A nearly 300,000-square-foot flex property in Eagan has sold to an affiliate of Hunt Electric Corp.

An LLC called Huntcor Properties Eagan, which shares an address with Bloomington-based Hunt Electric, paid $44 million for the property known as Spectrum Commerce Center at 1000 Blue Gentian Road, according to a certificate of real estate value published this week.

The seller was WSP Eagan, an entity affiliated with Excelsior-based Water Street Partners. Water Street, itself a sister company to developer Oppidan Partners, paid $35.5 million for the property less than two years ago.

Finance & Commerce talked with Jim Hegedus of Water Street, who said that the company had spent about $6 million on tenant improvements and upgrades. Hunt Electric initially wanted to lease vacant space in the building before opting to buy the building instead, he said.

Hunt’s presence will bring the building to 100% occupancy, F&C noted, citing a Catylist listing.