ICM Property Group Announces the Disposition of Edina 100

(August 2025 – Calgary, Alberta) – ICM Property Group has exited Edina 100, a 112,085-square-foot office building located in Edina, Minnesota.

Originally acquired as a value-add opportunity, the property underwent minor upgrades prior to 2020 to enhance tenant experience. The building experienced leasing challenges beginning in 2023 following the departure of its largest tenant who left behind obsolete space in need of a significant updating.

The Minneapolis office market continues to face structural headwinds, with vacancy rates hovering above 20% and leasing activity well below pre-pandemic levels. Tenant demand remains soft, particularly for older, Class B office assets. Minneapolis is no longer a focus market for ICM. This transaction aligns with the firm’s broader strategy to focus on geographies and asset classes with stronger long-term growth fundamentals.

“The sharp correction in real estate markets of the last couple of years caused significant challenges for the Edina property. Eliminating non-core assets from our portfolios is critical to our long-term success. Exiting Edina 100 reflects our continued effort to concentrate capital in markets and property types where we see the greatest potential for value creation.”

– Spencer Patton, Managing Director USA, ICM Property Group

The disposition of Edina 100 has reduced overall portfolio debt and allows ICM to further streamline its portfolio and reinforce its focus on long-term, high-conviction opportunities.