Singerman Real Estate Acquires Office Asset From Goldman Sachs In Minneapolis For $25.5M

The property involved in the transaction is the TractorWorks Building, a 400,000-square-foot office asset located at 800 North Washington Avenue in Minneapolis, MN. The sale price for this asset was $25,500,000, which is approximately $64 per square foot. The building is positioned in the North Loop market and includes an adjacent 640-stall parking ramp. As of the sale date, the property was 70% leased to tenants, including J.E. Dunn Construction and Jellycat.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $25,500,000
• Address: 800 North Washington Avenue
• Market: Minneapolis, MN
• Square Footage: 400,000
• PPSF: $64
• Buyer: Singerman Real Estate
• Seller: Goldman Sachs
• Brokers: Jaime Fink, Colin Ryan & Bruce Miller - JLL

This transaction marks Singerman Real Estate's first investment in the Twin Cities market. Goldman Sachs previously acquired the property in 2014 for $54.8 million, indicating a significant reduction in value with this sale. The deal was facilitated by JLL brokers Colin Ryan, Jaime Fink, and Bruce Miller, who represented the seller during this transaction.