Minneapolis-based Hoyt Properties Inc. sold the now-vacant original Best Buy Co. headquarters, including the surrounding acreage at 7075 Flying Cloud Dr. within the Golden Triangle. According to published reports, Hoyt acquired the property approximately a year ago from Best Buy for nearly $17 million. It has been vacant for four years, following the retailer's relocation to Richfield. Hoyt initially planned to redevelop the property into either office or retail space.

Because the sale is still under contract, Dave Jellison, VP and city manager of Liberty's office here, declined to disclose a price tag, but expects the acquisition to close in early 2007. "We could go a couple of different ways with the property," he tells GlobeSt.com, and says a feasibility study will first take place.

"Plan A," he says, "would be to tailor down the existing structure to between 200,000 sf and 250,000 sf and renovate it into a large-plate office building, and then develop the balance of the land into other uses, such as office with maybe a restaurant." He says there are a couple of users in the market seeking new space with a large footplate rather than high-rise construction.