Bremer Bank buys new branch from developer
May 2, 2023
By: Anne Bretts
St. Paul-based Bremer Bank has paid an entity of Eden Prairie-based Interstate Development $3.8 million for its newly completed 6,000-square-foot branch in St. Anthony Village.
Bremer closed April 21 on the acquisition of the building at 2654 Kenzie Terrace NE, which once was the site of a bowling alley. The sale price works out to $634.57 per square foot.
Minneapolis-based DJR Architecture designed the new bank building with an open floor plan and brick exterior finishes.
Bremer and Interstate have partnered on the new branch and two related projects in St. Anthony.
Opening the new location allows Bremer to close its 22-year-old branch a half-mile away at 1204 Lowry Ave. NE. Bremer and Interstate are partnering to redevelop that site as a 76-unit apartment project.
The third project involves a small piece of bank land along Kenzie Terrace that is being redeveloped into a southern gateway entrance monument.
Place: 2654 Kenzie Terrace, St. Anthony
Price: $3,807,396; cash; $634.57 per square foot
Buyer: Bremer Bank, N.A
Seller: Lowry Retail LLC, Eden Prairie
Date: 4-21-23
RELATED: Bremer Bank opens branch in St. Anthony
Read full story here: Finance & Commerce
