Equity investment secured for suburban Minneapolis office asset
JLL Capital Markets led financing efforts for the renovation and re-tenanting of One Southwest Crossing
CHICAGO – December 9, 2020 – JLL Capital Markets announced today that it has secured a joint venture equity investment for One Southwest Crossing, a five-story, 246,293-square-foot office building in the Minneapolis-area city of Eden Prairie, Minnesota.
JLL worked on behalf of Eagle Ridge Partners to secure the equity investment with Long Wharf Capital. The equity will be used for capital improvements and to re-tenant the property after the largest tenant vacates at the end of 2020.
Originally constructed in 1985, One Southwest Crossing offers large floor plates, an open atrium that can accommodate café options and open seating, and abundant on-site parking, all on an 8.3-acre site.
The property is located at 11095 Viking Drive in the Southwest submarket, which is the second largest office submarket in the Minneapolis/St. Paul metropolitan area. With excellent visibility and access from Interstate 494, the asset is within close proximity to executive housing, abundant retail amenities and the Minneapolis-St. Paul International Airport. In addition, One Southwest Crossing is conveniently located along the new Southwest Light Rail Transit Metro Green Line that is set to deliver in 2023.
The JLL Capital Markets team representing Eagle Ridge Partners was led by Managing Director Matthew Schoenfeldt, Senior Director Christopher Knight and Senior Managing Director Colin Ryan.
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 sales 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.
For more news, videos and research resources on JLL, please visit our newsroom.
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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Eagle Ridge Partners
Founded in Minneapolis in 1996, Eagle Ridge Partners is a privately held development, acquisition, and asset management company. Eagle Ridge has owned, operated, and developed over $1 billion of institutional-quality commercial real estate assets and has a current portfolio of over 2.5 million square feet in the Twin Cities metro area, including office, industrial, multi-family and design center properties.
About Long Wharf Capital
Long Wharf Capital LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Formed in 2011, the firm invests on behalf of institutional clients including pension funds, endowments, foundations, and family offices. Long Wharf’s investment approach utilizes multiple value creation strategies to target opportunities across property sectors and U.S. markets. Since Long Wharf’s first fund in 2012, the team has invested over $770 million of equity in more than 50 investments across the U.S. with a gross value of $2.7 billion. For further information, visit: longwharf.com.