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.
Spring Gate Shopping Center, a destination for folks in Golden Valley since it opened in 1972, has sold for $8.4 million in a deal between private investors.
Spring Gate Properties LLC, an entity registered in Minnetonka, acquired the 43,404-square-foot center at 5621-5695 Duluth St. from Olympik Spring Gate LLC, an entity in Deephaven.
Built on 4.69 acres along the west side of Highway 100, the traditional strip center has a strong tenant roster including Lunds & Byerlys, Walgreens, Teresa’s Mexican Restaurant, Hennepin County Medical Center and several small shops.
Director Deb Carlson, senior director Skip Melin and associate Amber Vickerman in the Bloomington office of Cushman & Wakefield represented the seller.
Chad Anvary and Brad Kaplan of Transwestern represented the buyer.
The property drew considerable interest and multiple offers, Melin said. The buyer is only the third owner. The seller bought the property in 2005 for $7.25 million.
Place: 5621-5695 Duluth St., Golden Valley
Price: $8.4 million; $3,211,000 down payment; new mortgage; $193.53 per square foot
Buyer: Spring Gate Properties LLC, Minnetonka
Seller: Olympik Spring Gate LLC, Deephaven
Date: 9-16-24
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Wheelock Parkway Apartments sell for $7.5M
The 137-unit Wheelock Parkway Apartments in St. Paul have sold for $7.5 million.
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The apartments, built in 1969 at 1571-1601 Woodbridge St. and 1570-1590 Marion St., were sold by an entity registered to the office of
The Goodman Group , based in Chaska. The company’s website indicates it manages 65 residential, commercial and senior living health care properties in eight states.
The buyer was ENCF MK MEK 06 LLC, an entity registered to the office of Cortex Property Management in St. Paul.
The price works out to $54,744 per unit. The average sales price per unit for apartments in the Twin Cities metro area is $154,495, according to the Finance & Commerce
Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 90,317 apartment units since Aug. 31, 2011.
Place: 1571-1601 Woodbridge St. and 1570-1590 Marion St., St. Paul
Price: $7.5 million; $1.499 million down payment; new mortgage; $54,744 per unit
Buyer: ENCF MK MEK 06 LLC, St. Paul
Seller: Wheelock Parkway Apartments Limited Partnership, Chaska
Date: 9-30-24
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