Argosy Invests in 2300 Berkshire
On November 13, 2013, Argosy Real Estate made a controlling investment in 2300 Berkshire, a 245,091 square foot, single story class B+ office/tech building located in Plymouth, Minnesota, an attractive western submarket of Minneapolis. The Property was acquired in a distressed sale from an REO seller at a compelling basis and below recent comparable trades and replacement cost.
The Property is 100% leased to a high-quality roster of five tenants including medical device manufacturers, telecommunications providers and an engineering firm, with lease expirations staggered from 2016 to 2022. The business plan is to extend or execute new leases with the two tenants whose lease expirations fall within the anticipated four year hold period, thus eliminating the near-term lease roll risk, maintain the stabilized asset, and harvest cash flow prior to exit.
Plymouth is a western suburb of Minneapolis, and is considered the premier submarket in the MSA for tenants occupying highly improved office/tech buildings. The Project is located just one block from the submarket’s “Main & Main” intersection and boasts 1,100 feet of frontage along Interstate 494.
Argosy has partnered with The Excelsior Group, an owner and operator of office, industrial and multifamily properties focused exclusively on assets in the Minneapolis-St. Paul MSA. Their long track record of success and intimate market knowledge allow them to identify superior investment opportunities and take advantage of market dislocations. Excelsior has a deep infrastructure with in-house property management, construction management and leasing services.