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An entity tied to Las Vegas, NV-based Kingsbarn Realty Capital has paid $24.55 million for two floors of Gaviidae Common, a retail and office building in downtown Minneapolis.
A spokesperson for Minneapolis-based developer United Properties confirmed Wednesday that the company sold parts of the first and second floors of 655 Nicollet Mall, formerly home to the Saks Fifth Avenue store. The transaction includes the spaces occupied by a two-level Walgreens location, as well as two clinics in the building – one run by North Memorial Health and another by the physical therapy group Orthology, said Sheila Thelemann, vice president of marketing and communications for United Properties.
The deal closed on Monday, according to the certificate of real estate value, which was made public on Wednesday morning.
The two parcels occupied by the pharmacy and clinics were collectively assessed at about $15.2 million for taxes payable in 2018, according to Hennepin County property records.
Thelemann said in an email that United Properties still owns the third and fourth floors of the building. The former is currently un-leased, while the latter is home to United Properties’ corporate headquarters.
Executives at Kingsbarn and North Memorial were not immediately available for comment on Wednesday.
Gaviidae is fractionally owned, according to the County. In addition to Kingsbarn and United Properties, pieces of it are owned by New York-based Nightingale Properties, Chicago’s InterPark Holdings and the Twin Cities YMCA, which opened a new location there in January.
The 30-year-old structure includes 184,000 square feet of retail space, 70,000 square feet of office, and a 481-stall parking garage, according to marketing materials by Minneapolis’ Upland Real Estate Group, which is charged with retail leasing at the site. It has five skyway connections. Current tenants include JUUT Salon Spa, Cocoa & Fig, Caribou Coffee, J.F. Moeller Jewelers and Brueggers Bagels, among others.
