Tempus Realty Acquires Twin Cities Office Campus
The 547,000-square-foot property is nearly fully leased.
Tempus Realty Partners has acquired Excelsior Crossings, a two-building, 546,548-square-foot office campus at 9350 and 9380 Excelsior Blvd. in Hopkins, Minn., for $66 million.
The previous owner of the campus was Bridge Investment Group, according to Yardi Matrix.
The 20-acre property is 98 percent leased. U.S. Bank fully occupies 9380 Excelsior, which totals about 260,000 square feet.
9350 Excelsior, also about 260,000 square feet, houses four additional tenants, each of which uses its space as a global or regional headquarters: Element Fleet Management Corp., Digi International Inc., Michael Foods Inc. and Sovos Compliance LLC.
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The two seven-story buildings are LEED Gold certified, and the campus features a central lake and courtyard, covered parking, heated sidewalks and more than $1.4 million in recent capital upgrades.
The campus is in the Interstate 394 corridor, about 11 miles outside central Minneapolis.
Twin Cities turning point?
Bridge Investment Group sold another Twin Cities-area office campus in August. Enverra Real Estate Partners acquired the four-building, 513,000-square-foot West End Office Park in St. Louis Park, Minn., about five miles outside of Minneapolis. The buyer plans to invest $7 million across the park to enhance amenities.
Though still experiencing elevated vacancy, the Minneapolis/St. Paul office market saw net absorption turn positive in the second quarter, to 190,000 square feet, from a negative 1.2 million square feet in the first quarter, according to a report from CBRE.
Overall office vacancy for the region is 25 percent, with an availability of 29 percent, a decline of 140 basis points year-over-year. Office construction currently underway consists of just three projects, collectively 61.5 percent preleased, CBRE reported.
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