MINNEAPOLIS-A partnership of City Center Realty Partners, LLC of San Francisco and Angelo, Gordon & Co. of New York City has acquired the 320,000-square-foot office component of the Plaza Seven mixed-use tower here.
While the partnership in a news release did not reveal the identity of the buyer, prior to the sale the property was owned by the Carlson Real Estate Co. of Minnetonka, MN. No terms of the transaction were released.
The office building occupies floors 18-36 of the Plaza Seven mixed-use tower located in the Nicollet Mall corridor and is connected to the city's skyway system. The acquisition includes the building's heated underground garage with 315 parking spaces.
The property at 45 South Seventh St. represents CCRP's third asset in Minneapolis and the latest addition to the company's national portfolio. Its other properties in the city are the 350,000-square-foot TractorWorks building and the former Superior Plating site, a five-and-a-half-acre parcel of land it acquired last June.
City Center Real Estate Services, an affiliate of CCRP, will manage the new property, with Jones Lang LaSalle handling leasing. In addition to the office building, the Plaza Seven tower includes retail and a hotel, which is undergoing renovations to become a Radisson Blu. CCRP reports it plans to undertake an extensive elevator modernization project for the building, as well as make other building improvements.
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