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Finance and Commerce
Just Sold: Prior Lake day care draws $6.2 million
By Anne Bretts,
28 days ago
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 developer of a string of Lil’ Explorers franchise child care centers around the Twin Cities over more than a decade has sold one built in 2022 in Prior Lake to a 1031 exchange investor for $6.2 million.
It may be his last one.
“Milestones Early Learning Center is the new brand that is being started,” developer Jeremy Spaude said in an email interview.
“We have two contractors, Greystone Construction out of Shakopee and GDS Design from Waconia.The ground-up centers are all in the 16,000-square-foot range. We have paused development on Lil’ Explorers and are focusing on our new brand.
“We have one that just opened in Lino Lakes.We have one in Maple Grove opening the end of August and one in Lake Elmo opening in November.
“We have one that we will be starting in in Eagan that is a building remodel that will be opening in March of 2025.”
While Spaude develops centers, his sister Jennifer Schultz manages them, with the aid of regional and onsite directors. Since 2002, the siblings have opened 18 centers.
Lil’ Explorers is a Tennessee-based preschool and child care network serving the Twin Cities through the programming of Cadence Education, a national company that operates more than 300 private preschools and elementary schools under 40 brands.
Place: 3880 Fountain Hills Drive NW, Prior Lake
Price: $6.2 milllion; cash; 1031 exchange
Buyer: PriorLake LLC, Wilson, Wyoming
Seller: Lil Explorers Properties Prior Lake LLC, Cottage Grove, Tennessee
An entity related to Cummins & Bonestroo Law Office has paid a private investor for $1.8 million for the 11,364 square-foot building at 2251 Tower Drive in Stillwater. (Submitted photo: Metro East Commercial Real Estate Services)
Cummins & Bonestroo Law Office, which has two locations in Bayport has bought a single stand-alone building in Stillwater’s Business Park.
An entity related to the firm has paid a private investor for $1.8 million for the 11,364 square-foot, Class C brick building, which was completed in 1995 on 2.41 acres at 2251 Tower Drive in Stillwater.
The buyer, CB RE Holdings LLC, closed June 6 on the acquisition from SCSR LLC, Stillwater. The seller bought the property for $1.5 million in 2017. TJ Wilson of the Applegate Inc. office in New Richmond, Wisconsin represented the seller.
The interior is built out as professional offices, large open areas, conference rooms, kitchen and a shipping and receiving area, according to marketing materials.
Law firm representatives couldn’t be reached immediately to discuss their plans.
Place: 2251 Tower Drive, Stillwater
Price: $1.815 million; $1.015 million down payment; new mortgage; 1031 exchange investment; $159.71 per square foot
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