By Sam Black - MSP Business Journal
January 12, 2018
Bloomington’s Norman Pointe I office building has a new owner following a $35.5 million deal between two real estate trusts.
Piedmont Office Realty Trust of Johns Creek, Ga. bought the 213,800-square-foot building at 494 and Highway 100 from Edgewood, N.Y.-based Gramercy Property Trust. The price works out to about $167 per square foot.
The sale, which closed Dec. 8 but wasn’t made public until Thursday, comes about 16 months after Gramercy Property Trust sold the larger Norman Pointe II building for $52.5 million.
Norman Pointe II was around 84 percent leased when it sold and it had the federal government as its biggest tenant, which explains why it sold so quickly.
Norman Pointe I, at 5601 Green Valley Drive, has an occupancy rate in the upper 70s, with education testing firm Pearson as its largest tenant, occupying 140,000 square feet, according to Colliers International Minneapolis/St. Paul.
Colliers brokers David Berglund, Mark Kolsrud and Colin Ryan represented Gramercy on both deals.
Built in 2000 by Duke Realty Corp., Norman Pointe I is a seven-story Class A property with a cafe, conference room, fitness center and a 845-stall parking ramp.
Piedmont also owns U.S. Bancorp Center on Nicollet Mall; One and Two Meridian Crossings in Richfield; and Crescent Ridge II in Minnetonka.
Neither the buyer or the seller could be reached for comment.