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.
The employees at
Minneapolis Glass still are settling in at their new, 115,000-square-foot, state-of-the art glass and metal manufacturing plant at 9300 Decatur Drive N. in Brooklyn Park.
Partners on the project included the
City of Brooklyn Park ,
United Properties ,
Lampert Architects ,
Sambatek and
RJ Ryan Construction .
The new building is a long way from the Minneapolis garage where the company began in 1937, according to a company’s website. It replaces two smaller buildings totaling 70,000 square feet at two sites in Plymouth. The first was built in the 1970s and the second in 2014. Both were put on the market while the new building was under construction.
Now, one has sold.
An entity related to a private investor in Wayzata paid $3.6 million in cash for the 35,200-square-foot manufacturing plant, built in 1988 on 4.3 acres at 3005 Ranchview Lane N.
The building includes 6,000 square feet of office space and 29,200 square feet of manufacturing space with three dock doors, one drive-in door, and 19 feet of clear height. The sale closed April 17.
CBRE’s Minneapolis office represented the buyer and seller. Dan Swartz, senior vice president, and Austin Lovin, associate, represented the seller. Matt Oelschlager, executive vice president, represented the buyer.
The other building, a 36,696-square-foot plant built in 1979 at 14600 28th Ave. N. in Plymouth, remains on the market.
Place: 3005 Ranchview Lane N., Plymouth
Price: $3.6 million; cash; $102.27 per square foot
Buyer: 3005 Ranchview Lane LLC, Wayzata
Seller: RIW-WIC LLLP, Plymouth
Date: 4-17-24
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Quadriga Ventures buys Bailiwick campus
Bailiwick , a national IT solutions company in Chaska, has a new landlord.
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An entity related to Eden Prairie-based Quadriga Ventures has paid $5.2 million for the 3.98-acre campus at 4260 Norex Drive in Chaska.
From its original six partners in 1995, Bailiwick has grown steadily to more than 300 employees, while the building was doubled to its current 51,561 square feet.
The decision to invest was an easy one, Quadriga CFO/COO Matt Weiner said in an email interview.
“The transaction presented us the opportunity to add to our portfolio a property with a strong existing tenant in a geographical area that we anticipate will continue to see growth and high demand,” he said.
Bailiwick works with Fortune 500 companies on projects such as digital signage and EV charging station networks.
Quadriga is a group of vertically integrated real estate focused development and investment companies that:
- Develop multi-family residential units for sale or rent.
- Invest in and manage office/industrial commercial properties and multifamily rental properties.
- Develop land for residential and commercial real estate developers.
- Provide capital solutions in the form of equity and/or debt.
Place: 4260 Norex Drive, Chaska
Price: $5.2 million; $1.51 million down payment; new mortgage; $100.85 per square foot
Buyer: QV 4260 LLC Edina
Seller: Palmetto Enterprises LLC, Chaska
Date: 4-16-24
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