Minneapolis-area office property trades for $11.25M
JLL Capital Markets led sales efforts for the 94,435 SF Minnetonka Corporate Center
MINNEAPOLIS, May 24, 2021 – JLL Capital Markets announced today that it has closed the $11.25 million sale of Minnetonka Corporate Center, a 94,435-square-foot office/warehouse/R&D facility in Minnetonka, Minnesota.
JLL represented the seller, Onward Investors, LLC, and procured the buyer, WinPark Associates, LLC, an entity related to The Terrace Group.
Minnetonka Corporate Center is located at 5900-5950 Clearwater Dr. approximately 15 miles southwest of Minneapolis’ central business district. The 8.42-acre site has immediate connectivity to regional thoroughfares, including Highway 62 and Interstates 494 and 394, and is not far from the Minneapolis-St. Paul International Airport.
Renovated in 2004, Minnetonka Corporate Center is 100% occupied by a mixed tenant base.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Colin Ryan and David Berglund.
“Minnetonka Corporate Center is a prime example of what is going on in commercial real estate today,” Ryan said. “With the continued influx of capital in industrial we are seeing investors focusing on other asset classes to achieve higher yields.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Onward Investors, LLC
Based in Minnesota, Onward Investors, LLC is a real estate investment firm with a current portfolio spanning multiple states and including, office, flex, industrial and development deals. For more information, please visit: onwardinvestors.com.
About WinPark Associates, LLC
WinPark Associates, LLC is a local partnership affiliated with The Terrace Group out of St. Paul, Minnesota. The Terrace Group is a full service commercial real estate company focused on providing investment, development, property management and brokerage related services for it’s own portfolio and third party clients. Currently the company’s portfolio consists of industrial, office and retail properties totaling more than 1.5 million square feet. For more information, please visit terracegroupllc.com.