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.
Denver-based
DrakeReal Estate Services has completed construction on a 50,000-square-foot Tesla Inc. sales and service center at 9800 Hudson Blvd. in Lake Elmo. It sold July 1 for $23.5 million to an entity of
Kingsbarn Realty Capital in Las Vegas.
This is the second time the same players have used the same formula for the electric vehicle maker. In February, Drake built a 50,000-square-foot dealership at 700 Ottawa Ave. N. in Golden Valley and sold it to Kingsbarn for $23.7 million.
“Kingsbarn is very pleased to add our second Tesla-leased investment property to our portfolio. We intend to offer Delaware Statutory Trust (DST) interests to private investors as a simplified 1031 exchange solution through the purchase of shares,” stated Jeff Pori, CEO of Kingsbarn, in the written announcement. “With its dominant position in the electric vehicle market and its consistent breakthroughs in battery and autonomous technology, Tesla is a strong, solid tenant in today’s market.”
The Lake Elmo site is along the busy Interstate 94 retail corridor. The finished price works out to $470 per square foot.
The Golden Valley site is in the northeast quadrant of Highway 55 and Highway 100. It’s just north of the Interstate 394 corridor, which is lined with auto dealerships from Minneapolis through the western suburbs.
Tesla also has dealerships in Minneapolis-Eden Prairie, Rogers and Maplewood.
Drakebought the 4.6-acre Golden Valley site in 2023 for $4.415 million and demolished the 55,314-square-foot building that was the former home of
States Manufacturing Inc. The metal fabrication company sold the site to Drake after it moved to a newer, larger building in Champlin.
Place: 9800 Hudson Blvd., Lake Elmo
Price: $23.5 million; $11.75 million down payment; new mortgage; $470 per square foot
Buyer: KB Lake Elmo DST, Las Vegas
Seller: Drake Motor Partners LE LLC, Denver
Date: 6-14-24
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Carlson Print Group buys its Golden Triangle home
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After years of leasing, an entity related to Carlson Print Group has bought its Eden Prairie plant for $4 million.
The 73,825-square-foot masonry building, completed in 1989 on 5.57 acres at 7490 Golden Triangle Drive, has three dock doors and 19 feet of clear height.
A specialty print shop, Carlson is a division of American Spirit Corp.
Place: 7490 Golden Triangle Drive, Eden Prairie
Price: $4 million; no down payment listed; new mortgage; $54.18 per square foot
Buyer: CPG Family LLC, Eden Prairie
Seller: Val’s LLC, Forest Lake
Date: 6-26-24
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