Opus Buys Target Campus in Minneapolis
- Dec 18, 2018
After several months of negotiations, The Opus Group has acquired the former Target West Campus building in Minneapolis. The company plans to convert the 10-story asset at 3701 Wayzata Blvd., which has been empty since 2016, into a multi-tenant office property by spring 2019. A team of brokers with CBRE Minneapolis, which represented Target in the sale, will also lead leasing efforts at the building.
The team behind the project will be made up of Opus Development Group as developer, Opus Design Build as design builder and Opus AE Group as architect and engineer of record. They will collaborate with Perkins+Will for interior design consulting services.
Planned upgrades are expected to include:
- new cafeteria with indoor and outdoor seating
- rooftop deck
- clubhouse with a bar
- entertainment space
- pool table
- conference room
- daylight on the western side of the building
The 310,000 square-foot development is part of the office corridor along Interstate 394 and spans 24 acres. According to Yardi Matrix, it was originally completed in 1953 and underwent cosmetic renovations in 2012. Target bought it in 1994 for $9 million.
The project comes a few months after Opus broke ground on a 125,000 square-foot mixed-use development in downtown Overland Park, Kans.
Image courtesy of The Opus Group