Editor’s Note: “Just Sold” is a finance and commerce feature based on the latest certifications of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and sales reports nationwide involving local parties. Is. Research includes company and broker documents, online real estate listings, F&C archives, Catalyst, and other research.
The longtime owners of the Woodwinds Medical Building in Woodbury have sold it for $8.4 million. V Partners Medical LLC closed its acquisition of Lake Road Medical Clinic LLC on Sept. 15.
However, no one is preparing to move forward.
Certificate of real estate value filed with the Minnesota Department of Revenue indicating that the buyer and seller are members of the same medical practice. It does not identify the practice or the individuals involved.
The 22,000-square-foot, Class B, multitenant building was developed in 2001. It is located on 2.44 acres in the northwest quadrant of Lake Drive and Interstate 494 in the medical district surrounding M Health Fairview Woodwinds Hospital.
According to Catalyst, the fully leased building has seven tenants in a mix of specialty sectors. These include plastic surgery, reproductive health and dental services.
The selling price works out to $381.82 per square foot.
Place: 2101 Woodwinds Drive, Woodbury
price: $8.4 million; $1.68 million advance payment; new mortgage; $381.82 per square foot
Buyer: V Partners Medical LLC, Woodbury
Seller: Lake Road Medical Clinic LLC, St. Paul
4815 Old Cedar Lake Road, St. Louis Park (Featured Photo: Ready Comps)
Developer buys neighboring apartment for $3.7M
An owner who bought a 25-unit St. Louis Park apartment building in 2006 for $1.22 million has sold it for $3.7 million to the owner of a new building next door.
An entity related to St. Louis Park-based Crowe Co. acquired the building at 4815 Old Cedar Lake Road on Sept. 15 from the longtime private owner.
“When the owner decided to sell, we were the logical buyer,” said Patrick Crowe, whose company developed The Quentin, a 79-unit building that opened two years ago.
The low-rise building, which was developed in 1960 at 4815 Old Cedar Lake Road, has 25 one-bedroom units that rent for $1,200 to $1,300 a month.
The selling price works out to $148,000 per unit. According to the Finance & Commerce Apartment Sales Tracker on Finance-Commerce.com, the average sales price per unit for apartments in the Twin Cities metro area is $152,472. The tracker has recorded sales of 81,583 apartment units since August 31, 2011.
Crowe said the company plans to keep the existing building for now, but he said the 1-acre site offers options for the future.
Place: 4815 Old Cedar Lake Road, St. Louis Park
price: $3.7 million; No down payment listed; contract for deed; $148,000 per unit
Buyer: Cedar Partners 2 LLC, St. Louis Park
Seller: NSA Cedar Lake Properties LLC, St. Louis Park