LaSalle Investment Management Secures 220 KSF Mixed-Use Asset

The company closed the acquisition of a Minneapolis property, which was initially developed as a vertical mall and underwent a $50 million redevelopment in 2015.
Mayo Clinic
Mayo Clinic

LaSalle Investment Management secured the acquisition of Mayo Clinic Square, a 220,000-square-foot, Class A, mixed-use complex in Minneapolis. CBRE provided brokerage services on behalf of LaSalle and the seller.

The property has four floors and comprises medical and traditional offices, specialty spaces and ground-level retail, including popular restaurants and establishments. Mayo Clinic, Link Snacks, HDR and Taylor Sports Properties are among the tenants in the upper levels of the building, while the ground-floor is occupied by Starbucks, Jimmy John’s, Kieran’s Irish Pub and City Works.

Interior of Mayo Clinic
Interior of Mayo Clinic

The development is in close proximity to the award-wining Loews Hotel, adjacent to Target Center and located within the Warehouse District of the Minneapolis CBD. At first, the property was developed as a vertical mall which suffered a $50 million redevelopment in 2015, transforming the building’s exterior design, interior layout and almost all tenant spaces.

The Warehouse District is undergoing transformative change that continues to make this area increasingly relevant to tenants and local residents, and Mayo Clinic Square represents a key driver of this evolution. The building’s synergistic mix of high-quality tenancy and onsite amenities within immediate proximity to local attractions, mass transit and readily available parking will help drive overall asset performance,” David Schreiber, managing director of acquisitions at LaSalle, said in a prepared statement.

Image courtesy of JLL