A key office building in Minnesota, Lexington Preserve IV in Blaine near Minneapolis, has been sold.
CSM Corporation sold the 92,000-square-foot single-story office building to Gladstone Commercial Corporation, a real estate investment trust. The office building sold for $14.45 million.
“We’re very pleased to have sold this asset to Gladstone Commercial Corporation,” said Ron Schiferl, a senior vice president of commercial properties for CSM, in a written statement. “Lexington Preserve IV is an anchor to the successful development of Lexington Preserve Business Park.”
That business park is already an active one. In addition to Lexington Preserve IV, the Lexington Preserve Business Park already holds two fully leased buildings totaling 207,000 square feet. This includes a 120,000-square-foot distribution center for Aveda Corporation.
In all, the Lexington Preserve Business Park totals 140 acres. CSM Corporation developed the park in 2009.
The business park has earned attention for its environmentally friendly nature. CSM worked with the Rice Creek Watershed District and the City of Blaine to maintain 70 acres of wetlands on the property, leaving the remaining land on the site available for development. The business park earned the NAIOP Award of Excellence for Bulk Distribution.
Lexington Preserve is also the home of the Minnesota School of Business and TPAC Underwriters.