City Center Realty Partners Sells Class A Office Building in Twin Cities Suburb to Investment Company O’Shaughnessy Holding Company

0
37
City Center Realty Partners just sold the 7151 Metro Boulevard office building. The property is part of the three-building complex "The E" in Edina, Minnesota. (Photo: Business Wire)

EDINA, Minn.– Developer City Center Realty Partners, LLC (CCRP), in a joint venture with Contrarian Capital Management, announced it has sold a 45,277 square foot office building in Edina, Minnesota to investment group O’Shaughnessy Holding Company (OHC). The Class A building is part of the three-building, 11-acre office complex called The E, and is located at 7151 Metro Boulevard off Highway 100. The property provides immediate access to major highways and is a short distance to downtown Minneapolis. Brent Erickson at Newmark represented the seller and Brian Ginkel at Jones Lang LaSalle represented the buyer.

“Our company was looking for a signature property that would accommodate our growth,” said David Baer, Chief Operating Officer of OHC. “We appreciate the vision and cooperation of CCRP and Brian Ginkel in helping us secure this great building.”

CCRP retains ownership of the other two office properties at The E, both of which recently underwent extensive renovations. In 2021, the developer completed a full makeover of The E’s nine-story, 105,000 square foot anchor building. That $7.5 million dollar renovation modernized the property with an urban-inspired design and premium amenities. The building is now 50% leased, with companies including Mitsubishi HC Capital America, Relievant Medsystems and Employer Solutions Group. PCL Construction fully leases the third building at The E.

“We’re pleased to welcome another prominent company to join the roster of firms at The E,” said Eric Anderson, CCRP Executive Vice President. “We continue to see strong interest and leasing activity for the limited remaining available space at The E.”

CCRP owns and manages numerous real estate assets throughout the country. The development firm’s repositioning of the historic TractorWorks building in Minneapolis was a pioneering project as the North Loop district transformed from a manufacturing hub into one of the city’s most popular destination neighborhoods. Based in San Francisco, CCRP is also leading the development of 1.5 million square feet of several life science assets in the Bay Area, a hotbed for the biotech industry.