Argosy Invests in Jet 55 Corporate Center
On May 5, 2015, Argosy Real Estate Partners III, L.P. and its Parallel Funds (“AREP III”) made a controlling investment in Jet 55 Corporate Center, a 229,142 square foot Class B office property located in Plymouth, Minnesota, an attractive western submarket of Minneapolis, MN. The acquisition was sourced off-market through a pre-existing relationship between the seller and Falcon Ridge Partners, the Fund’s operating partner and co-investor.
The Property is currently 21% occupied following a recent move out by the building’s largest tenant. The business plan is to reposition the Property with extensive base building renovations and to lease up to a stabilized occupancy. The Property features a distinct but outdated exterior with inferior window lines and vacant suites that are poorly configured and unattractively finished. A full renovation is planned to refresh the building’s high-visibility exterior, significantly increase window lines, create tenant amenities, and address several significant deferred maintenance items. Upon completion, the Property will deliver modernized, open floor-plan white-box space to a supply constrained market. The large floor plates and flexible options for configuration will appeal to tenants with large space requirements, which face a limited supply of suitable space in the market. The Property is ideally located at a primary intersection in Plymouth along the I-394 corridor, the leading office submarket in the Minneapolis MSA and a part of the region’s thriving medical technology and health care corridor.
AREP III partnered with Falcon Ridge Partners, a Minneapolis-based owner and operator of office properties with core competencies in repositioning, lease-up and management of commercial assets.