Twin Cities-based Water Street Partners completed a year-end close on its acquisition of 12501 and 12701 Whitewater Drive, a pair of office buildings near I-494 and MN-62 in Minnetonka, Minnesota.
The buildings, originally built in 1985, are collectively 68 percent leased to a roster of high-caliber tenants including Westwood Professional Services, Marco Technologies and BBQ Holdings.
The Whitewater property is the first investment in Water Street Partner’s second fund, Water Street Fund II, which held its final close in July 2021. Fund II seeks to identify opportunities caused by the heightened levels of uncertainty in certain real estate markets.
Investment candidates for Fund II will be those to which Water Street Partners can create meaningful value in the near-term, with a focus on suburban office, industrial and multifamily projects in Minneapolis-St. Paul, MN, and Raleigh-Durham, NC.
