Just Sold: Lakeville industrial property fetches $9.5M | Finance & Commerce

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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.

A local investment entity has sold a Lakeville industrial building to San Diego, California-based Realty Income Properties for $9.5 million.

Dewitt Clinton LLC in Minneapolis closed Feb. 1 on the cash sale of the 121,864-square-foot building, developed in between 1958 and 1981 on 8.07 acres at 8860 207th St. W. The building includes two drive-in doors, nine loading docks and 20 feet of clear height.

The price works out to $77.70 per square foot. Illinois Tool Works, which occupies the entire building, has 7½ years remaining on its lease, with average rate increases of 4% per year.

Bentley Smith and Judd Welliver, of the capital markets team with the Bloomington office of CBRE, represented the seller.

The property drew strong interest and nine offers.

Realty income Properties doesn’t comment on its transactions.

Place: 8860 207th St. W., Lakeville

Price: $9,469,000; cash; $77.70 per square foot

Buyer: Realty Income Properties 3 LLC, San Diego, California

Seller: Dewitt Clinton LLC, Minneapolis

Date: 2-1-24

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City of Blaine buys redevelopment site

The Blaine Economic Development Authority has closed on the purchase of one of the properties needed for its 105th Avenue redevelopment plan.

The city paid $1,744,200 for the property at 10550 Radisson Road, which includes a 7,200-square-foot building and 1.27 acres of land. The sellers are Busch Investments LLC and Dusty’s Truck Repair, which are mutually owned and located on the property.

A staff report indicates the city first approached the owners a year ago to discuss replacing the repair shop with new development. The owners agreed, with a provision the business could remain as a tenant through a portion of the summer. The city agreed, noting it will be 2025 before a developer will purchase property from the Economic Development Authority and begin construction.

Place: 10550 Radisson Ave., Blaine

Price: $1,744,200; cash

Buyer: Blaine Economic Development Authority

Seller: Busch Investments, LLC, Lino Lakes

Date: 2-9-24

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