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.
We’ve all heard that bricks-and-mortar retail is dead, especially in small markets. We’ve watched as Sears and Kmart stores have become churches and pickleball courts.
Dixon Diebold has heard it all, and still he just paid $4.695 million for a 88,000-square-foot retail building at 3000-3020 Highway 10 E. in Moorhead.
At 44, he already has spent more than half his life in real estate and today is managing partner in ReUrban Real Estate, a private investment company.
Diebold has properties in the Twin Cities and across Minnesota, but he doesn’t usually say what they are or where.
He notes the Moorhead building has gone dark before but since 2017 has carried the red-and-white logo of Runnings, a home, farm and outdoor retailer. He already owns the nearby Easten Shopping Center, a larger, grocery-anchored strip mall.
Place: 3000-3020 Highway 10 E., Moorhead
Price: $4.695 million; $1,173,750 down payment; new mortgage; 1031 exchange; $53.35 per square foot
Buyer: 3000 HWY 10 LLC, Edina
Seller: Esteve LLC, Alico Corporation, Scott Castle Associates, all of Boca Raton, Florida
Date: 4-12-24
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Missouri’s EquipmentShare opens Minnesota site
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EquipmentShare , as its name implies, is a company building a national network that promises a new way for contractors to rent, buy and maintain equipment. Based in Columbia, Missouri, it has locations across the Midwest and southeastern United States and now Minnesota.
The company has opened a new 15,000-square-foot industrial building at 24924 Larson Lane in New Market. This month the company sold the property for $5.46 million to an entity identified as Cadet 23 LLC in Princeton, New Jersey. The cash deal closed April 3.
The company’s website explains that brothers Willy and Jabbok Schlacks started it in 2014 as a peer-to-peer marketplace where contractors could rent equipment from other contractors and find dealers when they need to buy something. They built a nationwide equipment distribution network and then created a technology system that captured usage data from every machine. The result is that the equipment is backed up with technology that alerts the client to the nearest location of a needed piece of equipment, where and when to provide needed maintenance and related information.
Company officials confirmed the sale but didn’t comment.
Place: 24924 Larson Lane, New Market
Price: $5.46 million; cash; $364 per square foot
Buyer: Cadet 23 LLC Essential Properties Realty Trust, Princeton, New Jersey
Seller: EquipmentShare Inc., Columbia, Missouri
Date: 4-3-24
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