Hempel Cos. Snags Minneapolis Office Asset
- Oct 25, 2018
Hempel Cos. has expanded its office portfolio in the Twin Cities area by acquiring Concorde Executive Center, a 104,063-square-foot asset in the Northwest submarket. According to real estate data provider Yardi Matrix, the company paid AtWater Group $5.5 million for the property, after having secured almost half of the price via an acquisition loan.
One-third of the property has been vacant and Hempel plans to upgrade the asset to attract new tenants. The renovation will include adding a new conference center, as well as a fitness center and tenant lounge. Cushman & Wakefield is currently in charge with managing and leasing the office building.
Located at 6160 Summit Drive N. in Brooklyn Center, the six-story development was completed in 1986 and underwent cosmetic renovations in 2014. Earle Brown Heritage Center and Embassy Suites by Hilton Minneapolis North are among the property’s neighbors. Nearby attractions also include the new Topgolf in Brooklyn Center and the Edinburgh Golf Course.
Hempel has reasons to be optimistic about securing new tenants to Concorde Executive Center. According to Claire Roberts, senior associate with Marcus & Millichap, urban areas “continue to garner strong corporate attention due to public transportation and high-end amenities. Availability of labor is definitely a key factor, as well as space being collaborative and inviting.”
Image courtesy of Yardi Matrix