Minneapolis – November 21, 2016 – CBRE Capital Markets arranged the sale of Carlson Business Center I-VIII, a 560,378-square-foot office/warehouse portfolio in Minnetonka and Plymouth, Minnesota, to WPT Industrial REIT for $46.2 million.
Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE’s Minneapolis office arranged the sale on behalf of the seller, Carlson Real Estate Company. The sale closed Friday, November 18, 2016.
“The Carlson Business Center is widely considered one of the highest quality office/warehouse portfolios in the Minneapolis market and provided WPT an opportunity grow its local footprint. Industrial sale activity has been consistently strong and investors want to be in Minneapolis,” said Mr. Welliver, first vice president, CBRE Capital Markets.
The complex, part of the 250-acre award-winning Carlson Center business park, has an overall 41percent office finish level and 18’-24’ clear ceiling height for warehouse and industrial uses. The eight buildings in the portfolio were originally constructed from 1995 to 1997 and the portfolio was 86.4 percent occupied at the time of sale.
The Minneapolis-based team of Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz focuses on the disposition of single-tenant and multi-tenant industrial and office properties. The team also advises real estate operating companies on the sourcing and structuring of joint venture equity. Mr. Watts and Mr. Holtz are part of the 90-member CBRE Institutional Properties group. In 2015, the Capital Markets enterprise of CBRE, including the Institutional Properties group, completed more than $121.96 billion in combined total U.S. capital activity.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
