​MINNETONKA, MINN.) – Transwestern Investment Group (TIG) today announces it acquired Gateway Financial Center, located at 9800 Bren Road in in Minnetonka, Minnesota. Located in the Opus II Business Park, Gateway Financial Center totals 70,184 square feet and was 60 percent leased at the time of sale.

TIG purchased Gateway Financial Center from a local real estate company that utilized CMBS debt to acquire the property in 2007 for approximately $10.5 million. In October 2010, the building experienced significant deficits when occupancy fell to 60 percent. Unable to stabilize the property, the previous owner eventually lost the building to foreclosure.

“This acquisition demonstrates the power of the Transwestern family of companies,” said Collin Comer, managing director of acquisitions at TIG. “TIG learned of this value-add investment from the services platform of Transwestern, which was able to improve the occupancy of the building even prior to closing the transaction.”

Gateway Financial Center presented an appealing opportunity due to the historically strong submarket fundamentals and the attractive basis relative to replacement cost. Upon acquisition, TIG launched a capital improvements program, including lobby renovations and replacing the building’s roof. The firm also eliminated an early termination clause from a key tenant’s lease, significantly improving the rollover risk profile.

Transwestern Investment Group is an independent investment management affiliate of the Transwestern family of companies. TIG currently manages $500 million in institutional real estate investments on behalf of its discretionary and non-discretionary clients. TIG is a registered investment advisor.

ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group is an investment advisor serving a broad range of investors through a diversified array of discretionary and non-discretionary investment vehicles. Our client-focused, relationship driven approach ensures our priorities are our clients' investment objectives. Trust, integrity and transparency are the cornerstones of our business. Transwestern Investment Group provides tactical investment management with an integrated operating platform through the Transwestern family of companies, which includes a diversified real estate services firm with 34 U.S. offices and a development company. For more information, please visit transwesterninvest.com.

 


 

Media Contact:
Stefanie Lewis
713.272.1266
stefanie.lewis@transwestern.com