Cushman & Wakefield|NorthMarq’s Capital Markets team on Aug. 13 completed the sale of a six-building, 420,000-square-foot office portfolio in Mendota Heights, Minnesota.
The Cushman & Wakefield|NorthMarq brokers sold the office portfolio to an entity related to MSP Real Estate, a St. Louis Park, Minnesota, developer and investor.
The sale, which was a 1031 exchange following the sale of MSP’s Louisiana Oaks apartment complex, marks the first office acquisition by MSP Real Estate, which has primarily focused on apartment and senior housing assets in recent years.
MSP Real Estate is the 55th largest senior housing developer in the United States, and owns apartment projects with nearly 2,400 units in Minnesota, Wisconsin and Indiana. MSP Real Estate was represented by Mark Kolsrud and Dave Berglund of Colliers International.
The six Class-A office buildings are all located on Northland Drive in Mendota Heights.
