Union Investment Sells Office Property in Minneapolis
The 12-story 950 Nicollet Mall office block was constructed in 2001 and has been held by Union Investment in its open-ended real estate fund Unilmmo Europa since it was acquired in 2014.
MINNEAPOLIS, MN—Hamburg, Germany-based Union Investment has sold 950 Nicollet Mall / 50 South 10th Street, a 498,768 square-foot office property in Minneapolis, MN. The building, located in the heart of the city’s central business district, is on a long-term lease to Target Corporation. The occupancy rate at the time of sale was nearly 100 per cent.
The 12-story 950 Nicollet Mall office block was constructed in 2001 and has been held by Union Investment in its open-ended real estate fund Unilmmo Europa since it was acquired in 2014 from Franklin Street Properties for $164.5 million, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions. The building has a LEED Gold certification.
Union Investment says it is reducing the age of its office property portfolio in the US. The Hamburg-based real estate investment manager, which has its own presence in New York, recently acquired the newly constructed Granite Park VII office building in Dallas, TX, encompassing about 323,000 square feet of rental space, and an additional hotel property with more than 300 rooms in Charleston, SC.