KBS Realty Advisors has acquired the 465,168-square-foot office complex at 3500 - 3600 American Blvd. W in Bloomington, MN from United Properties for $51 million, or about $110 per square foot.
The LEED-EB Silver-certified twin office towers were built in 1979 and 1982 on 13 acres in the I-494 Corridor submarket of Hennepin County. Collectively known as the Northland Executive Office Center, the two buildings rise seven stories, and were 89 percent leased at the time of sale.
"Northland Center is a well-located, highly amenitized, multi-tenant office complex within one of Minneapolis’ largest and most active submarkets," said Ken Robertson, central regional president at KBS. "This property benefits from its location along the border of affluent Edina, Minn., as well as within the I-494 corridor, which is the second-largest submarket in the Twin Cities."
The properties were renovated in 2010, and offer an on-site cafeteria, fitness facility with locker rooms and showers, conferencing facilities, a sundry shop, hair salon, dry cleaning service, and car wash and auto detailing services.
"The amenity mix at Northland Center gives it a definite boost in this market," added Gio Cordoves, senior vice president and market leader at KBS. "The property also enjoys close proximity to an abundance of shopping, dining, hospitality and entertainment options, as part of the great location near France Avenue, a major north/south thoroughfare."
KBS affiliates own two other assets in the region, the 678,045-square-foot RBC Plaza in Minneapolis
, and the 228-unit Watertower Apartments in Eden Prairie, MN
. KBS Realty Advisors is a private equity real estate company and SEC-registered investment advisor founded in 1992, which along with its affiliates have completed nearly $30 billion in transactional volume.
Tom O'Brien and Scott Pollock with Cushman & Wakefield / Northmarq represented the seller, a Minneapolis-based commercial real estate development and investment firm formed in 1916 with a portfolio of 60 office, medical, industrial, and retail assets.
Please see CoStar COMPS #3077011 for additional information on this transaction.