Listen to this articleEditor’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.
After running out of room in the 9,000-square-foot space it has been leasing in Eden Prairie, auto parts wholesaler Crown Automotive is moving to Bloomington.
An entity related to owner Christopher McPhillips has paid $4.2 million for a 44,977-square-foot office-warehouse at 6150 110th St. W. in Bloomington. The price works out to $93.38 per square foot.
CTM Bloomington LLC in Bloomington closed June 7 on the acquisition from Willow Properties #14 LLC, a private investment entity in Wayzata.
The company, with three dozen workers and a growing parts inventory, outgrew its space long ago, said CFO Matt Cooper. The new location will offer four times the space.
Buildout is underway, with the move slated to begin within a couple of weeks.
The new building, known as the Nesbitt Business Center, was built in 1995 on 5.82 acres, with major upgrades in 2019. The 22,663-square-foot, air-conditioned warehouse includes four dock doors, three drive-in doors and 24 feet of clear height.
Eric Rossbach, senior vice president, and Seth Allan, senior associate, in the St. Louis Park office of Colliers represented the seller.
Place: 6150 110th St. W., Bloomington
Price: $4.2 million; $504,168; new mortgage; $93.38 per square foot
Buyer: CTM Bloomington LLC, Bloomington
Seller: Willow Properties #14 LLC, Wayzata
Date: 6-7-24
Morrie’s Auto Group completes Little Falls expansion
Minnetonka-based Morrie’s Auto Group has completed the $6.27 million lease-purchase of the former Brandl Motors dealership at 14873 113th St. in Little Falls.
Morrie’s entered the agreement a year ago as it acquired the dealership from longtime owners Joe Sexton and Gary Posch, who have since retired. The building has been renovated and rebranded Morrie’s Little Falls Chrysler Dodge Jeep RAM.
Morrie’s Auto Group was founded in Minneapolis in 1960 and has grown to 29 dealerships across the Midwest, according to its website. In 2016, Morrie’s transitioned from being a primarily family-owned business to a partnership between management and Fremont Private Holdings, the direct investment arm of Fremont Group. Fremont Group is the family investment office of the Bechtel family. It has acquired 19 of its locations since 2016 (and 15 locations since 2021) through nine transactions. Morrie’s now represents 21 brands, including Aston Martin, Audi, Bentley, Cadillac, Chevrolet, Chrysler, Dodge, Ford, Honda, Hyundai, Jaguar, Jeep, Kia, Land Rover, Lincoln, Maserati, Mazda, Mercedes, RAM, Subaru, and Volkswagen.
Place: 14873 113th St., Little Falls
Price: $6,265,000; $5,364,000 down payment; new mortgage
Buyer: MAG LFCDJ RE LLC, Minnetonka
Seller: Sexton-Posch LLC, Sauk Rapids
Date: 6-18-24
Brooklyn Park Americold facility sells for $13 million
The sale of a second Minnesota property in the portfolio of Americold Logistics cold storage facilities being sold by Global Net Lease Inc. has been recorded by the Minnesota Department of Revenue. On July 2, the state reported the cash sale of a property at 7130 Winnetka Ave. N. in Brooklyn Park for nearly $13 million. The 134,176-square-foot building was developed in 1985 on 12.17 acres. It has 25 dock doors and 48 feet of clear height.
Place: 7130 Winnetka Ave. N. in Brooklyn Park
Price: $12,967,963; cash
Buyer: Americold Real Estate L.P., Atlanta
Seller: ARC HR5BPMN001 LLC, Newport, Rhode Island
Date: 6-26-24
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