CB Richard Ellis represented the seller, Shoreview Associates, in the transaction.

In a related matter, iCap-Michigan said it arranged $40.5 million in acquisition financing for the complex. UBS-Warburg funded $40.5 million on a seven-year term at 5.35% with a 30-year amortization schedule.

Shoreview Corporate Center is a 552,927 sf, five-building office campus located just off Interstate 694 in Shoreview, a northeastern Twin Cities suburb. Among the mid-term to long-term tenants at the property are: Medtronic, with 104,000 sf, Land O' Lakes, with 189,000 sf, Deluxe Corp which has 160,000 sf and Advanced Respiratory, 100,000 sf.

The same complex was sold four years ago by Shoreview-based check printer Deluxe Corp for $42 million. CB Richard Ellis is headquartered in Los Angeles and has 250 offices around the world, including one in Minneapolis. iCap Realty Advisors is a national commercial real estate finance company offering mortgage banking services, and originates more than $3 billion a year in loans for multifamily, office, industrial, retail and other commercial properties.