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.

CBRE brokers two major sales this week

Posted by: Janet Moore Updated: August 9, 2013 - 3:47 PM

 

Oaks Tech building

Oaks Tech building

 

CBRE's brokers have been busy this week.

CBRE announced the sale of a Class A office/tech building in Oakdale for $9.2 million. Located at 7800 3rd St. N., the 97,000-square-foot building in the Oaks Business Park was sold to Capital Partners Industrial Fund II LLP.

The building is part of the largest master-planned mixed-use development in the east Metro area, and it's 97 percent occupied by nine tenants.

The seller, represented by CBRE's Institutional Group in Minneapolis, was Carlson Real Estate Co., which owns, manages and develops real estate investments in Minnesota, Arizona and North Carolina.

CBRE also noted that it has sold a portfolio of Cub Foods-anchored retail centers to Slate U.S. Opportunity (No. 2) Realty Trust. The two centers, Phalen Retail Center in St. Paul and East Brainerd Mall in Brainerd, span 263,000 square feet.

The Phalen center is located on 6.6 acres and is home to retailers Subway, Fantastic Sams, Snap Fitness, Papa Murphy's and Best Wireless. The Phalen Cub store is the first LEED Gold certified grocery store in the state and one of just three in the country.

The East Brainerd Mall, anchored by Cub Foods and Ascensus, is located on 18 acres just east of Brainerd’s major intersection of Hwys 371 and 210. Nearly 90,000 summer vacationers and 3,000 year round residents from as far east as Garrison shop at Brainerd’s Cub Foods.The Mall is also home to Ascensus’ regional headquarters, the region’s fifth largest employer, with 420 employees.

The seller was Oppidan Investment Co., which was was represented by the CBRE Private Capital Group in Minneapolis.

Terms of the deal were not disclosed.

Janet Moore covers commercial real estate for the Star Tribune.



 

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