Sunday, May 17, 2009

Marcus & Millichap Lists Class A Office Portfolio in Sioux Falls, SD

SIOUX FALLS, S.D, May 15, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has obtained the exclusive listing for Heather Ridge Village, (top left photo) a 51,033-square foot Class A office portfolio in Sioux Falls.

John Fairbanks, a senior associate and a member of the National Office and Industrial Properties Group, and Terry Ronan of IVP LLC, a South Dakota-based real estate firm, are representing the seller.

Constructed in 2007, Heather Ridge Village is a fully occupied two-building office portfolio. The 51,033-square foot Class A office park consists of one 22,533-square foot multi-tenant office building and one 28,500-square foot single-tenant office building.

A strong tenant mix of local, national and international tenants including Bank First, RBC Wealth Management and Williams Insurance, occupies the property.

“The buyer of Heather Ridge Village will assume an attractive, non-recourse financing package,” says Fairbanks.

“The newly constructed office portfolio is ideally located in Sioux Falls, voted ‘Best Small Metro Place for Business and Careers,’ for the past seven years by Forbes magazine, and currently one of the top 20 fastest-growing cities in the nation.”

Heather Ridge Village is located at 6100 and 6300 South Old Village Place in the southern portion of the city’s CBD.

“The office park has an ideal location in a rapidly growing business and medical community,” says Ronan. Approximately one mile west of Heather Ridge Village is a new 185-acre, $400-million medical research facility. The property is a half-mile north of Interstates 29 and 229. In addition, a new regional retail lifestyle center, The Bridges at 57th, (middle right photo) is located one mile north.

According to Fairbanks, “The combination of strong leases in a growing submarket along with an assumable, non-recourse financing package and double-digit return on equity makes this a very attractive investment property.”

Press Contact: Stacey Corso, Communications Department, (925) 953-1716