Downtown Minneapolis HQ asset trades for $171M
JLL Capital Markets completes sale of 950 Nicollet, a 500,000-square-foot downtown tower leased to Target Corporation
MINNEAPOLIS - Dec. 11, 2018 – JLL Capital Markets experts have completed the $171 million sale of 950 Nicollet, one of three major office towers within Target Corporation’s downtown Minneapolis headquarters campus. The buyer was an affiliate of Silicon Valley-based institutional investor Menlo Equities.
Managing Directors Steven Buss, Stephen Collins, and Nooshin Felsenthal handled the sale on behalf of the seller Union Investment.
“There was extremely strong investor interest in this asset due to the high quality creative office interior finishes, Target’s financial strength, and the desirable Nicollet Avenue location,” said Buss.
“We have been a proud owner of this quality asset with an outstanding tenant that calls Minneapolis its home and corporate headquarter since its founding in 1962. Given its strong real estate market with competing fundamentals, we do not consider this sale a market exit and will continue tracking Minneapolis for further acquisitions.” said Tal Peri, Head of U.S. East Coast & Latin America for Union Investment.
950 Nicollet is the only building within the retailer’s 3.4 million-square-foot downtown Minneapolis campus that is physically connected to Target’s flagship retail store at 900 Nicollet Avenue.
The 12-story building is fully leased to Target on a long-term lease. The tower was built in 2001 and Target recently completed a five-year transformation of the 499,000-square-foot building’s interior, making it one of the premier creative office spaces in the Minneapolis market.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com