A five-building business park in Minnetonka sold for about $18.6 million and its new owner plans upgrades that include an on-site bike loan program and possibly a beer taproom.
The Baker Technology Plaza, near the intersection of I-494 and Hwy. 62, totals more than 250,000 square feet and has had a range of tenants, including casino management product developer Table Trac, Inc., IT company IVDesk, and landscaping and masonry business Anchor Block Co.
Seller Utah State Retirement Investment Fund had owned the business park for 15 years. According to electronic real estate records, the sale was the largest deal yet to be recorded so far this month.*
The buyer, an entity associated with Los Angeles-based private real estate investment firm Tryperion Partners, has a list of upgrades it wants to complete to the buildings by next spring. Proposed improvements include new outdoor gathering areas as well as enhanced tenant signage and entrance upgrades. No additional details have been given about the prospective on-site taproom.
As part of its rebranding, the complex name will be shortened to just “Baker Tech.”
The park still has a lot of space available; only 60 percent of the complex is occupied.
“There is critical mass at Baker Tech … We plan to bring modern, creative space interiors and amenity rich exteriors to create a ‘urban-hub’ in a prime suburban location,” said Jason Simek, vice president at the Twin Cities offices of Colliers International, who is part of the leasing team for the park.
*This was as of Tuesday. Since then, there have been several larger sales.