A block of six buildings in the art of Minneapolis’ Northeast arts district has been sold by Hillcrest Development for more than $25 million to Sara Investment Real Estate out of Madison, Wisconsin.
The square footage between the buildings totals almost 300,000 square feet and includes the Crown Center and Frost buildings which were renovated into attractive office space.
The deal marks the third acquisition in the Twin Cities for Sara Investment. Tenants of the acquired buildings include Sociable Cider Werks, Blue Dot Furniture, Bauhaus Brew Labs, Tactile Systems Technology and Dogwood Coffee Co.
Five years ago, the buildings underwent renovations by Hillcrest bringing them to their present state. The deal allows Hillcrest to free up manpower for new projects according to managing partner, Scott Tankenoff.
Sara investments plans to focus their efforts on office, retail and industrial needs and is considering expansion options for the 6 buildings that were acquired in Northeast Minneapolis.
Sara Investments told the StarTribune, “There could be some opportunity for some additions or new square footage and there are some areas that could use a bit more redeveloping,” Dalsin said. “Today though we are really just wrapping our arms around the project.”
You can read more via the StarTribune.