MINNEAPOLIS, MN—The CSM Corp. has just sold theLexington Preserve IV, a 92,000-square-foot single-story office building located in Blaine, a suburb of Minneapolis, to the Gladstone Commercial Corp. for $14.45 million. Parametric Technology Corporation, a software developer, leases the entire building, which is part of the 140-acre Lexington Preserve Business Park.
“We’re very pleased to have sold this asset to Gladstone,” said Ron Schiferl, senior vice president of commercial properties for CSM. “Lexington Preserve IV is an anchor to the successful development of Lexington Preserve Business Park, and having high-quality ownership and management of this property was of significant importance to CSM.”
In addition to Lexington Preserve IV, the business park contains two additional fully-leased buildings totaling 207,000-square-feet, including a 120,000-square-foot distribution center for Aveda Corporation. CSM, which developed Lexington IV in 2009, retains ownership of these other two buildings and an additional 35 acres of undeveloped land. When fully built-out, Lexington, which also the Minnesota School of Business and TPAC Underwriters as tenants, will have about 850,000-square-feet of office and industrial space.