Interstate Development buys Burnsville bus center

3400-3404 Highway 13, Burnsville (Submitted photo: CoStar)

Description: Fully leased 30,000-square-foot Class C warehouse, built in 1968, on 1.81 acres at 3400-3404 Highway 13, Burnsville

Buyer: 3400 Industrial LLC, an entity of Interstate Development, Eden Prairie

Seller: JKMT Partnership, Scottsdale, Arizona

Purchase price: $2.4 million

Price per square foot: $80

The transaction: Partners Eric Simmer and Lonnie Provencher of Eden Prairie-based Interstate Development have paid a private investor in Arizona $2.4 million for a 30,000-square-foot Class C warehouse at 3400-3404 Highway 13 in Burnsville.

The building is fully leased to First Student, a school bus transportation company.

The buyers had a strong relationship with First Student, which also leases another building they own, Provencher said. That positive experience helped influence their decision to buy the Burnsville property.

The property is in good shape and fully leased, so the new landlords say they just plan to add it to their portfolio of about 30 buildings, mostly in the Twin Cities.

Last sale: N/A; Dakota County values the property at $503,900 for tax purposes

Property ID: 02-03210-53-020/030

Date of deed: 9-30-16

ECRV released: 10-3-16