Services Provided:

Brokerage, Development, Project Management, Property Management

Industries:

Office

Location

Burnsville, MN

Size

52,000 SF

Broker:

Steve Shepherd

Project Summary

 

Challenge
Burnsville Financial Center is a 52,000 RSF Class B office building on 35W. The property had fallen back to the lender and nearly emptied out of tenants as the previous ownership ran out of money to maintain the building and compete for deals. When Colliers was hired by the receiver, occupancy was at 30% and in danger of losing additional tenants.

Results
Colliers worked immediately to stabilize the tenant base and address low-cost/highimpact improvements that significantly improved the value of the asset. Cooperating with the note-buyer/lender on the property, the Colliers leasing team developed a strategy of maximizing the value of the property by identifying lease-ready tenant prospects and conveying ownership of the asset as a deed in lieu sale to a new longterm value-add ownership willing to invest transaction costs to secure the tenants. The strategy paid off with an offer price over $1
million greater than other bids. The deal successfully closed as negotiated, and within a few short months the building was leased to 95% with tenants identified and secured by the Colliers team. Two anchor tenants signed leases the week of closing with the new ownership.