Minneapolis’ Carlson Real Estate Company (CREC) announced today that it this month engaged investment banking firm Eastdil Secured to assist in reviewing and evaluating strategic alternatives for its 5.5-million-square-foot real estate investment portfolio.
CREC has directed Eastdil to explore a full range of possibilities that could include a sale or joint-venture arrangement of its real estate business operations or portions of its portfolio.
CREC owns office and industrial property in Minnesota, Arizona and North Carolina. The Minnesota portfolio is anchored by several properties within Carlson Center, the business park surrounding the Carlson headquarters at the intersection of Interstate-394 and Interstate-494 in the western suburbs of Minneapolis.
CREC also owns a 36-story mixed-use project in downtown Minneapolis containing the Radisson Plaza Hotel and Plaza Seven Office Tower.
“This is an exciting time for Carlson Real Estate,” Matt Van Slooten, president of CREC, said in a written statement. “We are exploring new forms of financial arrangements from what we’ve had in the past, with the goal of maximizing the potential of our real estate business.”
CREC has operated as a separate business from Carlson’s other operating groups for more than 25 years.