The 63,000-sf building is about five years old, and waspreviously occupied by CitiFinancial as a call center. "They movedout in February to a new location a couple of miles away," saysBrad Butler with Liberty Property Trust, which owns the building.The rest of the building is available, he says, with an asking rateof $12 per sf.


He says his firm was fortunate to get the deal done, as there'snot too many large deals going on in the Minneapolis market."There's a lot of smaller stuff around, especially in the new classA developments, but those are at around a $17 to $19 per sf range.This kind of flex property weathers the market a little better,"Butler says.


Also, the Southwest Minneapolis office market has been kind ofslow, Butler says. The Southwest market has the lowest vacancy ratein the area at 12.9%, but that figure will go up because of newproduct now coming online, according to a second quarter Grubb& Ellis market report.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.