Chicago & Midwest + Midwest + Office | April 7, 2021

Monarch, Crestlight Pick Up Minneapolis Office Portfolio

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.”

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).