Bridge Investment Group’s office subsidiary Bridge Office has acquired Excelsior Crossings, a pair of seven-story, Class-A office buildings at 9380 and 9350 Excelsior Blvd. in Hopkins, Minnesota, near Minneapolis.
The 508,590-square-foot property is located on the southern side of the I-394 corridor, the Twin Cities’ leading submarket. The firm also owns West End Office Park, a 560,000-square-foot, Class-A creative office campus in St. Louis Park, just seven miles from Excelsior Crossings.
Excelsior Crossings is centrally located between the 494 and 394 corridors, which is home to numerous corporate headquarters and strategic facilities for Fortune 500 companies, placing the property in the middle of large corporate users. The Southwest Light Rail Green Line, which will run in front of the campus, is scheduled to open in 2023 and will span from Downtown Minneapolis to the Southwest Station in Eden Prairie.
Developed in 2008, Excelsior Crossings is currently 91 percent leased and recently underwent a $1.5 million amenity enhancement program to include LEED Gold certification, a fully equipped fitness center with locker rooms, showers and a dance studio, covered parking, a cafeteria and conference center.
Bridge plans to invest an additional $6 million in capital and tenant improvements, including upgrades to the courtyard and common areas, kitchen, lobbies and elevator corridors. The property already features manicured landscaping with water features, greenspace and walkways, a full-service, staffed coffee shop and a sprawling cafeteria with indoor and outdoor seating.
Current tenants include Element Fleet, Digi International and U.S. Bank’s Home Mortgage Division headquarters, which leases 100 percent of building 9380.
Tom O’Brien with Cushman & Wakefield Capital Markets represented the seller, Colony Capital, in the transaction.
Bridge Commercial Real Estate, LLC, Bridge’s Office operating company, will oversee capital improvements and management at Excelsior Crossings.