After investing millions into property upgrades, Minneapolis-based Hillcrest Development recently sold a St. Paul property consisting of both industrial and office space in St. Paul.
The total price was in the low $20 million range, according to Scott Tankenoff, managing partner with Hillcrest.
Fountain Real Estate Capital, a boutique commercial real estate firm based in Prior Lake, was the buyer of the Fairview Business Center. The property spans around 270,000 square feet and is located in St. Paul's Midway neighborhood, at 641 and 655 Fairview Ave. N.
"Hillcrest did a fabulous job with the renovation, and this building type fits nicely within the portfolio of properties that we're seeking," said Mike Wilhelm, of Fountain Real Estate Capital. "I'm also a proponent and believer of the submarket area in the Midway."
The submarket's central location, he said, offers good access to freeways and has a large workforce nearby. The firm, generally, is attracted to properties with industrial and office space.