Interstate Development - Media

Just Sold: Store-turned-school fetches $9.37M

Published March 6th, 2019  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 redeveloped Rainbow grocery store on 5.17 acres in Inver Grove Heights for $9.37 million to Syndicated Equities in Chicago.

Inver Grove ISD LLC, an Interstate entity, closed Feb. 27 on the sale to SE ISD Transitory LLC, an entity of Syndicated Equities. The 56,202-square-foot building is at 9015 Broderick Blvd. in the Arbor Pointe Commons retail area. It is leased to Concord Academy, a program offered by Intermediate School District 917, a cooperative that offers special education and other joint services to nine south metro school districts.

Syndicated Equities is a private real estate investment company focused on institutional quality properties, according to its website.

The Inver Grove Heights store opened in 2000 and closed after Milwaukee-based Roundy’s Inc. announced in 2014 that it was leaving the Minnesota market.

“We demoed everything inside and started from scratch,” Provencher said. Interstate added windows, classrooms, a gymnasium and a lunchroom. The school, designed to serve about 70 students with autism and mental health disorders, opened in 2018.

The building is east of U.S. 52 and west of Concord Boulevard. The retail area is anchored by a Walmart store on the east side of Concord Boulevard.

Purchase price: $9.37 million cash

Price per square foot: $166.73

Last sale: $2.37 million in 2018

Property ID: 20-11861-01-010, 20-11861-00-01

Date of deed: 2-27-19

ECRV released: 3-1-19

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