Investors Real Estate Trust is selling off four office showroom properties in the Twin Cities, a move that aligns with the equity trust's narrowing focus on multifamily, healthcare and industrial.
The Minot, N.D.-based trust owns 35 office properties in Minnesota, according to its website, but is gradually dumping them from its diverse portfolio.
The four properties, announced Friday, are Plymouth Tech I-V, Whitewater Plaza in Minnetonka, Southeast Tech Center in Eagan and Burnsville Bluffs II. CBRE, a Los Angeles-based real estate brokerage, conducted the transaction totaling $26.6 million.
"These sales advance IRET's portfolio transformation plan to narrow our focus to multifamily, healthcare and bulk industrial properties," said Matt Volpano, vice president of investments for IRET.
IRET owns 112 properties across all real estate segments in Minnesota. The trust has 257 holdings across 12 states in the Midwest, Great Plains and Mountain West.