MINNEAPOLIS, MN- City Center Realty Partners, LLC, in partnership with Angelo, Gordon & Co., has just acquired 320,000 SF in an office building in downtown Minneapolis for an undisclosed amount. It is the third major Minneapolis acquisition for the San Francisco-based firm.
“It’s an area that we think has always been steady,” Mark Stefan, president of CCRP, told GlobeSt.com.
The firm now has a diverse set of properties in the city. Previously, they purchased the 350,000 SF TractorWorks, an industrial building, and last June they picked up the former Superior Plating site, a former factory near downtown on more than 5 acres.
Their new offices, by contrast, are in “a traditional high-rise corporate office space,” said Stefan. They occupy floors 18 through 36 of the Plaza Seven tower that will also include a Radisson Blu hotel on the lower floors. Jones Lang LaSalle will lease the office space.
Stefan said that each purchase represents a vote of confidence in Minneapolis. The new building is near vibrant retail, many corporate headquarters and the city’s skyway system. The firm has converted TractorWorks into office space and believes they can entice buyers into homes planned for a reconfigured Superior Plating site.
“In the case of TractorWorks we saw a building that had great bones,” said Stefan, and, with its high-ceilings and old-fashioned appeal, could attract tenants engaged in creative work once CCRP rehabbed it, putting in additional touches such as placing art in its public spaces. “We like to take a creative approach to all of our projects.”