Hunt Electric Acquires Spectrum Commerce Center In Eagan From Water Street Partners For $44M

The Spectrum Commerce Center, an office property located at 1000 Blue Gentian Road in Eagan, MN, has been sold for $44 million. The asset spans 300,000 square feet with a price per square foot of $147. The transaction highlights its significance in the Twin Cities office market in 2024.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $44,000,000
• Square Footage: 300,000
• Price Per Square Foot: $147
• Buyer: Hunt Electric
• Seller: Jim Hegedus - Water Street Partners
• Brokers: Chris Weirens - Transwestern; Matt Oelschlager & Michael Harrer - CBRE
• Date of Transaction: 08/27/2024

Hunt Electric plans to fully occupy the building following its acquisition from Water Street Partners. The previous sale of this property took place in November 2022 for $35.5 million, and the transaction was facilitated by brokers Chris Weirens of Transwestern, along with Matt Oelschlager and Michael Harrer of CBRE.