DRA Advisors Buys Minneapolis Office Portfolio
- Mar 13, 2019
Investcorp has sold International Centre and Oracle Centre in Minneapolis to DRA Advisors for $73.7 million, according to Yardi Matrix. The high-rise office assets contain 622,173 square feet of Class A space. The properties last changed hands in September 2013, when CrossHarbor Capital Partners traded them for $72.5 million.
Rising 20 stories at 900 Second Ave. S. in downtown Minneapolis, the 343,314-square-foot Oracle Center is home to a mix of tenants, from Oracle to Special Olympics Minnesota. Built in 1984, the high-rise has a 17.4 vacancy rate, per Yardi Matrix data. In addition to its office component, the building contains 5,000 square feet of retail on the first floor, occupied by three restaurants and a convenience store.
Sharing a podium next door at 920 Second Ave. S., International Centre is a 278,859-square-foot, 17-story office tower. Tenants include Cresa, Guardian Life Insurance and Corporation Service Co. Like its neighbor, the high-rise contains retail space on its lower levels—some 10,000 square feet. Parking is available underground at a ratio of 0.66 spaces per 1,000 square feet, accessible to tenants of both buildings.
The new owner has selected Wildamere to manage property operations for both buildings. Nils Snyder and Mike Doyle of Colliers International are spearheading leasing efforts.
In March, a joint venture led by DRA Advisors sold a Class A office property in Fort Lauderdale, Fla., for more than $41 million. The buyer has plans to invest in capital improvements at the 1984-built asset.
Image courtesy of Yardi Matrix