December 7, 2018
Target Plaza III, one of the buildings Target Corp. uses for its downtown Minneapolis headquarters, has traded for $171 million. The seller was Germany-based Union Investment, which had paid $164.5 million for the 500,000-square-foot property in June 2014.
The Minneapolis Business Journal reported that Menlo Equities, based in Menlo Park, CA, was the buyer. Union Investment put the property up for sale earlier this fall, tapping JLL to market it.
Target occupies essentially all the property’s leasable space under a master lease agreement the retailer signed in 2012. The retailer owns some other Twin Cities office properties outright, including the two-building, 1.8-million-square-foot Target Plaza North and South complex in Minneapolis, and the one-million-square-foot Target North campus in Brooklyn Park, MN.
When Union Investment acquired Target Plaza III through its open-ended real estate fund, the deal represented a local record at the time for price per square foot.
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