Blue Cross Blue Shield headquarters buildings sold

The Blue Cross Blue Shield of Minnesota headquarters in Eagan sold to Arsenault Holding LLC, according to a press release.

Colliers announced the transaction of the building Tuesday in a press release. The property first went on the market in April of this year. The sale includes two Class A office buildings dubbed River Park I and II, both fully occupied by Blue Cross Blue Shield of Minnesota, which “recently executed long term lease renewal.”

The release only lists Arsenault Holdings LLC as the purchaser of the campus. There is no Arsenault Holdings LLC registered in the state of Minnesota, but a search of Colorado's business registry shows an Arsenault Holdings that is related to Real Capital Solutions.

Real Capital Solutions is a Colorado group with around 175 properties throughout the United States, 66 of which are in Colorado.

The release did not make mention of a price tag and no certificate of real estate value was available at the time of publication, so the cost paid for the property is still unclear.

The buildings are at 3400 Yankee Drive and 1800 Yankee Doodle Road. According to property tax records, the two buildings are worth $24.6 million.

This transaction comes in a year of particularly slow office sales. The highest profile office sale in the first six months of the year is a $48 million purchase of the CHS headquarters in Inver Grove Heights, which was repurchased after an earlier sale leaseback.

Colliers’ Peter Loehrer, John McCarthy, Kyle Delarosby and Lydia Turczyn represented the seller in the transaction.

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