Regis Corp. Sells Minneapolis HQ
The buyer will lease parts of the office campus back to the seller in the short term, with capital improvement work slated to begin next year.
7101 Metro Blvd. Image via Google Street View
A joint venture between City Center Realty Partners and Contrarian Capital Management has acquired a 180,000-square-foot, three-building office campus near Minneapolis from Regis Corp. JLL represented the buyer.
The business park currently serves as the seller’s headquarters. Regis will lease back part of the campus from the new owner.
Located at 7101, 7151 and 7201 Metro Blvd., the 11-acre complex is alongside State Route 100 in Edina, Minn. The business park is 10 miles from downtown Minneapolis and the Minneapolis-St. Paul International Airport. Various retail options are in the nearby area, including the Galleria Edina shopping center.
The owner plans to renovate two of the buildings—7151 and 7201 Metro Blvd.—once Regis’ lease agreements expire in March and May 2020, respectively. The third building, 7101 Metro Blvd., is 85 percent occupied by PCL Construction on a long-term lease.
JLL’s Marc Nanne and Steve Buss represented the buyer. In January, the brokerage arranged a $53 million refinancing package for one of Contrarian’s office assets in Houston.
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