After a long search for a new location, Roseville-based Goodmanson Construction has found one in Minneapolis.
Goodmanson, a concrete and asphalt contractor that had outgrown its space in the PACAL Business Center along County Road B, turned to Interstate Development in Eden Prairie to buy a new property and act as landlord.
Kasota 600 Industrial LLC, an Interstate entity, closed April 8 on the $4.35 million purchase of the building and 5.26 acres at 600 Kasota Ave. NW. Joe Owen, senior vice president at Collliers International, represented the buyer.
The seller was Northway Apartment Property II LLC, a private investor in St. Paul. The property was co-listed by and the seller represented by Steven Nelson with Hoyt Properties Inc. and Chet Masserano with Corporate Real Estate Brokers Inc.
Nelson explained that when the tenant in the building announced plans to move, the owner placed the property on the market for sale or lease. With little industrial inventory available, buyers lined up.
“With current market conditions for industrial we received high interest and multiple offers,” Nelson said.
Place: 600 Kasota Ave. SE, Minneapolis
Price: $4.35 million; no down payment; new mortgage
Buyer: Kasota 600 Industrial LLC, Eden Prairie
Seller: Northway Apartment Property II LLC, St. Paul
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