Cushman & Wakefield NorthMarq’s Capital Markets team completed the sale yesterday of a six-building, 420,000 sq. ft. Mendota Heights office portfolio to an entity related to MSP Real Estate, a St. Louis Park developer and investor. The sale, which was a 1031 exchange following the sale of MSP’s Louisiana Oaks apartment complex, marks the first office acquisition by MSP Real Estate, which has primarily focused on apartment and senior housing assets in recent years.

Scott Pollock, executive-Executive Director- for CWN, said that the portfolio garnered significant interest from investors:

“The office properties are well-leased and well-located and the demand certainly indicates that suburban office properties remain an attractive investment for many organizations “, he said.

Milo Pinkerton, CEO- of MSP Real Estate, said. “The investment provides diversification to our portfolio and great balance to the multifamily assets we manage throughout Minnesota and Wisconsin. We continue to watch the market for additional properties that fit our criteria.”

To celebrate the acquisition, MSP invited all tenants from each of the six buildings to a bar-be-que with live entertainment on the premises. More than 900 attended the afternoon event, including the Mayor of Mendota Heights.

MSP Real Estate is the 55th largest senior housing developer and owns apartment projects with nearly 2,400 units in Minnesota, Wisconsin and Indiana. MSP Real Estate was represented by Mark Kolsrud and Dave Berglund of Colliers International.

The six Class A office buildings offer competitive lease rates and are all located on Northland Boulevard in Mendota Heights, Minnesota with convenient access to the Minneapolis-St. Paul International.