Accesso Partners acquires twin office towers in Minneapolis suburb for $116m

Accesso Partners has acquired The Towers at West End, twin class A office towers in suburban Minneapolis on the I-394 corridor, from a fund managed by DRA Advisors for $115.5 million.

The two nine-story nearly identical towers, totaling 497,234 square feet, are 84 percent occupied and located at 1550 and 1600 Utica Ave. South in St. Louis Park in the West End submarket.

“Ever since we acquired the IDS Center and Crystal Court downtown in 2013, we have been looking for a premier in-fill suburban office property to build our portfolio in Minneapolis,” said Ariel Bentata, managing partner-investments and co-founder of Hallandale Beach, Fla.–based Accesso. “The seller has been an excellent steward of these two highly amenitized, institutionally maintained towers in the city’s vibrant West End neighborhood, and we are thrilled to have the assets in our portfolio.”

Brian Rosen, Accesso’s CIO, says, “This is as close to an urban Minneapolis office property as you can find outside the CBD. It is located at the first major intersection, five minutes outside of downtown, surrounded by single-family and multifamily housing, retail/dining, hotels and entertainment, making it extremely attractive to tenants with a large employee base who want convenience and walkability in their daily life.”

The largest tenant is MoneyGram Payment System with 96,952 square feet, followed by Concur Technologies at 68,902 square feet and Magenic Technologies with 57,147 square feet.

Currently, Towers at West End has a fitness center with locker and shower room facilities, a conference center, yoga studio and onsite café with atrium setting, full-service hair salon, convenience store, workplace tenant lounge with free WiFi, and an outdoor courtyard and fireplace.

Rosen says some additional upgrades and improvements are planned to the common areas.

Samantha Shimak has joined Accesso Services as property manager of Towers at West End. She was previously with CBRE Minneapolis, where she managed 3.4 million square feet of office, industrial and retail properties.