Hines REIT buys Minnesota portfolio

Houston-based Hines REIT this week acquired an office/flex portfolio comprised of nine buildings in the Minneapolis metro area for an undisclosed price.

A joint venture of First Industrial REIT and CalSTERs sold the properties, which total 766,240 square feet and are in located in infill locations in Eden Prairie, Bloomington, Hopkins, St. Paul, and Golden Valley.

The acquisition was comprised of the following:

• University Crossing in St. Paul. The single-story medical office/flex building contains 83,470 square feet and was completed in 1990.
• Golden Hills Business Park in Golden Valley. The three-building (two office and one flex), single-story campus contains 258,118 square feet and was completed in 1996-1999.
• Westside Business Park in Hopkins. The single-story office/flex building contains 114,800 square feet and was completed in 1987.
• Edenvale Executive Center in Eden Prairie. The two single-story office/flex buildings contain 112,332 square feet and were completed in 1987.
• Valley Gate in Eden Prairie. The single-story office/flex building contains 53,079 square feet and was completed in 1986.
• Hampshire Technology Center in Bloomington. The single-story office building contains 144,441 square feet and was completed in 1998.

At the time of sale, the portfolio was 86 percent leased to tenants that included Preferred One, Cyber Optics, General Dynamics, Prime Therapeutics, Eschelon Telecom and the State of Minnesota.