A subsidiary of Chinese conglomerate HNA Group Co. Ltd. divested an office-and-retail complex in Minneapolis for $320 million to an unknown buyer in one of the most expensive real estate transactions of 2018 in the city, the Minneapolis/St. Paul Business Journal reported.
The publication, citing records from the state of Minnesota's Department of Revenue, noted that the buyer is operating under the name City Center 33 South Property. Jeff Steinke, Ryan Cos. US Inc.'s vice president for real estate management, said the foreign purchaser does not wish to be known at the moment.
HNA paid $315 million in 2016 for the complex, which comprises the 1.6 million-square-foot 33 South Sixth Street office building that is anchored by Target Corp. and the three-level City Center asset. Ryan Cos. will manage the office component of the complex following the latest transaction, according to the June 6 report.
The once-acquisitive Chinese group, which recently struck a €619 million deal to sell its stake in NH Hotel Group SA to Minor International PCL, divested the Minneapolis asset as part of its ongoing asset divestment spree.
Bloomberg News, citing a source familiar with the matter, reported June 7 that South Korea's Samsung Group is the buyer of the complex.
