Argosy Real Estate Partners Exits Jet 55 Office/Industrial Building in Plymouth, MN
On October 7, 2022, a partnership controlled by Argosy Real Estate Partners exited its investment in Jet 55, a 230,743 sf, one- and two-story Class B office/industrial building located in Plymouth, Minnesota (Minneapolis, MSA). Jet 55 was sold to a real estate investment firm.
In May 2015, Argosy partnered with Falcon Ridge Partners to acquire the property in an off-market transaction. The property is located in the I-394 submarket of Minneapolis. The property featured an outdated exterior with inferior window lines along the poorly configured and unattractively finished interiors. The value-add business plan involved a full renovation of the property to refresh the building’s high visibility elevations, significantly increase window lines, and deliver modernized, open floorplan white-box office and industrial spaces to be leased up at market rates. At the time of the sale, the property was 81% leased.
Falcon Ridge Partners is a Minneapolis-based owner and operator of commercial real estate with core competencies in repositioning, lease-up and management of office and industrial properties.