Monarch Alternative Capital LP and Crestlight Capital acquired a portfolio of three office buildings within Minneapolis’ fast-growing North Loop submarket. They’re located at 241 N. 5th Ave., 411 Washington Ave. and 500 N. 3rd Ave.
Deal terms weren’t disclosed. All three properties were developed and sold by an entity owned by Swervo Development Corporation.
“This transaction reflects Monarch’s strategy of investing opportunistically in dislocated asset classes and illustrates our view that Class A properties in growing urban areas will emerge from the pandemic with robust occupancy and rent growth,” said Adam Sklar, co-portfolio manager at Monarch.
“We are very constructive on the Twin Cities as one of the premier markets in the Midwestern U.S.,” said John Coury, founder and CEO of Crestlight. “This campus fits squarely into our philosophy of buying well-located, differentiated and high-quality properties where people want to live, work and play.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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