Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, Catylist and other research.
Indianapolis-based i3 Investors, which made its Minnesota debut in 2023, has added a second property here with its $12.75 million acquisition of the Nicollet Business Center at 12125 Nicollet Ave. S. in Burnsville.
The price works out to $107.94 per square foot for the fully leased 118,125-square-foot building.
The seller, New York-based
DRA Advisors , paid $9.51 million, or nearly $81 per square foot, for the building in 2018. DRA bought the building as part of a
$40.4 million portfolio of four suburban warehouse buildings in Bloomington, Burnsville, Brooklyn Park and St. Louis Park. The 612,960-square-foot portfolio was assembled by the seller in that deal, St. Louis-based
Altus Properties .
The Hoosier company’s first acquisition was 955 James Ave. in Bloomington, a 114,903-square-foot, multitenant industrial tech building that currently is 91% occupied.
Judd Welliver and Bentley Smith of the Minneapolis office of CBRE National Partners represented DRA.
Place: 12125 Nicollet Ave. S., Burnsville
Price: $12.75 million; no down payment listed; new mortgage
Buyer: Nicollet IN LLC, Indianapolis, Indiana
Seller: G&I IX Nicollet LLC, New York
Date: 4-23-24
Download CRV
Oak Grove supply yard, warehouse draw $4.7M
More Just Sold stories [feed url="https://finance-commerce.com/category/special-features/regular-features/just-sold/feed/" number="4"]
A
Builders FirstSource construction supply yard and warehouse at 19401 Tamarack St. NW in Oak Grove has sold to four local investment entities for $4.7 million cash in a 1031 exchange acquisition.
Buyers in the April 22 transaction included: Tamarack Ventures LLC, Minneapolis; 3037 Garfield Avenue LLC, Minneapolis; Burko LLC, Lake Elmo; and 19401 Tamarack, Hopkins. The seller was BFC Holdings LLC in Hamilton, New Jersey.
The 27.6-acre property, developed in 2001, includes three buildings totaling 104,400 square feet, with five dock doors, 15 grade-level doors, and 16 to 20 feet of clear height. The price works out to $45 per square foot.
Builders FirstSource, based in Irving, Texas, is the nation’s largest supplier of structural building products, value-added components and services to the professional market for single-family and multifamily construction, repair and remodeling. It has 570 locations in 43 states, with 29,000 workers.
Place: 19401 Tamarack St. NW, Oak Grove
Price: $4.7 million; cash; 1031 exchange; $45 per square foot
Buyer: Tamarack Ventures LLC, Minneapolis; 3037 Garfield Avenue LLC, Minneapolis; Burko LLC, Lake Elmo; 19401 Tamarack, Hopkins
Seller: BFC Holdings LLC, Hamilton, New Jersey
Date: 4-22-24
Download CRV RELATED: $40.4M for industrial portfolio Copyright © 2024 BridgeTower Media. All Rights Reserved.
Local New Jersey State
Most Popular
Comments / 0