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.
The familiar purple Planet Fitness logo has joined another retail galaxy, this time on 2.91 acres at 2327 Mountain Shadow Drive in Duluth, near Miller Hill Mall.
And after opening in October to record new memberships, the freestanding, 22,800-square-foot building has sold for $5.58 million in cash to Black Knight 24 LLC in Princeton, New Jersey. The Baseline Fitness LLC in Fargo, North Dakota, was the seller. The deal closed June 7.
Mid-America Real Estate-Minnesota Vice President Amy Senn, Principal Mark Robinson and Retail Specialist Bryce Thompson represented the seller and procured the buyer.
The listing team noted that Planet Fitness had been looking for a site in Duluth for over 10 years. Barriers to entry are high, with topography ranging from hard bedrock to wetlands making development very expensive and resulting in very low retail market vacancy.
Place: 2327 Mountain Shadow Drive, Duluth
Price: $5.58 million; cash; $244.74 per square foot
Buyer: Black Knight 24 LLC, Princeton, New Jersey
Seller: Baseline Fitness LLC in Fargo, North Dakota
Date: 6-7-24
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Canadian investor pays $5.5M for Mankato manufacturing facility
Kinperium Industries , a Canadian family investor group, has paid an undisclosed amount to acquire
Hiniker Company , a Minnesota manufacturer of snow- and ice-management products and agriculture attachments.
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In a related deal, the buyer paid $5.5 million in cash for Hiniker’s facilities at 58766 240th St. in Mankato. The sales closed June 3.
Kinperium Industries is based in Mississauga, Ontario.
Hiniker, in business for more than 50 years, manufactures truck and skid steer snowplows, as well as salt and sand spreaders, according to the sale announcement. In the agriculture space, it manufactures cultivators, shredders, cover crop seeders, and other products that help farmers increase their productivity and output.
Kinperium Industries describes itself as a family office that invests in long-term, sustainable businesses and provides investment and intellectual capital to support portfolio companies. Kinperium believes that Hiniker is a strong addition to its portfolio due to its experience and expertise in operations, engineering, finance, sales and marketing, and talent management in the manufacturing sector. Its portfolio includes three other major, market-leading manufacturing businesses with 15 locations across North America
Place: 58766 240th St., Mankato
Price: $5.5 million cash
Buyer: Hiniker Real Estate Holdings LLC, Mississauga, Ontario
Seller: Hiniker Company, Chiago
Date: 6-3-24
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