Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EDEN PRAIRIE, MN-Denver-based Dividend Capital Total Realty Trust Inc. has purchased a fully-leased, 107,000-sf office building here for $29.4 million. TOLD Development, based in Plymouth, MN, completed the property in April and leased the building to Alliant Techsystems Inc. The developer said on its Web site that it cost $30 million to construct the building, at 7480 Flying Cloud Dr.

Alliant, an aerospace and defense company, reportedly moved its headquarters to the new building for a 15-year lease. Guy Arnold, president of DCT, said in a statement that the term ensures a stable cash-flow stream, with very attractive pricing. “(This) submarket is one of the top performing and most desirable submarkets inn Minneapolis,” Arnold said in the statement about the deal. The lease rate paid by Alliant was not provided. Average class A rates for the area are at $27.36 per sf, according to a Grubb & Ellis third quarter market report.

In an SEC filing, the trust said it is buying the 7-acre property using proceeds from public and private offerings. The Denver REIT owns 74 properties totaling about 12 million sf.

The building was designed as a spec project, but was developed as a build-to-suit for Alliant, according to the TOLD Web site. The three-story office has amenities such as a café, fitness center, conference center, environmental features and a 120-stall parking deck. Officials with TOLD and DCT refused to comment for this story. Tom O’Brien and Terry Kingston, both with Cushman & Wakefield, reportedly represented TOLD in the transaction.

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?


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.