Byline: Matt M. Johnson
Connecticut-based Greenfield Partners has continued a Twin Cities selling spree it started last year, this time dealing away a St. Paul medical office building for $12.5 million.
Fargo, North Dakota-based Essjay Investment Co. purchased the 84,150-square-foot University Crossing building at 2200 University Ave. W., according to a certificate of real estate value recently made public.
Greenfield made several big portfolio sales in 2018, including the $70.25 million, 12-building Minneapolis Industrial Tech Portfolio, the $58 million, nine-building Greenfield Industrial Portfolio, and a $43.65 million, four-building portfolio. The Minneapolis office of CBRE represented Greenfield in all three of those transactions, as well as the latest sale.
The University Crossing deal, which closed on May 1, works out to $148.54 per square foot of space. Greenfield paid $11 million for the 29-year-old building in 2014, according to Ramsey County property records. The county values University Crossing at $9.7 million for tax purposes.
The building was 99 percent occupied at the time of the sale. Tenants include Minnesota State Services for the Blind, a medical equipment...