— Edina, MN office / showroom property sold to local real estate firm —
December 21, 2016 – Caspian Group, a Minneapolis-St. Paul based commercial real estate asset, brokerage and management firm is pleased to announce the purchase of The Kremer Building, a 55,619-square-foot office/showroom facility in the heart of Edina, MN.
Previously in foreclosure, the property located at 7401-7429 Bush Lake Road, was bank-owned and was being marketed by Cushman & Wakefield/NorthMarq as an investment sale
Nick Leviton, Vice President with Colliers International | Minneapolis-St. Paul, brought Caspian in as a potential buyer for the property. “This was a great opportunity for Caspian Group, explains Leviton, they are a hands-on local owner specializing in revitalizing distressed assets and this deal was a perfect fit for their portfolio.”
“Leviton found us a real gem,” states Rafik Moore, Principal at Caspian Group. “We have already started plans for a major renovation in addition to upgrades to the building that will enhance space for our new and existing tenants.”
Anchor tenant Leffler Printing has extended their lease for five years since the purchase. In addition to many other existing tenants extending their leases, new tenant Wooden Hill Brewery will open their doors on July 1, 2017. Wooden Hill Brewing will both brew and serve craft beer in a newly constructed taproom.
Caspian Group will relocate their home office from 4600 Lake Road in Minneapolis to the new facility in early 2017.