CBRE Announces Sale of Two Office Buildings at Excelsior Crossings

By Gabriel Circiog, Associate Editor

CBRE recently announced the sale of two office buildings located in Hopkins, Minn. The seller, Real Estate Capital Partners on behalf of IVG Institutional Funds GmbH, was represented by the CBRE Institutional Group in Minneapolis, led by Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver.

The two properties, 9350 and 9380 Excelsior Blvd., total 501,603 square feet and were sold to Colony Financial Inc. for $122.8 million. The office buildings are part of a three-building corporate campus fully leased to Cargill Inc.

Excelsior Crossings is Cargill’s newest campus and is the home of the largest concentration of Cargill employees in the Minneapolis metropolitan area. Designed and built by The Opus Group, Excelsior Crossings is a 31-acre development completed in 2010. The seven-story Excelsior Crossings buildings have been Gold LEED-certified by the U.S. Green Building Council. Each of the buildings showcases numerous sustainable features, such as extra high-efficiency mechanical and electrical systems; chemical-free water treatment systems; natural daylighting on all floors, with automated daylight lighting controls; low-flow plumbing fixtures; reflective roofing systems; and efficient irrigation systems and green housekeeping.

The project won several awards, including the 2008 award for the best build-to-suit office space of more than 100,000 square feet, from the Minnesota Chapter of the National Association of Industrial and Office Properties.

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