BlackRock bought the 144,000-sf Calhoun Square main building,and a few adjacent retail buildings, says George Good, EVP with CBRichard Ellis. The property is made up of mostly tenants in the5,000 sf to 10,000 sf range, and includes a Borders and a FamousDave's restaurant, he says.


The joint venture paid $30.3 million for the 23-year-oldproperty in June 2004, according to sources. Principal had plannedin 2005 on spending millions to expand the property to 320,000 sf,to include entertainment and office space. "They were going to addtwo residential towers and an expanded parking garage, but at theend of the day they decided to sell," Good tells


BlackRock is also planning on a large renovation project, butthey have not said what will be done, or how much it will cost."It's much too early to know specifics, but, in the near future, wewill re-initiate the planning process with the city," says JohnNagle, president and COO of Capital Growth.


Good says he doesn't have an occupancy rate for the property,but that lease rates are in the $20s. "It's right by the lake,surrounded by big-income houses," he says. The property is at 3001Hennepin Ave.

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