SAN FRANCISCO--(BUSINESS WIRE)--
City Center Realty Partners, LLC (CCRP), a San Francisco-based real estate investor and developer, and its partner Angelo Gordon & Company, today announced the sale to Goldman Sachs of 800 Washington Avenue in Minneapolis, known as the TractorWorks building. CCRP acquired this 350,000 square foot landmark building and an adjacent 640-stall parking ramp in 2008, and invested $4 million into rebranding and repositioning the building with numerous improvements. The deal comes on the heels of two other significant sales for the firm – of prime property in San Francisco’s world-renowned Union Square and the sale of a multi-building industrial park in Denver. With properties nationwide, CCRP’s expertise is in achieving enhanced value for urban real estate.
Mark Stefan and Sig Anderson, Founding Partners of City Center Realty Partners, are pleased that TractorWorks now represents both the rich history and the current revitalization of the popular North Loop neighborhood in Minneapolis, where the building is located.
“Our aim was to add value to this historic property by creating a mixed-use experience that resonates with its diverse and vibrant surroundings,” notes Anderson. “TractorWorks is a perfect example of CCRP executing precisely on our business model.”
CCRP renovated the 800 Washington interior common areas, created an artist in residence program and initiated a tenant-branding program. Building occupancy was increased from 50 percent to 87 percent. New tenants include international service firms, construction companies and award winning restaurants. CCRP’s portfolio of assets continues to grow throughout the country due to acquisition and redevelopment successes, such as 800 Washington.
In December, CCRP sold 55 Grant Avenue, a 12,000 square foot, six-story building in San Francisco’s high-end Union Square shopping district. After acquiring the building in 2011 in a joint venture, also with Angelo Gordon & Company, CCRP managed numerous physical upgrades and secured a ten-year lease with luxury retailer Tumi for the building’s ground floor. And in November, CCRP sold Parfet Industrial Park, a 100,000 square foot, three-building property in the Denver metro area.
About City Center Realty Partners
City Center Realty Partners, LLC specializes in the development, redevelopment and acquisition of urban real estate. Nationwide, CCRP has developed and acquired more than $800 million of retail, office and mixed-use properties, representing over 3 million square feet. CCRP capitalizes on over 50 years of experience in the commercial real estate industry to develop innovative solutions for complex assets. For more information visit www.ccrpllc.com
- Real Estate
- Mergers, Acquisitions & Takeovers
Maureen Futtner, 415-637-3280