The building was built in 1998, and has 15 tenants, who have staggered leases through 2014. The lease rates in the building are between $14 to $16 per sf, says Lynn Watson, senior director of acquisitions for the company. The seller was not named. NAI Welsh handled the transaction.
He says DDRS is looking to buy more property in Minneapolis. "This is a nice class B office building, a fairly new building that doesn't have a lot of capital issues. We don't anticipate any capital outlays." He says the firm has one other property in the area, but that he's in negotiations to buy several other buildings. "We feel there's a future in Minnesota, it's very active," Watson tells GlobeSt.com.
The firm has purchased a few other properties in the Midwest this year, including the 137,269-sf, mixed-use Arlington Town Square at 66 South Arlington Heights Road in Arlington Heights, IL, the 121,383-sf Metropolitan Square office park in Des Plaines, IL, and the six-building North Park One office complex in Omaha, NE.
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