California-based KBS Realty Advisors has purchased Northland Center in Bloomington for $51 million.
The 465,168-square-foot office complex is 89-percent leased at closing, and United Properties was the seller.
Located at 3500 and 3600 American Boulevard W. along the Interstate 494 corridor I-494, the complex was renovated in 2010. The two buildings span seven stories and cover about 13 acres.
“Northland Center is a well-located, highly amenitized, multi-tenant office complex within one of Minneapolis’ largest and most active submarkets,” said KBS Central Regional President Ken Robertson, in a statement. “This property benefits from its location along the border of affluent Edina, as well as within the I-494 corridor, which is the second-largest submarket in the Twin Cities.”
LEED-Silver certified, amenities in the complex include full-service cafeteria, fitness facility with locker rooms and showers, state-of-the-art conference rooms, sundry shop, hair salon, dry cleaning service and car wash/detailing service.
Tom O'Brien and Scott Pollock of Cushman Wakefield NorthMarq, Minneapolis, represented United Properties in the sale.
Northland Center joins two other KBS-affiliated company-owned properties in the region: The 678,045-square-foot RBC Plaza in downtown Minneapolis; and the 228-unit Watertower Apartments in Eden Prairie.