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Just Listed

Minnetonka business park sold for $18.6 million and could get taproom

A five-building business park in Minnetonka sold for about $18.6 million and its new owner plans upgrades that include an on-site bike loan program and possibly a beer taproom.

The Baker Technology Plaza, near the intersection of I-494 and Hwy. 62, totals more than 250,000 square feet and has had a range of tenants, including casino management product developer Table Trac, Inc., IT company IVDesk, and landscaping and masonry business Anchor Block Co.

Seller Utah State Retirement Investment Fund had owned the business park for 15 years.

The buyer, an entity associated with Los Angeles-based private real estate investment firm Tryperion Partners, has a list of upgrades it wants to complete to the buildings by next spring. Proposed improvements include new outdoor gathering areas as well as enhanced tenant signage and entrance upgrades. No additional details have been given about the prospective on-site taproom.

As part of its rebranding, the complex name will be shortened to just “Baker Tech.”

The park still has a lot of space available; only 60 percent of the complex is occupied.

“There is critical mass at Baker Tech ... We plan to bring modern, creative space interiors and amenity rich exteriors to create a ‘urban-hub’ in a prime suburban location,” said Jason Simek, vice president at the Twin Cities offices of Colliers International, who is part of the leasing team for the park.

Paster Properties to target urban core with new development division

Paster Properties, which is known for developing suburban shopping centers, created a new division to focus on mixed-use retail development in the urban core.

John Kohler and Mike Sturdivant will lead the division, called Paster Development.

“With a foundation of 70 years of development experience, our team at Paster Properties has the expertise to build properties, the understanding of what it takes to build businesses, and the integrity it takes to build relationships,” Howard Paster, president of Paster Properties, said in a statement.

Recently, Paster Properties codeveloped The Shops at 1700, a mixed-use project in Minnetonka that features retail and five levels of luxury apartments. Paster Properties is also working on development projects in the North Loop, Mendota Heights and St. Paul.