Ryan sells Two MarketPointe for $60 million-plus - Finance ...

Posted: 7:45 am Fri, December 30, 2011
By Burl?Gilyard
Tags: Artis REIT, Dan Levitt, Ryan Watts, Steve Buss, Tom Holtz, Two MarketPointe

The Ryan Cos. developed Two MarketPointe in Bloomington, which was completed in 2008. The office building earned LEED gold certification. (File photo: Bill Klotz)

The Minneapolis-based Ryan Cos. US Inc. has sold the Two MarketPointe office building in Bloomington to a Canadian real estate investment trust, Artis REIT, for approximately $60.6 million. The sale closed Dec. 22.

Dan Levitt, senior vice president of capital markets for Ryan Cos., said that it is common for Ryan to sell projects it has developed once the buildings are leased up.

?It?s pretty much our typical process,? Levitt said. ?We think the capital markets are pretty attractive for real estate right now.?

Ryan tapped the local investment sales team of CBRE Group Inc. including brokers Tom Holtz, Steve Buss and Ryan Watts to sell Two MarketPointe, but Levitt acknowledged that the building was being marketed quietly.

Ryan has done previous deals with Artis, a REIT based in Winnipeg, Manitoba. Last year Artis paid $17.9 million for an office building that Ryan developed in New Brighton. Earlier this year, Artis paid $28.3 million for a collection of five local retail properties from Ryan.

A representative of Artis REIT could not be reached for comment on Thursday.

The deal included the Two MarketPointe office building at 4400 78^th St. W. in Bloomington and an adjacent 5.75-acre site at 4300 78^th St. W. The parcels were owned by separate entities: Two MarketPointe was owned by Two MarketPointe LLC, and the land was owned by Bloomington Associates 2005 II LLC. The sites are near the intersection of Interstate 494 and France Avenue South.

Ryan once had plans to develop a third building, Three MarketPointe, on the additional land.

Ryan previously sold the nearby One MarketPointe, completed in 1999, at 4300 Market Pointe Drive in Bloomington for $47.15 million in September 2007.

The Ryan Cos. developed the 240,000-square-foot Two MarketPointe office building. It was completed in September 2008 as the office market was beginning to take a turn.

Tenants at Two MarketPointe include the local office of Los Angeles-based CBRE Group Inc., the world?s largest commercial real estate services company. Other tenants include Rasmussen College and Apogee Enterprises Inc. A midyear market report from Bloomington-based Cushman & Wakefield/NorthMarq Real Estate Services showed that Two MarketPointe is 90 percent occupied.

Two MarketPointe is certified LEED (Leadership in Energy and Environmental Design) gold by the U.S. Green Building Council.

There seems to be a flurry of investment sales deals closing before the end of the year. Finance & Commerce reported earlier this week that a New York buyer paid about $52 million last week for the Colonnade office tower and adjacent land in Golden Valley.

Many market watchers have noted that in today?s market, investment properties seem to fall into two categories: top shelf, well-leased properties and, at the other end of the spectrum, distressed deals for foreclosed or otherwise troubled assets.

?I think it?s a very bifurcated market. For quality property that?s leased, I think people are excited to buy it,? Levitt said.

The certificate of real estate value for the transaction is available here.

This entry was posted on Friday, December 30th, 2011 at 7:45 am and is filed under Real Estate, Top Story. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

Source: http://finance-commerce.com/2011/12/ryan-sells-two-marketpointe-for-60-million-plus/

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