Minneapolis, MN (March 26, 2018)
– KB Exchange Trust (“KB”), a division of Kingsbarn Realty Capital, announced the acquisition of a 52,263-square foot, subdivided portion of Gaviidae Common, a 255,000-square-foot specialty retail and office center in downtown Minneapolis. The property acquired by KB is leased to Walgreens, North Memorial Healthcare, and Orthology Inc. In 2015, Gaviidae Common finished a complete renovation of the building to a Class A retail and office space. The acquisition price for the property was $24,550,000 and the property closed escrow on March 12, 2018. KB Exchange Trust (as Sponsor) intends to offer the asset as investment property to both cash investors and 1031 exchange investors.
“This is irreplaceable real estate, given the location of the property and the buildings that connect to it through the downtown Minneapolis Skyway System. We believe that this property represents exceptional value for our investors,” according to Jeff Pori, CEO of Kingsbarn Realty Capital.
Located in the heart of downtown, Gaviidae Common occupies two city blocks and contains a shopping mall, office complex, and brand-new YMCA Athletic Wellness Center. The property is attached, by Skyway, to the four tallest skyscrapers in downtown Minneapolis: City Center, Wells Fargo Plaza, IDS Tower, and RBC Plaza. The first and second floors of the building are designated for retail space that is anchored by Walgreens.
KB has acquired 32 healthcare-related properties within the past four years for its various 1031 exchange-related programs.
“This acquisition represents our 19th 1031 Investment Program, and is consistent with KB Exchange Trust’s focus on income-driven properties in the medical and healthcare sectors,” Pori added.
About Kingsbarn Realty Capital
Kingsbarn Realty Capital is a real estate private equity firm focused on acquiring commercial property assets throughout the United States. Offering both direct and indirect real estate investments, Kingsbarn provides clients with the opportunity to invest in its various structured real estate private placements. Kingsbarn's management team has extensive experience developing, managing, and sponsoring a diverse array of stabilized core properties and income-driven investment funds. Competitive, risk-adjusted returns are offered to Kingsbarn investors through diversified investment programs.
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