy assets in play that have the potential to close by year end.”