Just Sold: Big Lake lumber yard draws $4.85 million

Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, Catylist and other research.

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A group of buyers split the tab in the $4.85 million acquisition of the U.S. Lumber yard in Big Lake from an investor in Stillwater. The single-tenant, net lease property includes six buildings totaling 92,928 square feet, located on 19.41 acres with rail service at 19661 172nd St. NW.

The seller was represented by Jon Rausch, Ben Drew, Amber Vickerman and William Melin of the Bloomington office of Cushman & Wakefield. The buyer was represented by Mackenzie Damerow with Hoyt Properties in Minneapolis.

Brokers say the strong credit of the tenant drew national interest and multiple offers.

Place: 19661 172nd St. NW, Big Lake

Price: $4.85 million; $52.19 per square foot

Buyer: Big Lake Equity LLC; Next Gen Exchange LLC; 3601 13th Avenue Exchange LLC; Midwest Industrial Ventures LLC; Harriet Investment Exchange LLC; Owatonna

Seller: MLM Big Lake LLLLP, Stillwater

Date: 6 - 25-24

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Longtime owners sell more vintage St. Paul apartments

James and Laura Rubin, the owners of Minneapolis-based Mint Properties, continue to pare down their apartment portfolio. An entity related to the Rubins closed June 26 on the sale of a pair of vintage nine-unit apartment buildings in St. Paul to a private investor for $2.25 million. The twin brick buildings were completed in 1916 at 707 and 711 Grand Ave.

The price works out to $125,000 per unit. The average sales price per unit for apartments in the Twin Cities metro area is $153,715, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 86,808 apartment units since Aug. 31, 2011.

The Rubins, who started buying properties in college, built a portfolio that totaled 1,536 apartments in 75 buildings in the Twin Cities. With their kids grown, they started selling properties early in 2023.

Place: 707-711 Grand Ave., St. Paul

Price: $2.25 million; $320,000 down payment; $1.93 million contract for deed; $125,000 per unit

Buyer: Grand Ave Portfolio LLC, Minneapolis

Seller: 707 and 711 Grand Avenue LLC, Minneapolis

Date: 6-28-24

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RELATED: Just Sold: Vintage apartments fetch $10.68M

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