Published in Finance & Commerce, Mar.13, 2019, By Anne Bretts
Description: One-story, 8,750-square-foot medical office and retail building under construction on 0.55 acres at 586 Rice St. in St. Paul
Buyer: BENIRV Capital LLC, Wayzata
Seller: MSP 2018 LLC, an entity of MSP Commercial, Eagan
Purchase price: $4.4 million, with a $1.4 million down payment, an assumed interest-only mortgage for $1.009 million and a balloon payment in 2029; part of a 1031 exchange
Price per square foot: $502.86
The transaction: Eagan-based MSP Commercial won’t finish its latest medical office project until fall, but the developer has sold it to an investor for $4.4 million.
MSP is under construction on a one-story 8,750-square-foot building at 586 Rice St. in St. Paul. The price works out to $502.96 per square foot.
The site, which had a variety of uses over the years, was a vacant lot when MSP bought it for $309,644 in 2018, Miller said. MSP has lined up Massachusetts-based Fresenius Medical Care North America as the anchor tenant, leasing 8,050 square feet for a dialysis center. The remaining space is planned for a potential retail user, Miller said. Miller declined to share the cost of the project.
MSP is staying on as property manager when the project is completed.
Last sale: $309,644 in 2018
Date of deed: 2-28-19
ECRV released: 3-1-19