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 longtime owners of the Woodwinds Medical Building in Woodbury have sold it for $8.4 million. WE Partners Medical LLC closed Sept. 15 on its acquisition from Lake Road Medical Clinic LLC.
Nobody is packing up for a move, however.
The certificate of real estate value filed with the Minnesota Department of Revenue indicates the buyers and sellers are members of the same medical practice. It doesn’t identify the practice or the individuals involved.
The 22,000-square-foot, Class B, multitenant building was developed in 2001. It sits on 2.44 acres in the northwest quadrant of Lake Drive and Interstate 494, in the medical district surrounding M Health Fairview Woodwinds Hospital.
The fully leased building has seven tenants in a mix of specialty areas, according to Catalyst. They include plastic surgery, reproductive health, and dental services.
The sale price works out to $381.82 per square foot.
Place: 2101 Woodwinds Drive, Woodbury
Price: $8.4 million; $1.68 million down payment; new mortgage; $381.82 per square foot
Buyer: WE Partners Medical LLC, Woodbury
Seller: Lake Road Medical Clinic LLC, St. Paul
Developer buys neighboring apartments for $3.7M
An owner who bought a 25-unit St. Louis Park apartment building in 2006 for $1.22 million has sold it for $3.7 million to the owner of a new building next door.
An entity related to St. Louis Park-based Crowe Cos. acquired the building at 4815 Old Cedar Lake Road on Sept. 15 from the longtime private owner.
“When the owner decided to sell, we were the logical buyer,” said Patrick Crowe, whose company developed The Quentin, a 79-unit building that opened two years ago.
The low-rise building, which was developed in 1960 at 4815 Old Cedar Lake Road, contains 25 one-bedroom units with rents from $1,200 to $1,300 per month.
The sale price works out to $148,000 per unit. The average sales price per unit for apartments in the Twin Cities metro area is $152,472, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 81,583 apartment units since Aug. 31, 2011.
Crowe said the company plans to keep the existing building for now, but added that the 1-acre site does offer options for the future.
Place: 4815 Old Cedar Lake Road, St. Louis Park
Price: $3.7 million; no down payment listed; contract for deed; $148,000 per unit
Buyer: Cedar Partners 2 LLC, St. Louis Park
Seller: NSA Cedar Lake Properties LLC, St. Louis Park
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