Minneapolis, Minnesota – Minnesota is the hot spot for our NNN Commercial Real Estate news for the day. Our NNN Commercial Property Investors are very interested in the Twin Cities area for NNN Investments. we wanted to report that a partnership affiliated with Hines Interests is preparing to purchase the Minneapolis Investment Property, known as 50 South Sixth. This NNN Commercial Property Investment is situated in the energetic downtown Minneapolis. The purchase price for this Investment Property will be $180 million. The Real Estate Investment Trust, Hines Global REIT Inc. which is based in Houston, signed the purchase contract to buy the Minneapolis Investment Property.
This NNN Commercial Real Estate Development is an office tower that is approximately 698,643 square feet. Originally Hines had served as the co-developer of the Minneapolis high rise NNN Investment Property in 2001 and then sold it in 2005.
Sell Investment Properties Portfolio
This Minnesota NNN Commercial Property is the largest commercial real estate purchase that we know of, in the Twin Cities, so far this year. Hines had continued to serve as the property manager since the NNN Investment Property first opened. The seller of this Minnesota NNN Investment Property is KanAm Grund who is a German investment advisor.
KanAm Grund had bought this NNN Commercial Property development from Hines in 2005 for $193 million, which comes to about $279 per square foot. That was a record sale at that time for NNN Commercial Real Estate, in the Twin Cities. Minneapolis office development has recently been slowly being replaced by residential development of Minneapolis condos. This will help retain the value of current NNN Commercial Properties in the Minneapolis Metropolitan Statistical Area (MSA).
Commercial Real Estate and Historic Buildings
The Minnesota Investment Property was designed by the architectural firm of Skidmore, Owings & Merrill. This architectural firm is comprised of experienced designers, technical architects, and managers which help to lead their architecture teams. SOM (Skidmore, Owings & Merrill) designed the site for Elizabeth Academic High School in Elizabeth, New Jersey. This Property Development is situated in a busy urban center, directly adjacent to City Hall. This Elizabeth Property Development is surrounded by historic buildings, a large residential neighborhood, and a cozy park. SOM Education Lab’s goal was to design a New Jersey school that had its own sense of community and would respond to and augment the urban environment which it is surrounded by.
Commercial Property Developments
Back to the NNN Investment Property Fifty South Sixth; it was built about nine years ago on the Nicollet Mall in Minneapolis’ central business district. The building of this Investment Property was a joint venture (JV) between Lend Lease Real Estate Investments Inc. and the Hines Investment Group. This Commercial Property development team built the property on behalf of an institutional client. Fifty South Sixth has many benefits for a NNN Commercial Investment Property such as parking accommodations for approximately 646 vehicles, on-site restaurants, an on-site childcare center and four-way access to the Minneapolis Skyway System.
This NNN Commercial Real Estate development has retail net leased property tenants which include Affinty Plus Federal Credit Union, Brothers Deli, E*Trade Financial Services, Ike’s Food & Cocktails, M&S Grill, a M&I Bank Branch and Kinderberry Hill child care. Also some favorites of the NNN Commercial Real Estate staff which are leasing space are Caribou Coffee and Chipotle Mexican Grill. This NNN Commercial Property can be a wise choice for a 1031 Exchange replacement property.
Prestigious Net Leased Tenants
As far as Office Tenants in this NNN Commercial Property, there are prestigious Tenants that include the international law firm Dorsey & Whitney L.L.P. Dorsey & Whitney L.L.P. This international law firm currently occupies about 49% of the office space, or about 333,411 square feet, under a net lease scheduled to expire in September of 2016. Also the huge Auditing and financial advisory firm, Deloitte & Touche USA L.L.P. net leased 20% of the office accommodations, occupying approximately 142,336 square feet. Deloitte & Touche USA L.L.P. has a net lease agreement that does not expire until June of 2024.
Net Lease Properties and Commercial Real Estate Investments are available for acquisition all over Florida. Also for commercial real estate investors in a 1031 exchange, feel free to contact us for replacement properties using Net Lease Property. More and more Investors are using our online commercial real estate services tool to find Properties. We are ready to assist you with for Acquisitions and Dispositions.
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