Franklin Street Properties Sells Eden Prairie Office Property to DREA
- Apr 06, 2015
An approximately 153,028-square-foot office property in Eden Prairie, Minn., has recently changed hands. Wakefield, Mass.-based Franklin Street Properties Corp. has sold the Eden Bluff Corporate Center I to Dougherty Real Estate Equity Advisors (DREA) of Minneapolis, for gross proceeds amounting to roughly $28 million.
The property, located at 14800 Charlson Road, is fully leased by C.H. Robinson Worldwide Inc., a Fortune 500 company offering third-party logistics. The Minneapolis/St. Paul Business Journal reports that the company owns another 186,000 square feet of space in two other buildings in greater Minneapolis.
“While we plan to pursue multiple investment strategies, one current focus is to take advantage of exceptionally low mortgage rates over an extended period of time by utilizing tax-efficient reinvestment strategies and collateral substitutions,” said Andy Deckas, president of Dougherty Real Estate Equity Advisors. “Given the anemic yields available from fixed-income investments currently, we believe this is an excellent time to invest in real estate.”
According to a news release, the off-market transaction was brokered by the CBRE Minneapolis investment sales team of Holtz, Buss, Watts, Welliver and Dusil.
Image courtesy of Dougherty Real Estate Equity Advisors LLC