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 77-unit Highland Park Apartments in Fridley have sold for $8.5 million in a deal between local private investors.
The property inludes a trio of three-story Class B buildings, completed in 1975 on 3.91 acres at 610-680 Osborne Road NE. The property includes 11 one-bedroom units, 54 two-bedroom units and 12 three-bedroom units, ranging fro 756 to 1,092 square feet.
The sale closed June 10.
Abe Roberts, senior vice president-investments and senior associate Michael Jacobs in the Minneapolis office of Marcus & Millichap represented the seller and procured the private buyer group.
Omar Awad, one of the buyers, talked about their plans.
“We will be updating the interiors of the units over time,” he said. “We plan to refresh the property and rebrand/rename the apartment complex.”
The sale price works out to $110,390 per unit. The average sale 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.
Place: 610-680 Osborn Road NE, Fridley
Price: $8.5 million; $1.7 million down payment; new mortgage; $110,330 per unit
Buyer: Highland Park Fridley LLC, North Oaks
Seller: Osborne Partners LLC, Minneapolis
Date: 6-10-24
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Maple Grove restaurant building draws $6.6M
Two South Dakota investors have paid $6.6 million for the building that’s home to the Redstone American Grill restaurant in Maple Grove.
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Todd and Lori Hanson of Hermosa, South Dakota, acquired the property from Red Maple LLC, an entity registered in Minneapolis. The sale closed May 21.
The 7,500-square-foot building with the distinctive stone facade sits at 12109 Main St., near the ramp leading from Interstate 94 to the Hemlock Lane entrance to The Shoppes at Arbor Lakes.
The sale price works out to $880 per square foot.
The seller paid $5.6 million for the property in 2018.
Redstone operates 10 restaurants in locations across the country, including Maple Grove, Eden Prairie and Minnetonka.
Place: 12109 Main St., Maple Grove
Price : $6.6 million; cash
Buyer: Todd and Lori Hanson, Hermosa, South Dakota
Seller: Red Maple LLC, Minneapolis
Date: 5-21-24
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