The class B office buildings are at 5775 and 6465 Wayzata Blvd., near I-394 and US Highway 100, in the west suburbs of Minneapolis. The two facilities are about 85% occupied, a Golub spokeswoman tells GlobeSt.com, and include tenants such as Certes Financial Pros, Alliance Business Centers, and medical and government offices.
Andrew Cathlina, senior vice president of acquisitions and finance, and Adam Short, financial analyst, led the Golub acquisition team. John Ferguson, Golub senior vice president of leasing and marketing, will oversee the property's leasing program, and United Properties will continue to serve as leasing agent for new tenants.
Ferguson says in a statement that capital improvements will be made to the property. "[The improvements], combined with the market's growing demand for high-quality, class B office space, will increase the property' appeal to a wide spectrum of businesses," he says.
Michael Newman, president and CEO of Golub, tells GlobeSt.com that the asking lease rate will be $13 to $13.75 net per sf, with about $10 per sf expenses. The average lease rate for class B office space in Minneapolis is $17.90 per sf gross, according to a Grubb & Ellis second quarter market report.
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