Shorenstein Buys 1.1M SF Minn. Portfolio

MINNEAPOLIS—In 2013, the Twin Cities became one of the most attractive markets for big investors from coastal cities and the trend has continued in 2014. Shorenstein Properties LLC, a private real estate investment firm with offices in San Francisco and New York, for example, just closed on the purchase of Washington Square, a portfolio including three office buildings, a parking garage and an adjacent parcel in downtown Minneapolis.  

The portfolio includes 20 Washington Square, a 6-story office building fully-occupied by a single tenant on a long-term lease; 100 Washington Square, a 22-story multitenant office building which is currently 71% occupied; and 111 Washington Square, a mixed-use building with 15 floors of vacant office space above two floors of below-grade data center space. The portfolio includes a 7-level parking structure with 900 spaces and a 1.25-acre lot currently used as surface parking.