MINNEAPOLIS—As reported earlier this week in GlobeSt.com, manyinstitutional investors want a piece of Minneapolis'burgeoning real estate market, and anotherKBS-affiliated company has just joined the rush. Newport Beach,CA-based KBS Realty Advisors acquiredNorthland Center, a 465,168-square-foot officecomplex in suburban Bloomington, for $51 million. UnitedProperties sold the property, which was 89% leased atclosing.
The seven-story, two-building Northland Center sits at 3500 and3600 American Blvd. West in Bloomington's I-494 submarket. It wasrenovated in 2010 and now has a LEED-EBSilver-rating.
“Northland Center is a well-located, highly amenitized,multi-tenant office complex within one of Minneapolis' largest andmost active submarkets,” says KBS central regional presidentKen Robertson. “This property benefits from itslocation along the border of affluent Edina, MN, as well as withinthe I-494 corridor, which is the second-largest submarket in theTwin Cities.”
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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.
