Argosy Exits 2300 Berkshire
On June 17, 2016, Argosy Real Estate Partners III, L.P. and its parallel funds successfully exited their investment in 2300 Berkshire, a 245,000 square foot single-story office building located in Plymouth, Minnesota, a western submarket of Minneapolis. The 100% occupied property was sold to a private investor.
Berkshire was acquired in November 2013 by a partnership formed with The Excelsior Group. The property was purchased in a distressed situation from an REO seller for a purchase price well below appraised value and comparable trades. Having executed upon the business plan, the Partnership replaced the property’s roof and executed a new lease with the property’s largest tenant.