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Finance and Commerce
Just Sold: White Bear Lake senior complex draws $10.8M
By Anne Bretts,
15 days ago
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.
An entity related to Milwaukee-based Ballast Real Estate Partners has paid Plymouth-based Dominion $10.8 million to acquire the Cottages of White Bear Township, a five-building, 60-unit affordable senior housing complex in White Bear Lake.
The community was developed in 1997 on 9.13 acres at 4768 Golden Pond Lane. It has 12 one-bedroom, 22 two-bedroom and 26 three-bedroom units. Renters must have household incomes no higher than 60 percent of the area median income.
Dominium had no other information available this week.
Jeremy Hillenbrand, the founder and managing partner of Ballast Real Estate Partners,declined to discuss the transition or anything else about his business.
Ballast’s website shows it owns one other Minnesota property. That’s the Cottages of Cottage Grove , a five-building, 59-unit senior housing complex it bought in 2021 for $8.375 million. That 55,765-square-foot property is at 8240 East Point Douglas Road in Cottage Grove.
Place: 4768 Golden Pond Lane, White Bear Lake
Price: $10.8 million; no down payment listed; new mortgage; $180,000 per unit
Buyer: Ballast CWBL MN LLC, Milwaukee, Wisconsin
Seller: White Bear Leased Housing Associates II LP, Plymouth
The 7,810-square-foot Class B medical office at 6155 Duluth St. in Golden Valley has sold for nearly $1.6 million. (Submitted photo: Upland Real Estate Group)
Golden Valley medical office draws nearly $1.6 million
A locally owned Golden Valley medical office that has had the same net lease tenant for more than two decades has sold to a New York buyer for nearly $1.6 million.
The buyer, SMBC Leasing and Finance Inc., is an entity registered to the New York office of Tokyo-based Sumitomo Mitsui Financial Group Inc. It closed April 19 on the acquisition of the 7,810-square-foot Class B medical office, built in 1978 on 0.95 acres at 6155 Duluth St. Since 1998, it has been leased to Fresenius Kidney Care, part of Fresenius Medical Care. The site is west of Highway 100 and north of Golden Valley Country Club.
Upland Real Estate Group’s Net Lease Team of Keith A. Sturm, CCIM, Deborah K. Vannelli, CCIM, and Amanda C. Leathers represented the seller, Jean Investment-Duluth Street LLC, an entity related to a private investor in Mound.
The sale price of $1,575,000 works out to $201.66 pr square foot.
Fresenius Medical Care is a provider of products and services for people with chronic kidney failure, according to its website. It has a network of about 4,100 dialysis clinics in North America, Europe, Latin America, Asia-Pacific, and Africa, that provide treatment for about 345,000 patients each year.
Place: 6155 Duluth St., Golden Valley
Price: $1,575,000; no down payment listed; new financing; $201.66 per square foot
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