Just Sold: East Blaine Mosque buys former for-profit college

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, Catalyst and other research.

---

The East Blaine Mosque and Academy has paid $4 million for a former for-profit college building that has languished on the market since the state forced Globe University and Minnesota School of Business to close in 2017.

Members of the mosque are scheduled to appear before the Blaine Planning Commission at 7 p.m. May 14 for a public hearing on their request to repurpose the three-story, 46,800 square-foot building as a mosque and K-8 school. It requires rezoning from Planned Business District (PBD) to Development Flex (DF) and a conditional use permit.

The Blaine site was developed 2001 on 4.69 acres at 3680 Pheasant Ridge Drive NE.

The Globe closing and bankruptcy left owner Mike Mhyre and his family with nearly two dozen boxy vacant buildings spread across Minnesota, Wisconsin and South Dakota. Some have sold as charter schools, others as offices.

Eric Rapp, senior vice president in the Minneapolis office of Transwestern, has had the Blaine listing since the school went dark. Proposals for office space were explored until the pandemic. “It could be converted if there were demand,” he said.

Mark Evenson, principal, and Kate Gillette, senior vice president, in the Minneapolis office of Avison Young are working with the buyers to win approval for their new school.

Place: 3680 Pheasant Ridge Drive NE, Blaine

Price: $4,052,000; cash; $86.58 per square foot

Buyer: East Blaine Community Center, Brooklyn Park

Seller: M5 Built Holdings-Blaine LLC, St. Paul

Date: 4-15-24

RELATED:

Download CRV

Just Sold: Former Rochester business school sells for $5M

Minnesota School of Business sells site in Richfield

Copyright © 2024 BridgeTower Media. All Rights Reserved.