Two-building office campus in suburban Minneapolis trades for $23.46M

MINNEAPOLIS, Feb. 24, 2022 – JLL Capital Markets announced today that it has closed the $23.46 million sale of 11000 Viking Dr., a two-building corporate office campus totaling 258,850 square feet in Eden Prairie, Minnesota.

JLL represented the seller, Shutterfly, LLC, and procured the buyer, Tempus Real Estate Partners.

11000 Viking Dr. has visibility from and immediate access to Interstate 494 in the southwest suburbs of Minneapolis. The area surrounding the office campus is home to a highly skilled and educated workforce.

The office campus currently consists of a four-story “West Building” that was built in 1997 and a five-story “East Building” that was built in 2004, connected via a two-story “link” building. The City of Eden Prairie  approved the plan to tear down the vacant “West Building” and this space will be used to establish native grasses and wildflowers. The current “link” building will be renovated into a main entrance and will include patio seating overlooking the newly established native planting area. In addition, through a partnership with the City of Eden Prairie, an eight-foot paved trail along Viking Drive will be constructed by the developer as part of the overall site alterations.

The “East Building” will continue to be occupied by Shutterfly with on-site amenities, including a fitness center and conference facilities. In addition to the indoor amenities, the 16.22-acre lakefront site features an outdoor seating area and direct access to a 1.6-mile walking trail.

The JLL team was led by Senior Managing Directors Colin Ryan and David Berglund with the Capital Markets group and Pat Williams from the Tenant Rep group.

“The property at 11000 Viking Dr. in Eden Prairie is an iconic campus in the city that will be brought up to today’s standards,” Ryan said. “The project will be redesigned by Tempus Real Estate Partners with collaboration and flexibility in mind.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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