Golden Valley's Colonnade office tower is for sale

The 16-story Colonnade office tower near St. Louis Park's West End is for sale.

The 356,339-square-foot Class A building, located at 5500 Wayzata Blvd. in Golden Valley, has been owned by G&I VII Colonnade LLC, a fund managed by DRA Advisors LLC since 2011 when it bought the property for $50.4 million, according to Hennepin County property records.

"With full-service amenities and significant recent capital improvements, the Colonnade far exceeds the quality of other assets in the West End area including new construction," said Ryan Watts, one of several brokers at CBRE responsible for marketing the property, in a statement. "Investors have the rare opportunity to acquire this legacy asset in one of the Twin Cities' tightest office markets."

The Colonnade is currently 98 percent leased with tenants including Pentair, Buffalo Wild Wings, Bell Bank and Comcast.

The building was built in 1988 and has a four-story atrium, fitness center and 1,100-stall parking ramp among other amenities.

The property is close to the Shops at West End area. The Minneapolis-based CBRE team of Watts, Judd Welliver, Sonja Dusil and Tom Holtz are marketing the tower.

The Building Owners and Managers Association (BOMA) Greater Minneapolis has announced the election of new officers to lead its organization for the 2017-2018 term.

Amy Wimmer, a general property manager for Hines who manages the Wells Fargo Center, is the new president.

The new vice president is Ted Campbell, a property manager for Ryan Cos. The secretary/treasurer is Cindy MacDonald, director of properties and redevelopment for the Kraus-Anderson Realty Co. They were all elected for a one-year term.

Other officers who were elected for different length terms were Tara Steinkraus of Duke Realty Corp. and Tom Klaers of Clean Response. Several other board members decided to continue to serve.

Nicole Norfleet

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