Stone Grove Apartments Sold for $17.3 Million; Piper Jaffray Signs New Lease

By Gabriel Circiog, Associate Editor

Franktown, Colo.-based Monarch Investment and Management Group has acquired The Stone Grove Apartments in Burnsville, the Minneapolis / St. Paul Business Journal reports.

According to Dakota County property records, the 228-unit apartment building was sold by St. Paul-based Real Estate Equities for $17.3 million. The seller was represented by Everest Real Estate Advisors in the transaction. The suburban complex, located at 2525 Williams Drive, was built in 1974 and was revamped in 1999. Amenities include a 24-hour fitness center, laundry facilities, an indoor pool, saunas, a game room and underground parking.

In other local news, Piper Jaffray Cos. is downsizing its occupancy in the US Bancorp Center on Nicollet Mall. Located at 800 Nicollet Mall, the 30-story, 929,000-square-foot office tower is owned by Piedmont Office Realty Trust. Piper Jaffray has been in the building since its construction in 2000. According to a document submitted to the U.S. Securities and Exchange Commission, the company intends to decrease the amount of space it is leasing from around 240,000 square feet to about 93,000 square feet. The company also announced that 93,000 square feet of the original space has already been sublet to other companies.

In the most recent quarter, the company saw its revenue and profits decrease, and in April it laid off 30 of its 1,000 employees.

The new $44.5 million lease agreement runs for 11.5 years, starting June 1, 2014. The deal includes a tenant allowance of $7.8 million. Brokers from Jones Lang LaSalle Inc. represented Piper Jaffray in the lease, while the landlord was represented by Cushman & Wakefield/NorthMarq.

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