Fifth Street Towers in downtown Minneapolis has sold for $110.7 million.
Invesco Ltd. said Wednesday that a subsidiary and WL Ross & Co.LLC, in partnership with Zeller Realty Corp,. have teamed up to buy the two-tower Class A complex.
The purchase of the towers, which span 1.1 million square feet, was completed at a foreclosure auction held last month at the Hennepin County Sheriff's office.
The sale price was $1 more than the credit bid offered by the lender foreclosing on the property.
Built in 1985 and 1989 by Opus Northwest, the property at 100 and 150 S. Fifth St. is about 65 percent occupied. The partnership that purchased the property hopes to reposition it by "providing the capital necessary for leasing," according to a statement issued Wednesday.
Zeller recently took LaSalle Plaza, also in downtown Minneapolis, from a 65-percent occupancy rate to 95 percent.
Janet Moore covers commercial real estate for the Star Tribune.