{"id":1004308175,"date":"2019-03-13T08:30:25","date_gmt":"2019-03-13T16:30:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004308175"},"modified":"2019-03-13T08:30:25","modified_gmt":"2019-03-13T16:30:25","slug":"dra-advisors-buys-minneapolis-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dra-advisors-buys-minneapolis-office-portfolio\/","title":{"rendered":"DRA Advisors Buys Minneapolis Office Portfolio"},"content":{"rendered":"
\"\"<\/a>

Oracle Centre and International Centre<\/p><\/div>\n

Investcorp has sold International Centre and Oracle Centre in Minneapolis to DRA Advisors for $73.7 million, according to Yardi Matrix. The high-rise office assets contain 622,173 square feet of Class A space. The properties last changed hands in September 2013, when CrossHarbor Capital Partners traded them for $72.5 million.<\/p>\n

Rising 20 stories at 900 Second Ave. S. in downtown Minneapolis, the 343,314-square-foot Oracle Center is home to a mix of tenants, from Oracle to Special Olympics Minnesota. Built in 1984, the high-rise has a 17.4 vacancy rate, per Yardi Matrix data. In addition to its office component, the building contains 5,000 square feet of retail on the first floor, occupied by three restaurants and a convenience store.<\/p>\n

Sharing a podium next door at 920 Second Ave. S., International Centre is a 278,859-square-foot, 17-story office tower. Tenants include Cresa, Guardian Life Insurance and Corporation Service Co. Like its neighbor, the high-rise contains retail space on its lower levels\u2014some 10,000 square feet. Parking is available underground at a ratio of 0.66 spaces per 1,000 square feet, accessible to tenants of both buildings.<\/p>\n

The new owner has selected Wildamere to manage property operations for both buildings. Nils Snyder and Mike Doyle of Colliers International are spearheading leasing efforts.<\/p>\n

In March, a joint venture led by DRA Advisors sold a Class A office property in Fort Lauderdale<\/a>, Fla., for more than $41 million. The buyer has plans to invest in capital improvements at the 1984-built asset.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The nearly $74 million deal includes two high-rises totaling more than 620,000 square feet of Class A space in the city\u2019s central business district.<\/p>\n","protected":false},"author":861,"featured_media":1004308187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,13,36076,21742,21747],"tags":[32763,37832,33919,32882,43619],"class_list":["post-1004308175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-midwest","category-minneapolis-st-paul","category-latest","category-office","tag-colliers-international","tag-crossharbor-capital-partners","tag-dra-advisors-llc","tag-investcorp","tag-wildamere-capital-management"],"acf":[],"yoast_head":"\nDRA Advisors Buys Minneapolis Office Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-buys-minneapolis-office-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DRA Advisors Buys Minneapolis Office Portfolio\" \/>\n<meta property=\"og:description\" content=\"The nearly $74 million deal includes two high-rises totaling more than 620,000 square feet of Class A space in the city\u2019s central business district.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-buys-minneapolis-office-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-13T16:30:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Oracle-Centre-and-International-Centre.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeff Hamann\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-buys-minneapolis-office-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-buys-minneapolis-office-portfolio\/\",\"name\":\"DRA Advisors Buys Minneapolis Office Portfolio - 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