West End Office Park fetches $130 million.
Byline: Brian Johnson and Matt M. Johnson
Excelsior Group has made a tidy profit on the sale of its West End Office Park in St. Louis Park.
Just five years after purchasing the 568,000-square-foot complex for $40 million, Excelsior Group sold the buildings for $130 million to Atlanta-based Bridge Investment Group, according to a certificate of real estate value made public Tuesday.
Bridge and Excelsior announced the sale last Friday but did not disclose the price. If the deal had closed last month, it would have been metro area's the third-biggest office sale of 2019 behind the Wells Fargo Center and the SPS Tower, both of which are in Minneapolis.
The West End property, at 1660 Highway 100 S., is near the intersection of I-394 and Highway 100. The complex offers on-site dining, a fitness center with locker rooms and showers, shared conference facilities and training rooms, and covered parking and bike storage.
As Finance & Commerce previously reported, the six-building complex was 62% occupied when Excelsior purchased the buildings in 2015. At the time, it was known as the Parkdales.
Excelsior eventually spent $27 million to renovate the 1960s- and 1980s-era buildings. Renovations touched common areas, elevators, restrooms, building exteriors and roofs, parking areas, landscaping and signage.
The Twin Cities and Chicago offices of Cushman & Wakefield marketed the West End Office Park for Excelsior.
Tom O'Brien, executive director of Cushman & Wakefield, said in an interview Friday that the complex drew interest from a number of potential first-time Twin Cities buyers.
"We had great interest in the market," he said. "The West End area is really one of the most dynamic office nodes right now."
Bridge's purchase includes West End Plaza at 1600 and 1660 S. Highway 100, West End Center at 5100 Gamble Drive, West End One at 5401 Gamble Drive, West End Two at 5402 Gamble Drive, West End Three at 5354 Parkdale Drive, and West End...
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