Triple Net Properties Acquires Northstar Center in Minneapolis, Minnesota |
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By: Triple Net Properties, LLC Posted: 2007-04-18 06:06:04 |
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Chief Investment Officer Jeff Hanson announced today that Triple Net Properties, LLC has acquired Northstar Center in a joint venture with Pacific Coast Capital Partners of Los Angeles. The acquisition closed on April 13, 2007.
Northstar Center is a multi-tenant, mixed-use facility in Minneapolis, Minnesota consisting of 700,000 square feet of office space and 70,000 square feet of retail space divided among two towers. The property also includes a Crowne Plaza Hotel and a seven-story, 1,000-space parking facility. Northstar Center is located in the heart of the Minneapolis central business district, and is near the center of the five-mile Skyway system. The original tower, known as Northstar East, was built in 1916 and later renovated and expanded in 1962, when the second tower, Northstar West, and the Crowne Plaza Hotel were constructed. Northstar East is a thirteen-story office tower that offers approximately 309,000 square feet of office, retail and storage space. Northstar West is a 17-story tower featuring approximately 403,000 square feet of office, retail and storage space. The Crowne Plaza Hotel features 222 guest rooms, four suites, and more than 10,000 square feet of event space, all of which will be renovated over the next fifteen months. Wells Fargo, which occupies more than 426,000 square feet of office space, is the property's major tenant. Terry Kingston of Northstar Partners and Jaime Fink of Holliday Fenoglio Fowler represented the seller, while Mike Hurst of Buchanan Street Partners represented Pacific Coast Capital Partners and arranged financing, which was provided by Lehman Brothers. Triple Net Properties, LLC is a wholly-owned subsidiary of NNN Realty Advisors, Inc., a nationwide commercial real estate asset management and services firm. Triple Net Properties, LLC and affiliates manage a growing portfolio of more than 34 million square feet of real estate, including over 7,300 apartment units, with a combined market value of approximately $4.6 billion. Triple Net Properties, LLC and affiliates are currently buying and selling properties throughout the United States, offering a full range of commercial real estate investments, including tenant-in-common (TIC) programs for investors structuring tax-deferred (like-kind) exchanges under Section 1031 of the Internal Revenue Code, real estate investment trusts (REITs), value added property funds, and institutional investments. |
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