The seller bought the building five years ago for about $26million when Cargill was about halfway through its 10 year lease,says Larry Welsh, VP with Falcon. "We just negotiated a five-yearrenewal by Cargill, then took it to market and sold it," Welshtells GlobeSt.com. "Our mortgage was coming due, so we paid off themortgage. It's easier to sell these days than refinance. We may1031 the equity, or this may be the best time to get the moneyout."

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He says the company was lucky to have put the property outbefore the credit crisis hit. "We were already in due diligencewhen this happened, there's just not much happening now," Welshsays. "We're finding that on all the deals to buy, you can't getquotes. Some people are quoting on loan-to-value, but won't quoteon rate. Nobody knows how to price now." The sale basically endsFalcon's property ownership in Minnesota, Welsh says.

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Fortunately, Cargill is a respected tenant in the market, hesays. "The likelihood of them staying past their lease is fargreater than some of the other assets in the market," Welsh says."That gives a buyer some confidence."

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The property was built in 1998 within the Minnetonka CorporateCenter Business Park, and includes a parking garage. Lease ratesweren't disclosed. Average rates for the area run about $27.36,according to a Grubb & Ellis third quarter market report.

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Steven Buss, Tom Holtz and Ryan Watts with CB Richard Ellis'Minneapolis Institutional Group represented Falcon in thetransaction. Hart Realty Advisors handled the buyer.

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