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, Catalyst and other research.
Chinese motorsports company CFMOTO has paid $18.1 million for its newly completed U.S. headquarters at 5005 Nathan Lane N. in Plymouth.
CFMOTO Powersports Inc., formerly located at 3555 Holly Lane N., Suite 30 in Plymouth, closed Aug. 25 on the cash acquisition from three entities related to Minneapolis-based Endeavor Development.
Established in Hangzhou, China, in 1989, CFMOTO now is in more than 60 countries and has been in the United States since 2002, according to its website. It established its U.S. headquarters in Plymouth in 2007.
CFMOTO’s website offers a lineup of ATV’s, UTV’s, Side x Sides, motorcycles, scooters and other products. CFMOTO designs its own four-stroke, liquid-cooled engines and has the capacity to build 800,000 of them annually.
As Finance & Commerce reported, a year ago an entity related to Endeavor paid $2 million for the 6.02-acre site and demolished the 19,015-square-foot Nathan Lane Business Center, with plans to replace the 43-year-old structure with a light industrial spec building more than four times as large.
Endeavor acquired the property from Plymouth-based United Hardware Distributing Co.
Minneapolis-based Mohagen Hansen designed the project, while R.J. Ryan Construction in Mendota Heights was the general contractor.
The building has nine docks, two drive-in doors and 28 feet of clear height. It’s one block west of Highway 169, with visibility from Schmidt Lake Road and Nathan Lane. The new headquarters features sales, marketing, vehicle development, design, parts and accessories, tech support and domestic shipping and receiving departments.
CFMOTO vehicle lines currently are manufactured in Thailand and China, with plans to open a new manufacturing facility in Mexico in 2024.
Place: 5005 Nathan Lane N., Plymouth
Price: $18,143,796, cash
Buyer: CFMOTO Powersports, Inc., Plymouth
Seller: Endeavor Investments XI, LLC, Endeavor Investments XI TIC, LLC, Endeavor Investments XI GP TIC, LLC, Minneapolis
Date: 8-25-23
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RELATED: Endeavor secures site for Plymouth industrial project
Interstate Development buys Blaine warehouse
Eden Prairie-based Interstate Development has paid $2.12 million for a warehouse at 3600-3620 88th Ave. NE in Blaine.
Blaine 3600 Industrial LLC, an Interstate entity, closed Aug. 17 on the acquisition from Tiger Investors LLC in Edina. The 8,440-square-foot Class C warehouse was built in 1984 on 2.07 acres. The one-story building has six drive-in doors and 20 feet of clear height.
Place: 3600-3620 88th Ave. NE, Blaine
Price: $2.12 million; $366,485 down payment; $251.18 per square foot
Buyer: Blaine 3600 Industrial LLC, Eden Prairie
Seller: Tiger Investors LLC, Edina
Date: 8-17-23
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