Transwestern Real Estate Services closed the sale of Brooklyn Crossing Office Park, a 90,000-square-foot multi-tenant commercial office campus at the corner of Bass Lake Road and Brooklyn Boulevard in Brooklyn Center, Minnesota.
The property traded for $8.1 million, the highest office sale price in the Northwest submarket this year. Transwestern’s Midwest Capital Markets team, comprised of Harrison Wagenseil and Erik Coglianese, represented the seller, FTK Properties, Inc., in the transaction.
Brooklyn Crossing Office Park was 95 percent occupied at the time of sale and is anchored by the GSA, the United States Social Security Administration, Hennepin County and a local credit union.
The area surrounding the property is the target of a large amount of redevelopment capital through Qualified Opportunity Zone incentives and tax increment financing. While the property itself is not in a QOZ, the area surrounding Brooklyn Crossings has benefited from an influx of housing and commercial development.
Earlier this year, just east of Brooklyn Crossings, Real Estate Equities opened Sonder House, a mix of senior housing and workforce housing, and two months after leasing began on that project, the buildings were full.