California-Based Firm Purchases Eagandale Business Center

A California-based real estate management firm has purchased the 24,000-square-foot Eagandale Business Center—a deal worth roughly $2 million, according to the buyer's agent.

The facility, located near the intersection of Interstate 494 and Pilot Knob Road in Eagan, was constructed in 2005 and consists of two adjacent buildings. Roughly 50 percent of the space in the buildings is currently occupied by tenants, but Waba Financial—the facility's new owner—plan to bring the property up to stable occupancy levels, according to a news release issued on April 1.

Waba officials said they purchased the building in part because of the site's proximity to the airport, access to the freeway system and the general quality of the buildings on the site.

"Waba Financial is continuing to expand its commercial real estate portfolio in Minnesota. We remain committed to Eagan as an excellent community for investment and just a great place to live," Waba Financial Chief Financial Officer Amie Heddle said. "We continue to believe this is the right time to be acquiring premium assets in growing areas."

Waba Financial, a privately held firm based in Mountain View, Calif., purchases and manages a real estate and related investments, with a focus on high-quality locations in the Midwest, according to the news release.

“We view the acquisition as a good long-term, value-add investment due to its prominent location, overall quality, and improving market fundamentals," said buyer’s agent Matthew Klein, who represents KW Commercial Midwest.