Sara Investment Real Estate announced this week that it had completed the purchase of the Crown/Frost buildings in the Crown Center complex in Northeast Minneapolis, a former factory where airplane components were manufactured in WWII. Hillcrest Development sold the fully leased portfolio to Sara Investment for an undisclosed amount.
"We are excited to expand our presence in the Minneapolis market," said Traci Dalsin, President of Sara Investment Real Estate, headquartered in Madison, Wisconsin. "This is a very special property in one of the most desirable areas of the city. Northeast Minneapolis has it all – creative development, entrepreneurs and lots of positive momentum. We’re delighted to be here."
The portfolio includes:
Frost Building at 1209 Tyler Street NE, a 40,000 square foot building redeveloped by Hillcrest in 2009; major tenants include Modern Survey and Dogwood Coffee Co.
Crown Center at 1331 Tyler Street NE, a 140,000 square foot multi-building complex, also renovated in 2009 for $8 million; tenants include Tactile Systems Technology, Blu Dot Furniture and Bauhaus Brew Labs.
1515 Central Avenue NE, a 100,000 square foot trio of buildings acquired by Hillcrest in 2012 and also renovated; tenants include Sociable Cider Werks and architectural firm James Dayton Design.
For more news and information visit Blumberg Partners.
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