Colony Financial, Inc. (NYSE: CLNY
) acquired 9350 and 9380 Excelsior Blvd. in Hopkins, MN for $122.75 million, or about $245 per square foot, from Real Estate Capital Partners, on behalf of IVG Institutional Funds GmbH.
The two seven-story office buildings total 501,603 square feet, and are part of the three-building corporate campus that is fully-leased to Cargill, Inc., representing the firm's newest campus and its largest concentration of employees in the Minneapolis metro. The LEED Gold-certified offices were built in 2008 and 2009, in the I-394 Corridor submarket of Hennepin County.
Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver with CBRE's institutional group in Minneapolis represented the sellers, which have invested more than $10 billion in U.S. real estate for high net worth families and institutions since the fund's inception.
Please see CoStar COMPS #2906009 for additional information on this transaction.