Description: 54,000-square-foot building, built in 1972, on 3.4 acres at 1670 Meadow View Road; fully leased 37,800-square-foot industrial warehouse, built in 1973, on 2.6 acres at 1680 Meadow View Road
Buyer: Meadow View Industrial II LLC, an entity related to Eden Pairie-based Interstate Development
Seller: JPMCC 2004-LN2 Twin Cities Pool A LLC, an entity related to Torchlight Loan Services LLC, Miami
Purchase price: $3.675 million cash
Price per square foot: $40
The transaction: Partners Lonnie Provencher and Eric Simmer of Eden Prairie-based Interstate Development Corp. have acquired a pair of distressed industrial buildings in nearby Eagan.
Meadow View Industrial II LLC, an Interstate entity, closed March 1 on the purchase of a vacant 54,000-square-foot building, built in 1972 on 3.4 acres at 1670 Meadow View Road, and a fully leased 37,800-square-foot industrial warehouse built in 1973 on 2.6 acres at 1680 Meadow View Road.
The seller was JPMCC 2004-LN2 Twin Cities Pool A LLC, an entity of Miami-based Torchlight Loan Services LLC, which manages commercial loan workouts. The buildings are part of a portfolio of foreclosed properties Wells Fargo acquired in 2015. Jeff Przytarski and Bryan J. Van Hoof of CBRE represented the seller. The total purchase price works out to an average of $40.38 per square foot per square foot. The smaller
building is leased to Tempco Manufacturing Co.
The acquisition was a natural fit for the Eden Prairie investors, Simmer said. “We owned a property next door,” he said, referring to the adjacent 77,750-square-foot industrial building to the north at 1675 Meadow View Road.
Provencher and Simmer took over the Minnesota office of Interstate Partners in January and arereshaping it as a separate business.
Last sale: Wells Fargo bought the buildings as part of a portfolio of foreclosed properties in 2015;
Dakota County values 1670 Meadow View Drive at $1.9 million and 1680 Meadow View Drive at $1.35
million for tax purposes
Property ID: 10-22480-01-010/020
Date of deed: 3-1-16
ECRV release: 5-9-16