Just Sold: Daikin Applied expands in Owatonna

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.

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When Daikin Applied started running out of room to grow in its 200,000-square-foot Owatonna manufacturing plant, the solution was hiding in plain sight.

On July 9, Daikin paid $3,691,360 in cash for a vacant, 66,432-square-foot building on 7.41 acres right next door, at 2100 Park Drive. The building was completed in 1969 and expanded in 1974.

The industrial building was available because last winter Thomas and Susan Peterson, owners of Climate by Design International, moved into the new headquarters they had The Opus Group build at 200 Festal Place NW #288. The Petersons create desiccant dehumidifiers and critical process air handlers for a wide array of applications, including ice arenas, hospital surgical suites and food processing facilities.

Daikin is a global producer of heating, ventilation, and air conditioning (HVAC) equipment.

Place: 2100 Park Drive, Owatonna

Price: $3,691,360; cash

Buyer: Daikin Applied Americas Inc., Plymouth

Seller: Burgeon Trust LLC, Owatonna

Date: 7-9-24

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Minneapolis apartments sell for $2.1 million

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Lakeville-based Millennial Properties has paid a private owner $2.1 million for a two-story, 24-unit apartment building developed in 1963 at 3441 Bryant Ave. in Minneapolis.

The price works out to $87,500 per unit. The average sales 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: 3441 Bryant Ave., Minneapolis

Price: $2.1 million; $ 630,000 down payment; new mortgage; $87,500 per unit

Buyer: Bryant Apartments LLC, Lakeville

Seller: 3441 Bryant LLP, Minneapolis

Date: 6-28-24

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