On August 29th, the Maple Grove Office Building was sold to Syndicated Equities, generating a gross 20.4% IRR and an Equity Multiple of 1.9. This highly functional property with state-of-the-art building systems and frontage on I-494 was acquired by Westminster Realty Partners LP in an off-market transaction as a vacant building in April 2015, well below replacement cost. In early 2019, St. Jude Medical, LLC leased the entire building for an eleven-year term guaranteed by Abbott Laboratories (NYSE: ABT). Completion of tenant improvement construction is anticipated November 2019. Avery Ticer of Cushman & Wakefield and David Marschinke of CBRE led the marketing efforts for the building.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.