950 Nicollet Mall, Minneapolis, MN
MINNEAPOLIS, MN—Hamburg, Germany-based Union Investment has sold 950 Nicollet Mall / 50 South 10th Street, a 498,768 square-foot office property in Minneapolis, MN. The building, located in the heart of the city's central business district, is on a long-term lease to Target Corporation. The occupancy rate at the time of sale was nearly 100 per cent.
The 12-story 950 Nicollet Mall office block was constructed in 2001 and has been held by Union Investment in its open-ended real estate fund Unilmmo Europa since it was acquired in 2014 from Franklin Street Properties for $164.5 million, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions. The building has a LEED Gold certification.
Union Investment says it is reducing the age of its office property portfolio in the US. The Hamburg-based real estate investment manager, which has its own presence in New York, recently acquired the newly constructed Granite Park VII office building in Dallas, TX, encompassing about 323,000 square feet of rental space, and an additional hotel property with more than 300 rooms in Charleston, SC.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
