Out-of-State Investors Grab Office Complex

DRA Advisors joined forces with CCRP to acquire the Wells Fargo Plaza office complex in suburban Minneapolis.

By Ioana Neamt, Associate Editor

Wells Fargo Plaza, Bloomington, Minn.
Wells Fargo Plaza, Bloomington, Minn.

BLOOMINGTON, Minn.—Mere days after announcing the $2.3 billion takeover of Inland Real Estate Corp., DRA Advisors is once again adding to its extensive portfolio. San Francisco-based City Center Realty Partners (CCRP), in partnership with a fund managed by DRA, has acquired Wells Fargo Plaza, a 450,000-square-foot office complex in Bloomington, Minn.

According to the Minneapolis-St. Paul Business Journal, CCRP and DRA paid $46.25 million in cash for the complex located at 7900 Xerxes Ave. The joint venture purchased the asset from the Los Angeles County Employees Retirement System.

“City Center Realty Partners is thrilled to add this prime property to our growing portfolio of assets throughout the country,” Sigurd Anderson, founding partner & CEO of CCRP said in a statement.

Wells Fargo Plaza is comprised of a 24-story office building and a three-story plaza building near the I-494 and France Avenue corridor. The deal includes the purchase of the building’s heated underground parking garage featuring 100 parking spaces and 1,700 additional surface parking stalls. The building is currently about 75 percent occupied.

City Center Real Estate Services, an affiliate of CCRP, will handle property management, with CBRE in charge of leasing the office space.

Image courtesy of Zeller Realty Group.