Report: 33 South Sixth Building to Hit Market by June
The 33 South Sixth building-a 50-story facility in downtown Minneapolis-is going back on the auction block, according to a report by the Star Tribune.
Citing “sources with knowledge of the listing,” the newspaper reports that Toronto-based Brookfield Properties plans to put the building-which includes the City Center retail complex-back on the market by June.
Brookfield, which also owns two other downtown properties-RBC Plaza/Gaviidae II and Gaviidae I-has reportedly been looking to exit Minnesota for a number of years. It failed to sell its buildings in 2007 and 2008, in the midst of the recession.
Sources tell the Star Tribune that Brookfield will probably also attempt to sell those properties after it tests the market with 33 South Sixth.
Citing Brookfield's annual report, the newspaper says that the company's Minneapolis buildings are classified as “assets held for sale,” and the associated revenue and expenses are labeled as “discontinued operations.”
Brookfield declined to comment when contacted by the Star Tribune, but an industry expert told the newspaper that Brookfield has been expected to eventually re-list its Minneapolis portfolio, and a recent boost in real estate investments makes the timing appropriate.
To learn more about the history of the 33 South Sixth building and Brookfield's presence in Minneapolis, read the full Star Tribune story here.
The Brookfield properties in downtown Minneapolis are home to a significant portion of the area's retailers.