St. Louis Park office building 1000 Shelard Parkway sells for $11.4 Million

1000 Shelard Parkway, a 63,000- square-foot, six-story office building in St. Louis Park, sold in late August for $11.4 million, according to an electronic certificate of real estate value made public on Tuesday.

The buyer was Runestone Investments, an entity linked to St. Louis, Missouri-based real estate investment firm Altus Properties. Altus already has a listing posted for 1000 Shelard Parkway, also known as West Ridge, on its website, indicating a 2,791-square-foot suite is available for lease.

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Redline Property Partners, LP is a privately owned commercial real estate investment, management and development firm specializing in office, industrial and adaptive reuse projects in the Carolinas and Minnesota.

Asset & Property Management

The tenant experience is the central focus of our management approach, allowing us to attract and retain valued tenants. In this ultra-competitive marketplace, where real estate is increasingly commoditized, our consumer-focused approach is the best way to maximize asset profitability.

Redline is committed to being a best-in-class real estate operator and an industry leader when it comes to customer service and tenant experience.

Redline strives to be unsurpassed in delivering best-in-class service, combined with distinctive real estate.
We will always provide the best overall value to our tenants.

Investment Philosophy & Strategy

Our philosophy

Redline believes the preeminent opportunity for real estate investment is to acquire underperforming, distressed and “broken” assets at a significant discount in order to transform them into spaces adapted for the new economy. This investment philosophy – to seek and seize overlooked opportunities – drives everything we do.

Our strategy

Guided by our philosophy, our investment strategy is to capitalize on “special situation” opportunities in mid-cap-sized projects (e.g. $10- $70 million).

Vital to Redline’s strategy is its careful market concentration. By focusing on a limited number of tactically selected markets, Redline constructs a balanced, risk-mitigated portfolio using location, property type and tenant industry as diversification tools.

We believe that shrewd investment management is the key to maximizing property performance and investment value. Thus the foundation of Redline’s investment strategy is our distinctive approach to Asset & Property Management.

By concentrating on key markets in the Carolinas and Minnesota, Redline maximizes its competitive advantage.

Geographic Concentration

Redline carefully selects its target markets, focusing on metros in the Carolinas and Minnesota with significant growth characteristics, including Charlotte, Raleigh-Durham, Greenville and Charleston in the Carolinas and Minneapolis and Rochester in Minnesota.

These markets are characterized by higher-than-national-average population growth, median household income growth, housing starts and job creation. They also exhibit uncorrelated, divergent economies and business-friendly local governments.

By combining these markets, we mitigate portfolio risk, balancing the rapid growth and volatility of the Southeast with the stability of the Midwest.

Our extensive experience in target markets gives us deep local knowledge and relationships that are crucial to our ability to execute the Redline investment strategy.

By concentrating on select markets, Redline maximizes its competitive advantage.

Investment Strategy

Redline believes the preeminent opportunity for real estate investment in the current market is to concentrate on developing and acquiring underperforming office, industrial and flex properties in select U.S. markets (so called “value-add”). Additionally, such value-add projects that are considered mid-cap in size (e.g. $10 to $50 million) inherently draw interest from fewer buyers, allowing well capitalized and experienced real estate investors to act with fewer competitors.

Vital to Redline’s strategy is its careful selection of and concentration in investment markets. By focusing on a limited number of tactically selected markets, Redline can construct a balanced, risk-mitigated portfolio using location, property type and tenant industry as risk diversification tools.

With this rationale as a primary focus for investment strategy, Redline utilizes its strategically located offices and network of relationships in order to uncover and in many cases create opportunities in the marketplace not properly recognized by competitors.

SEPTEMBER 15, 2021 | CHARLOTTE, NC

St. Louis Park office building 1000 Shelard Parkway sells for $11.4 Million

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