The Excelsior Group (TEG) has sold its commercial property management, property engineering and construction management business to Ryan Companies US, Inc. The acquisition grows Ryan’s real estate management portfolio by 1.4 million square feet. Both companies are headquartered in Minneapolis.
“While we’ve organically become one of the largest real estate managers in Minneapolis, we’re motivated to explore acquisition opportunities that are aligned with our goals,” said Jeff Steinke, SVP of real estate management at Ryan. “Ryan is predicated on the desire to create places where our customers and team members thrive, and property management is one of the best platforms for achieving that objective.”
A total of eight TEG buildings will now be managed by Ryan, including 10 West End, Colonial Warehouse, 7500 Flying Cloud, 2400 Xenium, 3311 Old Shakopee Rd., Blair Arcade, Pondview Plaza and Bridging Inc.
Pictured: 7500 Flying Cloud in Eden Prairie, MN.
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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