Published May 30, 2018
By: Anne Bretts
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.
Eden Prairie-based Interstate Development has sold a 48,459-square-foot Class C warehouse and 15.6-acre site in Cambridge for $3.35 million to an entity related to Big River Real Estate, a private investment company in Minneapolis.
Big River Cambridge LLC closed May 18 on the acquisition from Cambridge Industrial LLC, an entity related to Interstate. The price works out to $69.13 per square foot for the 7-year-old building at 1505 11th Ave. NE.
The sale price is more than $1 million higher than the $2.24 million Interstate paid for the vacant building in 2017. Interstate bought the building from Hugo-based National Recycling Inc., which built the Cambridge facility in 2011. The company suffered from falling prices for recyclables and consolidated its operations at its Hugo plant, said Stan Gustafson, community development director in Cambridge.
Interstate was able to recruit Houston-based Waste Management to lease the entire space.
Purchase price: $3.35 million cash
Price per square foot: $69.13
Last sale: $2.24 million in 2017
Property ID: 25-287-0010
Date of deed: 5-18-18
ECRV released: 5-18-18
Click here for full article: Just Sold: Interstate sells Cambridge warehouse for $3.35 million