The property, which is located near the intersection of Interstate 494 and Highway 62, is 100% occupied by Cargill Inc. under a net lease.
The seller, the Tower Fund, was represented by CB Richard Ellis. The investment property team in Minneapolis was led by Steve Buss, Tom Holtz and Lori Larson, a team that focuses on the sale of single- tenant and multi-tenant office and industrial properties. The Tower Fund is a commingled equity real estate fund managed by Morristown, New Jersey based SSR Realty Advisors Inc.
The purchaser was an entity of Falcon Real Estate Advisors, a New York based organization that represents international investors in United States real estate.
The acquisition is Falcon's first purchase in the Twin Cities market.
"The combination of Cargill's investment grade credit and the quality of the underlying real estate make this an attractive investment," says Buss, who is a VP at CB Richard Ellis.
The building was constructed in 1998 and is the flagship property in Cargill's 375,000-sf Crosstown Campus.
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