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November 1, 2014

Gaviidae Common II in downtown Minneapolis sold, will get a spruce up

Gaviidae Common II has a new owner who plans to freshen up the downtown Minneapolis shopping center, which is located on Nicollet Mall between S. 5th and 6th streets.

The Star Tribune reports that California-based KBS Real Estate Investment Trust III bought Gaviidae II this month as part of a $118.1 million deal. It includes the 40-story RBC Plaza office building. KBS intends to spend $3.8 million to retool the retail and restaurant options at Gaviidae II and spruce up the RBC Plaza lobby.

Brookfield Properties Inc., a New York-based real estate firm still owns Gaviidae I, anchored by the Saks Fifth Avenue Off Fifth store.

After the closing of the Neiman Marcus store, only 57 percent of Gaviidae II is occupied.