“We’re very pleased to have sold this asset to Gladstone Commercial Corporation,” said Ron Schiferl, senior VP of commercial properties for CSM Corp. “Lexington Preserve IV is an anchor to the successful development of Lexington Preserve Business Park."
Minneapolis, MN (PRWEB) May 28, 2013
CSM Corporation has announced the sale of Lexington Preserve IV, a 92,000 square foot single-story office building located in Blaine, Minnesota, near Minneapolis, to Gladstone Commercial Corporation, a real estate investment trust (“REIT”) that invests in and owns net leased industrial, commercial and retail real property. The sale price was $14.45 million.
Lexington Preserve IV is part of the Lexington Preserve Business Park, a 140-acre commercial business development located at Lexington Avenue and I-35W in Blaine. Lexington Preserve IV was developed by CSM Corporation in 2009. It is fully leased to Parametric Technology Corporation.
“We’re very pleased to have sold this asset to Gladstone Commercial Corporation,” said Ron Schiferl, senior vice president of commercial properties for CSM Corporation. “Lexington Preserve IV is an anchor to the successful development of Lexington Preserve Business Park, and having high-quality ownership and management of this property was of significant importance to CSM Corporation.”
In addition to Lexington Preserve IV, Lexington Preserve Business Park contains two additional fully leased buildings totaling 207,000 square feet, including a 120,000-square-foot distribution center for Aveda Corporation. The remaining 35 acres is available for development. CSM Corporation will retain ownership of these two buildings and the developable land.
Lexington Preserve Business Park is a model of sustainable development and wetland preservation. CSM Corporation actively worked with the Rice Creek Watershed District and the City of Blaine to maintain 70 acres of wetlands on the property, with the remaining acreage open to development. Lexington Preserve Business Park garnered CSM Corporation the NAIOP Award of Excellence for Bulk Distribution by the Commercial Real Estate Development Association, North America’s leading organization for developers, owners and related professionals in office, industrial and mixed-use real estate.
Lexington Preserve is also home to the Minnesota School of Business and TPAC Underwriters. At full build-out, Lexington Preserve Business Park will yield approximately 850,000 square feet of high quality office and industrial space.
About CSM Corporation
Founded in 1976, CSM Corporation is the one source for real estate needs of people, businesses and communities. The company develops, owns and manages places where people work, visit and live through the acquisition, development, leasing, management and ownership of quality real estate assets. CSM's expansive reach in the commercial retail, office & industrial, multi-family residential, and hotel properties across the United States includes over 100 properties for a combined 10 million square feet of commercial space, 38 hotels throughout the United States totaling over 5,400 rooms through the subsidiary, CSM Lodging, and over 3,000 apartments in nearly 20 complexes. CSM Corporation is known for its business ethos of treating customers and associates with integrity and respect, and for their commitment to the future of the communities in which they live and work. For more information on CSM Corporation or CSM Lodging, visit http://www.csmcorp.net or http://www.csmcorp.net/u/lodging/.
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