10/3/2007

CBRE's Minnesota office orchestrates $87 million sale

by
Hines REIT has acquired a nine-building portfolio of office/flex properties from a joint venture between First Industrial REIT and the California State Teachers Retirement System (CalSTRs) for $87 million.

Thomas Holtz and Steve Buss of CB Richard Ellis' Minnesota office represented the First Industrial/CalSTRs venture. Hines represented itself in the transaction.

The portfolio is 86 percent leased by 41 tenants including Cyber Optics, General Dynamics, Prime Therapeutics, Eschelon Telecom and the State of Minnesota.

Mr. Buss is a senior vice president of the Investment Properties Group and has been with CBRE since 1995. He recently brokered the $49 million sale of the Shoreview Corporate Center in Minneapolis.

Mr. Holtz joined CB Richard Ellis in 1979 and is an executive vice president specializing in major investment transactions for single-tenant and multi-tenant office and industrial properties. In August, Mr. Holtz finalized the $180 million sale of the Fifth Street Towers in Minneapolis.

Hines REIT is sponsored by Hines, a global real estate investment company specializing in acquisition, development and financing. First Industrial is a real estate developer that also purchases, sells and manages industrial facilities.

Contents of the portfolio:

- Golden Hills Business Park, Golden Valley, Minn.; three buildings, 258,118 square feet, built in 1999

- Westside Business Park, Hopkins, Minn.; single-story building, 114,800 square feet, built in 1987

- Edenvale Executive Center, Eden Prairie, Minn.; two buildings, 112,332 square feet, built in 1987

- Valley Gate building, Eden Prairie, Minn.; single-story building, 53,079 square feet, built in 1986

- Hampshire Technology Center, Bloomington, Minn.; single-story building, 144,441 square feet, completed in 1998

- University Crossing medical office building, St. Paul, Minn.; 83,470 square feet, built in 1990

Size: 766,240 square feet

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Filed Under: Office

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