Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

Normandale office park sold

Posted by: Janet Moore Updated: October 26, 2012 - 10:11 AM

Now this is a rather large transaction.

The Normandale Lake Office Park sold in August, but only recently did real estate documents surface detailing the price of the Bloomington complex. It was $265 million, according to Hennepin County filings.

The park, which calls itself the "Twin Cities' premiere suburban business environment,  is located at the northwest intersection of Normandale Boulevard and W. 84th St. in the southern Minneapolis suburb. More than 85 companies call the five-tower complex home.

It was sold to a group called Equity Group Investments, which is linked to Chicago-based investor Sam Zell. 

Two documents spell out the deal, which involved a total downpayment of $10 million. The New York-based pension fund, Teachers Insurance and Annuity Association of America, was the seller of four of the five buildings. One building in the complex was sold to an entity called Normandale Holdings LLC. Minnesota Department of State records indicate the Chicago address of Normandale Holdings to be the same as Equity Group Investments.

Janet Moore covers commercial real estate for the Star Tribune.

 

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