Regional realty company buys Shutterfly’s Minneapolis corporate campus
Tempus Realty Partners, an Arkansas-based real estate investment partnership, announced the recent purchase of a 259,000-square-foot former Lifetouch National School Studios campus located at 11000 Viking Drive in Eden Prairie, MN, for $23.4 million. The building serves as the corporate headquarters for Lifetouch, which Shutterfly bought for $825 million in 2018, and houses marketing and merchandising functions for both Lifetouch and Shutterfly, according to the Minneapolis/St. Paul Business Journal. The property consists of a four-story “West Building,” built in 1997, and a five-story “East Building,” built in 2004, both of which are connected by a two-story linking building. Shutterfly and Lifetouch will continue to occupy the East Building but current plans call for the now-vacant West Building to be demolished and replaced with native grasses and wildflowers. Shutterfly also has a corporate campus in Shakopee, Minn.
“We’re very excited to work with Shutterfly to deliver this solution for their next-generation office needs,” said Dan Andrews, Tempus Realty Partners CEO, said. “The creativity of the Tempus and Shutterfly teams was key to making this transaction happen.”
This purchase marks the first asset for Tempus in Minnesota, joining other Tempus holdings in Michigan, Texas, Ohio, Indiana, Arizona, Colorado, Missouri, Virginia, North Carolina, South Carolina, Tennessee, and Arkansas.