Newmark Knight Frank (NKF) announces the sale of Edina Business Plaza, a three-story, 84,380-square-foot office building located at 7550 France Avenue South in Edina, Minnesota. NKF Managing Director Peter Tanis and Senior Managing Director John McCarthy represented the seller, Edina Business Plaza, LLC and local operating partner SH Commercial Real Estate Services in the $12.8 million sale. The buyer was Minneapolis-based commercial real estate firm, The Ackerberg Group.
“The sale of Edina Business Plaza posed a unique and exciting opportunity for our team,” said Tanis of the seller’s desire for a 30-day timeframe to market and successfully close on the sale, driven by the sellers’ tax deferral strategy. “Working against standard marketplace timeline challenges, including those posed by a reverse exchange, we signed an LOI in late May and completed all the due diligence and closing documents for a successful closing seven business days later. This timeframe included one holiday weekend, leaving a few hours to spare on our 30-day goal.”
“All parties involved in the transaction worked together to effectively and efficiently complete the sale; it was truly a team effort,” added Tanis. “The Ackerberg Group was motivated to accommodate the seller and moved quickly. I was very impressed with the team, and their underwriting and immediate response times.”
The building’s prominent address, easy access to Interstate 494 and Highway 100, as well as its proximity to area retailers and restaurants made it attractive for both investors as well as tenants; it is currently over 97% occupied, with a single vacancy.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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