Minneapolis-based Big River Real Estate has acquired a $5.35 million industrial site in Burnsville as part of Big River Real Estate Fund IV LLC.
Big River Nicollet LLC completed its purchase of a 48,000-square-foot reinforced concrete building at 12155 Nicollet Ave. from Chicago’s First Industrial LP on Nov. 14. The price will be $111.46 per square foot.
The office warehouse was completed in 1995 on a 5.8-acre site north of Highway 13 and east of Interstate 35W. It has 12 dock doors and is 24 feet tall.
The property is fully rented. central garden and pets.
“We are very pleased to purchase this asset in our fourth closed-end real estate fund,” said Big River CEO Ryan Mallery.
“We really like this asset because it has great functionality and flexibility for industrial users,” he said. “The load capacity is very good compared to the market, and a clear height of 24 feet is difficult to find in small to medium-sized buildings like this. At current market rates, borrowing on this asset will not increase acquisitions, so we continue to hold the asset.”
Big River launched its first fund in February 2012 and closed its investment within 120 days, according to Big River. Website. It is a real estate private equity fund focused on stable commercial real estate assets throughout the upper Midwest.
The seller was represented by the CBRE team of Bentley Smith, Judd Welliver, Mike Caprile, Zach Graham, Ryan Bain and Joe Horrigan.
place: 12155 Nicollet Ave., Burnsville
price: 5.35 million dollars. Down payment $200,000. Cash; $111.46 per square foot
buyer: Big River Nicollet LLC, Minneapolis
seller: First industrial LP, Chicago
date: 11-14-23
Download CRV
St. Cloud apartments raise $2.15 million
North Place Apartments, a 36-unit rental property in St. Cloud, sold for $2.15 million in a 1031 exchange transaction between a local buyer and a seller from Logan, Utah.
Waite Park’s SVS Properties LLC closed in November following its acquisition from Utah-based Beehive Properties LLC.
The 30,196-square-foot building was developed in 1986 at 3457 Third St. N. There are 17 one-bedroom units, 18 two-bedroom units, and one studio. Rents are well below market rates, according to marketing materials.
The property was listed in September and sold in less than three months. The selling price is $59,722 per unit. His average sales price per unit for apartments in the Twin Cities metropolitan area is $153,018, according to Finance-commerce.com’s Finance & Commerce Apartment Sales Tracker. This tracker has recorded 83,135 apartment sales since August 31, 2011.
place: 3457 3rd St. N., St. Cloud
price: 2.15 million dollars. Down payment is not listed. 1031 exchange
buyer: SVS Properties LLC, Waite Park
seller: Beehive Properties LLC, Logan, Utah
date: 11-14-23
Download CRV
