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, CoStar and other research.
Iowa grocer Hy-Vee has added a third former Shopko location to its plans to expand its small-format Dollar Fresh concept in rural Minnesota.
Hy-Vee Inc. of West Des Moines closed May 15 on the $1.255 million purchase of a vacant 42,516-square-foot store at 3225 10th St E. in Glencoe. It comes on the heels of Hy-Vee’s purchase of vacant stores in New Prague and St. Peter in Minnesota and stores in at least six Iowa communities. The sellers were identified as SAM Larry LLC in Minneapolis and 520 Mike LLC in Plymouth. The price works out to $29.52 per square foot.
Wisconsin-based Shopko filed for bankruptcy in 2019 and closed the last of its 350 stores last June. Hy-Vee hasn’t announced any other locations it plans to acquire.
The listed Shopko closings in Minnesota included Aitkin, Duluth, Ely, Fairmont, Fergus Falls, Glenwood, Luverne, Mankato, Marshall, Moose Lake, Mora, Morris, North Branch, Perham, Pipestone, Rochester, Roseau, Two Harbors, Windom and Winona.
As Finance & Commerce has reported, Hy-Vee paid $1.28 million for a 25,700-square-foot store built in 2007 at 200 10th Ave. SE in New Prague. The grocer closed April 30 on the acquisition from Fargo-based Dakota UPREIT.
Hy-Vee opened its first Dollar Fresh stores in 2018. Hy-Vee has more than 265 stores in eight Midwestern states.
Director Deb Carlson and Senior Director Skip Melin of the Bloomington office of Cushman & Wakefield represented the sellers on the Glencoe and New Prague deals
Tom Palmquist, senior vice president at Colliers represented HyVee in the New Prague and Glencoe acquisitions. Details were not available on the St. Peter sale.
Place: 3225 10th St E., Glencoe
Price: $1.255 million cash; $29.52 per square foot
Buyer: Hy-Vee Inc., West Des Moines, Iowa
Sellers: SAM Larry LLC, Minneapolis; 520 Mike LLC, Plymouth
Midwest Tank sells Big Lake property for $1.775 million
Midwest Tank Co. has sold two buildings totaling 34,000 square feet of space and 6.15 acres of land in Big Lake for $1.775 million.
Midwest closed April 30 on the sale of the Class B single-tenant building with two drive-in doors and up to 20 feet of clear height at 17368 197th Ave. in Big Lake.
Midwest Tank bought the land along 197th Avenue Northwest for $35,000 in 2006. It developed a 24,000-square-foot plant and a second 10,000 square-foot building, according to the company website. The sale price works out to $52.20 per square foot.
Midwest builds industrial tanks and vessels for a variety of applications, from water treatment to chemical storage.
Place: 17368 197th Ave., Big Lake
Price: $1.775 million, with no down payment listed and new financing; $52.20 per square foot
Buyer: L&E Properties LLC, Good Thunder
Seller: Midwest Tank Co., Big Lake
Long-time investor sells Mankato warehouse for $3.45 million
Through decades of market highs and lows Timothy Lidstrom, head of Lidstrom Real Estate Services in Mankato, has held to his investment in a 91,290-square-foot warehouse at 304 Lundin Blvd. in Mankato.
At least until this spring, when he took advantage of a 1031 exchange investment opportunity and sold the building to a new investor. Timothy and Nancy Lidstrom sold the building to an entity named 304 Lundin LLC in Mankato. The price worked out to $37.79 per square foot.
“I owned the building for 20 years, received a good offer and decided to sell because I suspect taxes and capital gains may be compromised in the near future. He declined to share details.
Place: 304 Lundin Blvd., Mankato
Price: $3.45 million, with no down payment listed and new financing; 1031 exchange; $37.79 per square foot
Buyer: 304 Lundin LLC, Mankato
Seller: Timothy and Nancy Lidstrom, Mankato