EDINA, Minn.--(BUSINESS WIRE)--City Center Realty Partners, LLC (CCRP), a San Francisco-based real estate investor and developer, in a joint venture with Contrarian Capital Management of Connecticut, announces its acquisition of a prominent three building office complex in Edina, Minnesota.
Formerly the headquarters of seller Regis Corporation, the campus comprises 180,000 square feet across three buildings. The 11-acre complex is located on Metro Boulevard off of Highway 100 and West 70th Street, providing immediate access to major highways and a short distance to downtown Minneapolis and to the Minneapolis/St. Paul International Airport. Marc Nanne and Steve Buss of Jones Lang LaSalle represented the buyer in the deal.
CCRP’s plans include an extensive renovation of two of the three buildings. The nine-floor 7201 Metro Boulevard building, which contains 105,000 square feet, is being leased back to Regis Corporation through May of 2020 and thereafter will be renovated for multi-tenant occupancy. Regis is also leasing back a portion of 7151 Metro Boulevard through March 2020. Subsequently, that three-story building also will undergo renovation. The third building, 7101 Metro Boulevard, is 85 percent occupied by PCL Construction on a long-term lease.
“We see a great opportunity to fill a void between the Class A office projects along 494 and the dated Class B office projects along Highway 100 in Edina,” said Eric Anderson, CCRP’s Minneapolis Partner. “Our strategy with this acquisition aims to serve a niche, offering high-end amenities at a competitive price point.”
CCRP owns and manages numerous real estate assets throughout the country. The firm specializes in transforming office and mixed-use urban properties, such as the TractorWorks building in Minneapolis’s North Loop neighborhood and Plaza Seven in downtown Minneapolis. In both cases, extensive renovation and rebranding delivered significant occupancy increases for each of those buildings.
About City Center Realty Partners
City Center Realty Partners, LLC (CCRP) is a San Francisco based real estate investment firm, specializing in the development, redevelopment and acquisition of urban real estate. Nationwide, CCRP has developed and acquired more than $1 billion of retail, office and mixed-use properties, representing over three million square feet. For more information visit www.ccrpllc.com.
About Contrarian Capital Management
Contrarian Capital Management (“CCM”) is an institutional investment manager formed in 1995 with over $5 billion under management. Its real estate strategy strives to achieve attractive risk-adjusted returns with real estate equity and debt investment opportunities spanning all U.S. property sectors. The real estate team looks to pursue mid-sized distressed and opportunistic opportunities generally overlooked by larger institutional investors. Contrarian’s ability to underwrite diligence and close transactions quickly, combined with a strong industry reputation for integrity, makes the firm a preferred counterparty for sellers and joint venture partners that require certainty of execution. For more information visit www.contrariancapital.com.