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Standard Commercial has been retained as exclusive advisor to market for sale the 100% fee simple interest in the historic EBT Office Center, located in a qualified opportunity zone in suburban Minneapolis.
The Property consists of one (8) eight-story office building on 6.21 acres of land with a subterranean parking garage containing 32 rentable stalls and an additional 522 free surface parking stalls. The building totals approximately 123,617 SF, with a net rentable area of approximately 106,866 SF, and is 59% occupied by a mix of professional services and medical/office tenants. The 6.21 acre parcel and 123,617 SF building sit at the intersection of HWY 100 and Interstate 694/94, giving the Property excellent visibility to nearly 100,000 VPD on HWY 100 and nearly 140,000 VPD on Interstate 694/94 in suburban Minneapolis..
The Property has been professionally managed over the 20 years of ownership, during which time the property received the Energy Star designation and has seen a number of significant improvements, including a brand-new amenity package featuring a new: fitness facility, locker room, mother's room, elevator lobby, entry lounge and conference room in 2018. Ownership has also invested nearly $400,000 in modernizing the elevators, over $300,000 towards purchase and installation of 850KW Caterpillar Diesel backup Generator that can carry the whole building, and added a lunch room and vending area in 2011. There is also future development potential on the approximately 90,000 SF developable lot on the south side. The Property is approximately 15 minutes from downtown Minneapolis and 25 minutes from the Minneapolis St. Paul airport. This asset would make an excellent investment for an qualified opportunity fund, entrepreneurial investor, corporate owner-occupier or developer.
One of the most visible and well-known office buildings in the Minneapolis-St. Paul, metro, the Earle Brown Tower (EBT Office Center) is located at the southwest corner of highway 100 and interstate 94/694 intersection, about ten minutes northwest of downtown Minneapolis and 25 minutes from the Minneapolis-St. Paul International Airport.
Investment Highlights
Opportunity Zone: The Property sits on 6.21 acres of fee simple land in a Qualified Opportunity Zone with outstanding HWY access to Minneapolis and the western suburbs.
20 Year Ownership and Management: The current ownership has owned and professionally managed the property for over 20 years.
Large Capital Investment by Current Owners: The current ownership has spent approximately $2.5 million over last 5 years in tenant improvements and upgrading the lobby, lunch/canteen rooms, elevators and amenity package including new locker room, mother's room, and fitness rooms. The Property also contains two racquetball courts on the 7th floor.
Positive Trajectory of Trade Area: 2018 saw a 54% increase in project valuation permits over 2017, and the highest the city of Brooklyn Center has seen in well-over a decade.
Upside: The Property has excellent upside as approximately 41% is vacant including the entire 3rd floor measuring 16,995 RSF.
Award Winning Ownership and Management Company:
The ownership and management company are widely recognized as quality operators of commercial and multi-family properties throughout the upper Midwest. Through their 20 years of ownership, they've invested over $2 Million in upgrading the building's infrastructure and amenity package. Simply put, they take care of their tenants and their building.
Unique Location:
The Property resides in an Opportunity Zone in city of Brooklyn Center, a northwestern suburb of Minneapolis. The property is within 20 minutes of downtown Minneapolis, and roughly 30 minutes from St. Paul and the MSP International Airport. Contact broker and your accountant to understand how investing in Opportunity Zone assets might help defer, reduce and potentially eliminate capital gains taxes.
Tenant Mix and Upside:
The offering includes a stable of strong tenants, none of whom occupy more than 17% of the gross rentable area, thus minimizing risk from tenant rollover. Anchor tenants include The Home Depot, ResCare Minnesota, and Minnesota's most-awarded engineering company, Bakke Kopp Ballou McFarlin, Inc (BKBM). At occupancy, there is abundant opportunity for the Property's next owner to increase yield.
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CONTACT BROKER:
Harrison Wagenseil - Standard Commercial
harrison@standardcommercial.us (C) 612-280-0096 (O) 612-509-4124 x101