The Twin Cities buildings are Court International and University Office Plaza. Court International, a four-story, 320,848-sf office building at 2550 University Ave. W. in St. Paul. It is located on the southwest corner of State Highway 280 and University Avenue, in the area known as the "Midway District" between St. Paul and Minneapolis. The buyer is an affiliate of Fortis Asset Management.
University Office Plaza, a 97,658-sf four-story building at 2221 University Ave. SE. The building's close proximity to the University of Minnesota at Minneapolis campus and the University hospital has enabled the property to attract and retain university and health-allied tenants, according to the company. The buyer is the University of Minnesota.
"The merger agreement with Transwestern gives us an unusual level of flexibility to pursue the sales of some of the properties in our portfolio for values that exceed the values ascribed to these assets by Transwestern," says Dick May, Great Lakes REIT's chairman and chief executive officer. The sales are expected to close by the end of the first quarter, and the merger by the end of the second quarter.
Great Lakes' current portfolio consists of 44 properties totaling about 5.8 million sf of space in Chicago, Milwaukee, Detroit, Columbus, OH, Minneapolis, Denver and Cincinnati. Transwestern is a Chicago-based principal-oriented real estate investment firm.
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