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West Coast entity makes big commercial property purchase

One of the most famous office campuses in downtown Minneapolis has been sold for more than $100 million, according to news reports. The commercial property consists of a three-building complex in the Gateway District. This facility was sold for $103 million to an entity associated with a real estate investment trust in California.

Most recently, the properties had been purchased for $128 million about six years ago by a California investment partnership. That entity is responsible for managing the financial resources within the California Public Employees' Retirement System.

This is not the first high-value purchase made in Minneapolis by the investment trust, called Shorenstein Partners. The entity also purchased the City Center downtown retail complex, along with the building formerly occupied by International Multifoods. The cost of that deal: an estimated $206 million.

News reports show that the Gateway District complex was designed to serve as a cornerstone of the area, which consists of 17 square blocks of buildings that were demolished in the 1960s. Those aging buildings were destroyed in order to promote a more modern downtown landscape. In fact, the complex -- known as 20 Washington Square -- embodies 1960s design principles, including reflecting pools and distinctive columns.

Such major commercial real estate transactions almost certainly involve legal matters that can be addressed by an attorney knowledgeable in the transfer of commercial property. High-value real estate transactions and contracts should be subject to scrutiny to ensure that both parties are complying with relevant legal requirements. Whether a company is purchasing office buildings, retail space or warehouses, a real estate attorney can help increase the likelihood of a smooth transition in ownership.

Source: StarTribune, "Distinctive office complex sold in downtown Minneapolis sold for $103M" Janet Moore, Aug. 22, 2014

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