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, Catalyst and other research.
A Chaska industrial building with an adjacent lot for future growth has sold for $3.3 million.
Polar Minnesota LLC in Chaska acquired the property at 105 and 107 Peavey Road from two selling entities.
The buyer paid 70% to Golden View Properties LLC, Maple Grove, and 30% to Peavey Commons LLC. The sale closed Dec. 19.
The 2.71-acre main site at 150 Peavey Road has a 22,000-square-foot single tenant industrial building, which includes 5,800 square feet of office space. Built in 1968, it has one dock door, one drive-in door and 22-foot clear height. Next door, at 107 Peavey Road, is a 4.19-acre site available for new development.
Tom Commerford, director of investment services, and Patrick Loney, senior director, with KW Commercial in Minnetonka represented the seller. Thomas Sullivan, executive vice president in the Minneapolis office of Colliers, represented the buyer, whom he declined to name.
“The buyer was a user-investor who saw value in the vacant land as future development as well,” Commerford said.
The current tenant was the original owner, who sold it to Commerford’s client. The tenant will stay in the building for a short time.
“We had multiple offers on the property, and others who wanted us to let them know if the deal fell apart,” Commerford said. “The industrial market remains strong, and users are becoming owners of the real estate, which enhances their overall business assets by adding a real estate component.”
Place: 105 and 107 Peavey Road, Chaska
Price: $3.31 million total; 70% $2.31 million; 30% $990,000
Buyer: Polar Minnesota LLC, Chaska
Seller: 70% Golden View Properties LLC, Maple Grove; 30% Peavey Commons LLC
Download CRV: Document 1 | Document 2
Terrace Group buys Metro 94 Business Center for $10.5M
The Terrace Group, based in St. Paul, has acquired the Metro 94 Business Center, a four-building complex in St. Paul, for $10.5 million.
Metro 94 JSDDWB LLC, an entity related to The Terrace Group, closed Nov. 3 on the acquisition from an entity identified as Metro 94 Business Center LLC, an entity related to Klodt Companies in Minneapolis.
Mark Kolsrud and Peter Loehrer of the Minneapolis office of Colliers represented the seller.
The four-building complex includes a total of 105,000 square feet on 7.8 acres at 425-375 Etna St. The site is at the intersection of Interstate 94 and Highway 10, along the new Metro Gold rapid transit bus line now under construction.
The 24 tenants include medical, grocery, banking, government, child care, manufacturing and warehousing businesses.
“Metro 94 Business Center is a great addition to our portfolio and is similar to many properties we already own, lease and manage,” said Eric Dueholm, a partner at The Terrace Group, in the announcement of the sale. “We look forward to building relationships with the diverse group of tenants and improving the property over time.”
The Metro 94 complex brings The Terrace Group’s portfolio under ownership and management to 26 properties, totaling more than 1.6 million square feet throughout Minnesota and Wisconsin.
Place: 425-475 Etna St., St. Paul (four buildings)
Price: $10.51 million; $150,000 down payment; new mortgage
Buyer: Metro 94 JSDDWB LLC, St. Paul
Seller: Metro 94 Business Center LLC, St. Paul
Date: 11-3-22
Download CRV
View Summary for Preliminary eCRV ID 1500159 County:Carver Auditor ID:
Buyers Information
Polar Minnesota, L.L.C. 525 Creekridge Drive, Suite C, Chaska, MN 55318 United States
*** MN Revenue does not display SSN/Tax ID fields due to privacy. ***
Sellers Information
Peavey Commons L.L.C. as to an undivided 30% 6981 Washington Ave. S, Edina, MN 55439 United States
*** MN Revenue does not display SSN/Tax ID fields due to privacy. ***
Property Information
Parcel A: Tract E, Registered Land Survey No. 37, Carver County, Minnesota. Together with the benefits contained in Declaration of Easements, Covenants and Restrictions dated September 15, 2011, filed September 21, 2011 as Document Number T180763. Parcel B: Tracts F, G, and the Northerly 62.00 feet of Tract H, Registered Land Survey No. 37, Carver County, Minnesota.
Property Location(s)
Preliminary Parcel IDs
Organization name: Address:
Foreign address: No Phone number: (612) 328-1945
Email:
Organization name: Address:
Foreign address: No Phone number: (612) 876-8995
Email:
County: Carver Legal description:
Deeded acres: Will use as primary residence: No
What is included in the sale: Land and Buildings New construction: No
Property location: 105 and 107 Peavey Road, Chaska, 55318
Parcels to be split or combined: No Primary parcel ID: 30.5120050
30.5120062
Use(s)
Sales Agreement Information
Personal Property
Sales Agreement Questions
Supplementary Information
Submitter Information
Additional parcel ID(s):
Planned use: Office / General office Primary use: Yes
Prior use: Office / General office Rental buildings: 0 Rental units: 0 Square Footage: 7000
Deed Type: Warranty Deed Date of Deed or Contract: 12/19/2022
Purchase amount: $990,000.00 Downpayment amount: $0.00
Seller-paid points: $0.00 Delinquent Special Assessments
and Delinquent Taxes Paid by Buyer:
$0.00
Financing type: New Mortgage
Personal property included: No
Buyer leased before sale: No Lease option to buy: No Seller leased after sale: No Minimum rental income guaranteed: No Partial interest indicator: No Contract payoff or deed resale: No
Received in trade: No Like exchange (IRS section 1031): No Purchase over two years old: No
Buyer paid appraisal: No Appraisal value: $0.00 Seller paid appraisal: No Appraisal value: $0.00
Buyer and seller related: No Organization tax exempt: No Government sale: No Foreclosed, condemned or legal
proceedings: No
Gift or inheritance: No Name change: No Buyer owns adjacent property: No
Public promotion: Yes Significant different price paid: No Comment on price difference:
Submit date: 12/21/2022 2:10:48 PM Submitter: Larry Mountain
Terms Accepted by the Submitter: I declare under penalty of law that I have examined the information entered and submitted on this form, and, based on what I know and believe to be true, the information entered on this form is complete and correct.
Organization: Land Title Inc. Email: [email protected]
Phone number: (651) 638-1900 Comments: