crefeed.com | Cushman & Wakefield finalizes $80M sale of Minnesota office park

12/3/2007

Cushman & Wakefield finalizes $80M sale of Minnesota office park

Grand Oak Business Park

BPG Properties has acquired the Grand Oak Business Park in the Minneapolis suburb of Eagan, Minn., for $80.1 million from Waukesha, Wis.-based Interstate Partners.

Terry Kingston and Tom O'Brien of Cushman & Wakefield represented Interstate in the deal.

The 10-building office park contains 530,000 square feet on 100 acres and is located on Blue Gentian Rd., adjacent to Interstates 494 and 35 East, and Highways 149 and 55. It is currently more than 90 percent leased. Interstate, which acquired the buildings in 2000, will continue to manage the property.

BPG made the acquisition on behalf of BPG's Investment Partnership VIII, LP, a private equity fund with commitments of $850 million. The company also purchased a $22.4 million Kansas City multi-family portfolio in November from The Laramar Group.

Eagan, the eighth most populous city in Minnesota, is located approximately 18 miles south of Minneapolis and has a population of 63,557.

Address: Blue Gentian Rd., Eagan, Minn.

Size: 530,000 square feet

Filed Under: Office

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