June 24, 2016
Felton Properties Inc., based in Oregon, struck a deal to acquire a 245,000-square-foot office building in Plymouth, MN. Felton paid $23.2 million to Excelsior Group for the single-story, Berkshire Corporate Center at 2300 Berkshire Lane N.
Excelsior Group of St. Louis acquired the more than 40-year-old building in 2013 for $14.4 million. The property is 100%-occupied to tenants including Greatbatch Inc., Medtronic Inc. and engineering company VAA.
Felton Properties is no stranger to the Minneapolis area, having acquired the CBD-based Rand Tower in 2014. Last year, Felton acquired Braemar Office Park in Edina, MN, for $22 million.