As more evidence of Minnesota’s hot industrial market, CBRE recently sold 7400 49th Avenue North, an 86,430-square-foot office/warehouse building in New Hope, Minn.
What makes this transaction so intriguing is that the building, originally a build-to-suit for Navarre Corporation, is located in a New Hope industrial infill market that is the definition of land-scarce.
The property sold for $5 million to Provident Real Estate Ventures.
The CBRE institutional group in Minneapolis, led by Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver, represented the building’s seller, Cambridge Apartments, Inc. Cambridge is a family-owned real estate group that owns office, industrial and multi-family assets in Minnesota.
The building was originally built in 1994. Navarre Corporation, a publisher and distributor of PC software, DVDs and other entertainment and multimedia products, has occupied the entire building since then.
