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 24-unit Bella Vista Apartments at 8100 36th Ave. N. in New Hope has sold for $2.9 million.
BLVD Bella Vista LLC, registered in Minneapolis, closed Feb. 9 on the acquisition from RST Holdings in Rochester. The low-rise building, built in 1973 on 1.46 acres, includes 24 two-bedroom apartments with an average of 900 square feet of space.
The $2.91 million sale included a $29,500 down payment and a $2.153 million assumed mortgage at 3.33% running through 2035.
The price works out to $121,250 per unit.
The average sales price per unit for apartments in the Twin Cities metro area is $153,956, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 84,394 apartment units since Aug. 31, 2011.
The current sellers bought the property in 2020 for $2.65 million as part of a portfolio of 70 units in three Twin Cities apartment properties totaling $11 million
Place: 8100 36th Ave. N., New Hope
Price: $2.91 million; $29,500 down payment; $2.153 million assumed mortgage at 3.33% running through 2035; $121,250 per unit
Buyer: BLVD Bella Vista LLC, Minneapolis
Seller: RST Holdings III LLC, Rochester
Date: 2-6-34
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RELATED: Just Sold: Caspian Group adds to Burnsville holdings
Kodi Collective assets draw $11.5M
CJK Group Inc. in Brainerd has announced it has acquired the assets of the Maple Grove-based Kodi Collective, which includes the LSC Communications Magazine and Catalog business unit and the stock of Kodi Collective LLC, formerly known as Continuum Marketing Services LLC.
The real estate acquisition totaled $11.45 million, according to the certificate of real estate value filed with the Minnesota Department of Revenue. The announcement didn’t include the price of operations.
Dakota Acquisition Corporation, a CJK entity, closed Feb. 9 on the cash acquisition of a 315,819-square-foot industrial building developed in 1985 on 34.75 acres at 7401 Kilmer Lane N.
The seller, LSC Communications MCL LLC, is based in Warrenville, Illinois. LSC bought the Maple Grove facility in 2020 for $8,876,000.
Kodi Collective was launched in 2023 from the former LSC Communications platform, according to the announcement. It offers creative production, print production, sourcing, logistics, and managed services. Kodi includes five offset print facilities and three digital print facilities as well as a marketing execution business.
“We are thrilled to become part of CJK Group’s family of companies as we share the same passion for print and commitment to the industry,” said Kodi Collective President and CEO James Richards in a prepared statement. “Our cultures and values align well, with unwavering dedication to customer service and employee engagement. The combined organization will be an even stronger industry partner for our customers and an outstanding place for our team members to grow their careers.”
Chris Kurtzman, CEO of CJK Group, echoed Richards’ comments, stating, “This business is an excellent complement to our entire portfolio of companies, our culture, and our strengths. When we think about serving our industry to the fullest of our abilities, I can’t think of a more powerful addition to round out and grow our capabilities while delivering innovation and tremendous value to our customers.”
Kodi Collective manages a network of over 400 validated suppliers and operates print facilities in Maple Grove; Lebanon Junction and Danville, Kentucky; Pontiac, Illinois; Liberty, Missouri; Las Vegas, Nevada; Post Falls, Idaho; and Mahwah, New Jersey. Its full-service photography/videography and creative studio is in Nashville, Tennessee.
Place: 7401 Kilmer Lane, Maple Grove
Price: $11,495,006; cash
Buyer: Dakota Acquisition Corporation, Brainerd
Seller: LSC Communications MCL LLC, Warrenville, Illinois
Date: 2-9-24
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