Ryan Cos. Acquires MN Office

The four-story property encompasses more than 75,000 square feet and last traded as part of a $250 million portfolio deal.
Three Paramount Plaza

Ryan Cos. has purchased Three Paramount Plaza, a 75,602-square-foot Class B office building near Minneapolis for $6 million. Seller Lone Star Funds acquired the property from Investors Real Estate Trust in 2015 as part of a $250 million, 2.5 million-square-foot national portfolio deal, according to Yardi Matrix data.

Located at 7831 Glenroy Road in Bloomington, Minn., the asset is 12 miles south of downtown Minneapolis. The building is adjacent to both Interstate 494 and Minnesota Route 100, with close public transportation links and a variety of nearby hotels, shops and dining venues.

Completed in 1982, the four-story building is home to tenants including BIS Corp., Northland Group, ESI Engineering and a local law office. Parking is available near and underneath the structure at a ratio of 4 spaces per 1,000 square feet.

Earlier this year in Atlanta, Lone Star Funds sold Piedmont Center 14 for $58 million to The Ardent Cos. The 300,454-square-foot Class A office tower is part of the Piedmont Center office park.