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.
An anchor tenant in a 140,405-square-foot office warehouse at 2501 Rosegate in Roseville has paid $16.3 million to acquire the building and 9.3-acre site.
Rosegate LLC, an entity related to the
Beltmann Relocation Group in Roseville, bought the property from an entity related to
Link Logistics in New York. The sale closed May 7. The price works out to $116.09 per square foot.
Tom Bennett of CBRE represented the buyer. John Ryden, Matt Oelschlager, Mike Bowen and Bjorik Mutize of CBRE represented the seller.
The building was completed in 1996 and renovated significantly in 2017. It sits along the west side of Interstate 35W, just west of Rosedale Center.
Place: 2501 Rosegate, Roseville
Price: $16.3 million; $6.3 million down payment; new mortgage
Buyer: Rosegate LLC, Roseville
Seller: BRE Space Roseville LLC, Chicago
Date: 5-7-24
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Minneapolis CVS sells for $6.55 million
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A city location with a rare on-site parking lot and an even rarer drive-thru lane has helped draw a national investor who paid $6.55 million in cash for a 14,109-square-foot condo-style CVS pharmacy at 2001 Nicollet Ave. in Minneapolis.
Michigan-based Agree Co. bought the store, located on the ground floor of the 83-unit Eat Street Flats apartments. CVS has a 7.05% cap rate and nine years left on its triple net lease.
The seller was Lupe Property Company in Roseville, the developer that built the mixed-use project in 2008.
“Condos aren’t for everyone,” said Brian Brisky, president and principal broker at Brisky Net Lease in Minneapolis, who represented the buyer and seller. City locations can have challenges that free-standing suburban stores don’t, he said. For example, the Nicollet Avenue store has the only drive-thru within 6 miles because it was finished before the city banned them.
Place: 2001 Nicollet Ave./15 Franklin Ave. E., Minneapolis
Price: $6.55 million; cash
Buyer: Agree Central LLC, Royal Oak, Michigan
Seller: Lupe Property Company LLC, Roseville
Date: 5-13-31
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