Former Target West office in St. Louis Park sells
Opus sold the 309,000-square-foot former Target office at 3701 Wayzata Blvd. in St. Louis Park to Real Capital Solutions for $34 million.[1]
The property is 99% leased and houses the headquarters of Tactile Medical, Regis Corp., SRF Consulting and MOBE, with just 2,729 square feet vacant.[1]
Opus bought the site from Target in December 2018 for $22.1 million and completed a roughly $5.7 million repositioning in 2019 that added amenities such as a rooftop deck and fitness center.[1]
Opus had listed the stabilized asset for sale in March 2026 before agreeing to the disposition.[1]
The mainstream summary does not mention the broader context of the Minneapolis-St. Paul office market, which is experiencing significant vacancy rates ranging from 22.1% to 27.5% as of early 2026. This contrasts sharply with the 99% occupancy of the former Target office, highlighting its relative strength in a challenging market. Reports indicate that suburban office submarkets in the Twin Cities are faring better, with vacancy rates below 12%, suggesting a bifurcation in demand favoring suburban Class A properties with modern amenities over downtown locations. This trend aligns with findings from a 2023 NYU Stern working paper that attributes a long-term decline in office space demand to the rise of remote and hybrid work models, which has led to a significant reduction in U.S. office values overall. However, high-quality suburban buildings like this one are less affected due to their appeal in terms of accessibility and amenities.[2][3]
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📊 Relevant Data
The Minneapolis-St. Paul office market reported overall vacancy rates between 22.1% and 27.5% in reports covering Q3 2025 through Q1 2026.
No end to the high vacancy rates in Twin Cities office market; Minneapolis MarketBeat Reports — RE Journals; Cushman & Wakefield
Suburban office submarkets in the Twin Cities entered 2026 with vacancy rates below 12%, among the lowest nationally, while downtown areas remained significantly higher.
Minneapolis-St. Paul Office Market Report — Marcus & Millichap
📌 Key Facts
- Opus sold the 309,000-square-foot former Target office at 3701 Wayzata Blvd. in St. Louis Park to Real Capital Solutions for $34 million.
- Opus acquired the site from Target for $22.1 million in December 2018 and renovated it into a multi-tenant building with major amenity upgrades.
- The property is 99% leased, housing headquarters for Tactile Medical, Regis Corp., SRF Consulting and MOBE, with only 2,729 square feet vacant.
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