IRET Properties Sells Five-Building Portfolio to Altus Properties

By Gabriel Circiog, Associate Editor

Investors Real Estate Trust recently announced that its operating partnership, IRET Properties, has closed on the sale of five commercial office and industrial properties. IRET was represented by the CBRE Institutional Group in Minneapolis, led by Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver. The sale of the five-building portfolio to Altus Properties, a private real estate investment firm headquartered in St. Louis, closed on Sept. 12, 2013, for $28.3 million.

The properties included:

• Brooklyn Park, 7401 Boone Ave. N.: a 322,751-square-foot industrial building located in Brooklyn Park, which sold for $12.8 million;
• Bloomington Business Plaza, a 121,669-square-foot office building in Bloomington, which sold for $4.5 million;
• Nicollet Business Campus VII, a 118,125-square-foot office building in Burnsville, which sold for $7.29 million;
• Cedar Lake Business Center, a 50,400-square-foot industrial building in St. Louis Park, which sold for $2.55 million;
• Pillsbury Business Center, a 42,929-square-foot office building in Bloomington, which sold for $1.16 million.

Matt Volpano, IRET’s director of acquisitions and business development, said in a statement: “I’m pleased with our progress in continuing to improve the overall composition of IRET’s portfolio. We have terrific opportunities in front of us and will use the sales proceeds to fund new developments and acquisitions.”

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Logo Courtesy of: www.iret.com