MINNEAPOLIS, MN—The CSMCorp. has just sold theLexington PreserveIV, a 92,000-square-foot single-story office buildinglocated in Blaine, a suburb of Minneapolis, to theGladstone Commercial Corp. for $14.45 million.Parametric Technology Corporation, a softwaredeveloper, leases the entire building, which is part of the140-acre Lexington Preserve Business Park.
“We're very pleased to have sold this assetto Gladstone,” said Ron Schiferl, senior vicepresident of commercial properties for CSM. “Lexington Preserve IVis an anchor to the successful development of Lexington PreserveBusiness Park, and having high-quality ownership and management ofthis property was of significant importance to CSM.”
In addition to Lexington Preserve IV, thebusiness park contains two additional fully-leased buildingstotaling 207,000-square-feet, including a 120,000-square-footdistribution center for Aveda Corporation. CSM,which developed Lexington IV in 2009, retains ownership of theseother two buildings and an additional 35 acres of undeveloped land.When fully built-out, Lexington, which also the MinnesotaSchool of Business and TPAC Underwritersas tenants, will have about 850,000-square-feet of office andindustrial space.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
