X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MINNEAPOLIS-Teachers Insurance and Annuity Assoc.-College Retirement Equities Fund has sold the Campbell Mithun Tower in Downtown Minneapolis for $96 million or $about $132.50 per sf. The 725,000-sf class A office building is about 80% leased to approximately 40 companies. The new owner of the 41-story tower is Principal Real Estate Investors.

Located at 222 S. Ninth St., Campbell Mithun Tower was completed in 1986. Key tenants include Campbell Mithun, which currently occupies 120,000 sf, and Berkley Risk, which occupies 93,000 sf. Capella University occupies 91,000 sf and in July announced a long-term lease renewal on its space. The building is skyway-connected in two directions.

PREI is mulling plans to upgrade Campbell Mithun Tower’s common spaces. It has retained United Properties to lease and manage the property. Northstar Partners/Cushman & Wakefield represented TIAA-CREF in the sale.

The acquisition expands PREI’s Twin Cities investment portfolio to over 2.6 million sf of office, apartment and retail properties, including the Uptown landmark Calhoun Square.

PREI announced the sale on Wednesday, but refused to release the purchase price. Hennepin County could not provide the transfer tax amount and tax rate until this morning due to a computer problem. GlobeSt.com is the first to report the sale price.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.