Minnesota joint venture unloads mixed-use portfolio

A joint venture between Investcorp and Minneapolis-based Welsh Cos. has sold four office/industrial properties totaling 446,827 square feet in suburban Minneapolis.

The total value of the transactions was not disclosed.

RREEF, a full service real estate investment advisor, purchased the properties, which include Eagandale Business Campus in Eagan, Minn.; Oak Park Business Center in Eden Prairie, Minn.; Braemar Ridge Business Center in Bloomington, Minn.; and Brooklyn Park Interstate, in Brooklyn Park, Minn.

Investcorp acquired all four properties in 2001 in partnership with Welsh Cos., which also served as the managing/leasing agent during the subsequent five-year ownership period.

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