Rand Tower in downtown Minneapolis has sold for $18.65 million.
The 26-story tower was purchased by Chicago-based Maven Real Estate Partners, which owns mostly multi-unit housing complexes in Chicago and Minneapolis. Portland-based Felton Properties Inc. was the seller, according to a Tuesday release.
"Rand Tower falls more in line with Maven's operating structure, and they have local people here on the ground to manage the properties themselves," said Dave Berglund, vice president at Colliers International and the broker who piloted the deal, in a statement.
Rand Tower, which is 23 percent vacant, will keep its existing tenants, but some of its empty space will be converted into co-working and incubator space as it becomes available. The building is located on S. Marquette Avenue and S. 6th Street.
The art deco style building was built in 1929.
![Gas was $2.39 at the BP gas station ay 46th Street at Lyndale in South Minneapolis. ] GLEN STUBBE * gstubbe@startribune.com Friday September 4, 2015 Pre-Labor Day gas prices in the U.S. are the lowest in 11 years, and under $2 per gallon in many states, though Minnesota's average is nearly 40 cents higher. Just one station, in Brainerd, was selling at $1.99. Checking on whether that is a promotion. Costco and Sams Clubs, usually the low price leaders, were 15 cents more. With some motorists' tho](https://arc.stimg.co/startribunemedia/4U372WPXFGGQGQHPL2CTC4SFUY.jpg?&w=252&ar=3:2&fit=crop)
