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.
In a move that lets them retire into permanent recess, the longtime owners of the Primrose School at 17821 Highway 7 in Minnetonka have sold the 2-acre campus for slightly more than $9 million in a cash deal that works out to $533 per square foot.
They also sold their franchise for an undisclosed sum.
The buyer is EF MSP Minnetonka LLC, an entity related to the Early Foundations Childcare division of GenRock Capital Management, a private investment firm in Palm Beach, Florida. GenRock launched the division in 2021 to build a portfolio of Primrose locations, according to its website. GenRock declined to comment.
The seller is DCK Tonka LLC, an entity related to Cathy and Dan Keefe. In 2014 the Keefes invested in a franchise for the Minnetonka territory in the fast-growing Primrose Schools network of private early learning centers.
In a lucky break, a Park Nicollet clinic moved out of a 17,000-square-foot medical office, built in 1978 on land south of Highway 7 and west of Highway 101. The Keefes picked it up from Frauenshuh HealthCare Real Estate Solutions, Bloomington, for $1.275 million. A second tenant, Park Dental, also relocated, and the building was converted from medical to educational space.
Since 2014, Primrose Schools has grown from 280 to nearly 500 locations in 33 states, according to the company website. They provide educational child care, preschool and after-school programs for up to 181 children ages 12 and under.
Place: 17821 Highway 7, Minnetonka
Price: $9,060,692; cash; $533 per square foot
Buyer: EF MSP LLC, c/o GenRock Capital Management LP, Palm Beach, Florida
Seller: DCK Tonka LLC, c/o DCK Learning LCC, Chanhassen
New user pays $2.5M for Chisago City warehouse
A company owner looking for new space found it in a recently vacated warehouse at 10442 Liberty Lane in Chisago City.
Stack Properties LLC in Stacy paid $2,525,000 for the 30,320-square-foot building, developed in 2006. The price works out to $83.28 per square foot.
The seller was the John A. Erickson Revocable Trust in Dilworth, an entity related to the former owner-user, who relocated.
Jon Whitcomb, president-broker of Metro East CRE in Stillwater, represented the seller. He noted that the building drew interest because existing buildings are more affordable and take less time than new construction.
Place: 10442 Liberty Lane, Chisago City
Price: $2,525,000; $1,475,000 down payment; $83.28 per square foot
Buyer: Stack Properties LLC, Stacy
Seller: John A. Erickson Revocable Trust, Dilworth
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