Published in Finance & Commerce, Feb. 15, 2019
Description: 50,971-square-foot Class C flex industrial building, built in 1963 on 2.19 acres at 1081 Highway 36 E. in Maplewood
Buyer: MSP 1081 LLC, an entity of MSP Commercial, Eagan
Seller: finnRent 1081 LLC, an entity of B&S Johnson Family LLC, St. Paul
Purchase price: $2.075 million, with a $425,000 down payment and a new mortgage
Price per square foot: $40.71
Published in Finance & Commerce, Feb. 15, 2019
Written by: Anne Bretts
Original link: https://finance-commerce.com/2019/02/just-sold-sunbelt-acquires-temp-airs-hq-for-11-5-million
The transaction: Eagan-based MSP Commercial is known for its development projects, but it also makes long-term property investments. MSP 1081 LLC, an MSP entity, closed Feb. 11 on a 1031 exchange purchase of a fully leased industrial building at 1081 Highway 36 E. in Maplewood. The 50,971-square-foot, two-level brick building was built in 1963 on 2.19 acres in the northwest quadrant of Highway 36 and Maplewood Drive. The price works out to $40.71 per square foot.
The building is fully leased to three tenants, including Valve Check Inc., Whitaker Sports & Classic Cars and a Hirshfield’s contractor service center. “We believe it has a great rent roll,” said Alex Young, president of MSP.
The location along Highway 36 also is an advantage. “It has tremendous visibility,” Young said.
Last sale: $1.225 million in 2014
Property ID: 09-29-22-31-0001
Date of deed: 2-11-19
ECRV released: 2-12-19
