July 10, 2019
Lingerfelt CommonWealth Partners has acquired 222 S. Ninth St., a 42-story office tower in downtown Minneapolis, for a reported $81 million. The 727,170-square-foot tower was sold by Principal Real Estate Investors.
The tower will be rebranded as Two22, with some $20 million in upgrades planned. Built in 1985, it was originally known as the Piper Jaffray Tower, and most recently as the Campbell Mithun Tower.
Currently, the property is 51% occupied and presents a significant repositioning opportunity, according to Lingerfelt CommonWealth. “The acquisition of Two22 fits solidly within our strategy of value investing in real estate markets with improving economic fundamentals,” said Ryan Lingerfelt, president and CIO of Lingerfelt CommonWealth.
Lingerfelt CommonWealth will own the tower via its vertically-integrated investment platform. Commonwealth Commercial Partners, its affiliated commercial real estate operating firm, will handle all aspects of the day-to-day asset and property management for Two22, opening the firm’s 15th national office.
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