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.

Five buildings sold in $28 million deal

Posted by: Janet Moore Updated: September 13, 2013 - 4:58 PM

Five properties in the Twin Cities have been sold to Altus Properties, a St. Louis, Mo.-based private real estate investment firm, for $28.3 million. The properties include:

Bloomington Business Plaza: A 121,669-square-foot office building in Bloomington that sold for $4.5 million.

Nicollet Business Campus VII: A 118,125-square-foot office building in Burnsville that sold for $7.29 million.

Brooklyn Park 7401 Boone Avenue North: A 322,751-square-foot industrial building that sold for $12.8 million.

Cedar Lake Business Center: A 50,400-square-foot industrial building in St. Louis Park that sold for $2.55 million

Pillsbury Business Center: A 42,929-square-foot office building in Bloomington that sold for $1.16 million.

The seller was Investors Real Estate Trust (IRET), of Minot, N.D., which was represented by the CBRE Institutional Group in Minneapolis led by Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver.

IRET said it is continuing to dispose of some assets and reallocate sales proceeds to other development projects and to deleverage its balance sheet. IRET’s business involves owning and operating income-producing multi-family residential and commercial properties mostly in the upper Midwest.

Janet Moore covers commercial real estate for the Star Tribune.

 

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