510 Marquette building sold for $6.69 million

  • Article by: STEVE ALEXANDER , Star Tribune
  • Updated: April 2, 2013 - 10:41 PM

Sold twice in the space of a year, the building’s price is on an upward trend.

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The 510 Marquette building

Photo: Richard Sennott, Star Tribune

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The 510 Marquette office building in Minneapolis has sold for $6.69 million, up 27 percent from its selling price less than a year ago.

The building, which has 198,552 square feet, was purchased late last week by Marquette Partners LLC, an affiliate of Minneapolis-based Swervo Development. The seller was OP2 Marquette, an affiliate of Opportunity Advisors of Eden Prairie. The sale price has just been disclosed in Hennepin County real estate records.

Ned Abdul, the president of Swervo Development, said plans for the building are pending, but it may be developed as retail space on the first floor and skyway level, and offices on the upper floors.

Last May, OP2 Marquette bought the building for $5.25 million from Connecticut-based 510 Marquette Property Inc., which was affiliated with Hart Realty Advisers.

Abdul said his company paid what it considered the fair price for the building last week, and said he wasn’t sure why the previous owners had paid less.

Both last week’s and last year’s prices for the 510 Marquette building fall far short of the $20.6 million Marquette Property paid for the building in 1998. The building’s location at 5th Street and Marquette Avenue S. fronts a light-rail stop.

 

Steve Alexander • 612-673-4553

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