SOLD: AtWater Group buys third large metro office complex in two months
Duluth, MN (06/13/2013) – AtWater Group today announced its third purchase of a commercial office building in the Twin Cities market as part of a strategy to significantly expand its holdings beyond its Twin Ports home base.
AtWater acquired the Park Glen Corporate Center in St. Louis Park, Minn., a four-story office building at 4500 Park Glen Rd. with 48,816 square feet of rentable space situated on the Greenway trail system and near the soon-to-be-constructed Beltline St. Louis Park light rail transit station. The building was nearly fully leased at the time of the purchase. Terms of the transaction were not disclosed.
In April, AtWater purchased Normandale Place, an 82,000-square-foot office building at 8201 Norman Center Drive in Bloomington, Minn., and the Ridge Pointe Medical Building, a 43,560 SF property at 14050 Nicollet Avenue South in Burnsville, Minn.
“We believe this is the right time to be acquiring premium assets in the Twin Cities metro area,? AtWater Group President Brian Forcier said. “We see value in key properties in the Twin Cities market. We want to help our clients realize that value."
Park Glen was listed for sale by Jim Leary of CB Richard Ellis. AtWater was represented by Matthew Klein of the Eagan, MN based KW Commercial Midwest.
“AtWater viewed Park Glen as a good long-term investment because of the building’s quality, the nearby light rail system and improving market conditions," Klein said.
AtWater Group is a full-service commercial real estate brokerage, management and investment firm overseeing a multi-million dollar property portfolio in the Midwest, focused on the Twin Ports region of Duluth, Minn., and Superior, Wis., the Twin Cities market of Minneapolis and St. Paul, Minn., and Omaha, Neb. The company is based in Duluth.