Just Sold: Interstate buys 4 flex buildings in NE Minneapolis
Editor’s note: “Just Sold” is a Finance & Commerce feature based on certificates of real estate value recently filed for commercial transactions and significant residential transactions in Twin Cities counties. Additional details in the transactions come from Plat Research, the Minnesota Secretary of State’s Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded. Full prices are available on the CRVs posted here.
2425 Kennedy St. NE, Minneapolis
Eden Prairie-based Interstate Development has expanded its portfolio with the $7.8 million purchase of the 154,481-square-foot Broadway Building Center campus in northeast Minneapolis. Two investment groups related to Interstate partners Eric Simmer and Lonnie Provencher closed Feb. 29 on the purchase of four flex buildings on contiguous sites at 640 and 650-660 Taft St. NE and at 2425-2433 and 2505-2515 Kennedy St. NE. TK Industrial LLC took a nearly 73.6 percent interest in the property and Hamel Town Center LLC of Eden Prairie took a nearly 26.4 percent interest. The seller is an entity related to Newport Beach, California-based CORE Realty Holdings Management Inc. The deal works out to an average of $50.49 per square foot. Hennepin County values the five legal parcels separately, giving them a total value of about $6.23 million for tax purposes.