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.
Northstar Capital, which usually invests in helping low- to middle-market companies grow, is now investing in itself, buying a North Loop building it plans to make its new headquarters.
“It’s going to be spectacular when it’s done,” said Tom Lelich, who has been involved in what became a year of negotiations leading to the $4.01 million deal.
SOCIIIS FORTIS LLC, an entity registered to Northstar Capital’s office at 45 S. Seventh St. in Minneapolis, acquired a 39,000-square-foot building at 615 N. Third St. from LA Partners, an entity related to John N. Allen broker/agent with Industrial Equities LLP and an owner of the building since 1994.
Chris Rohers of Rokos Advisors represented the buyer.
The price works out to $102.82 per square foot. Plans for the 97-year-old building haven’t been finalized, but Lelich said it will include high-end office space and possibly indoor parking on the first floor.
“They will be doing a major renovation,” Lelich said.
The building was the headquarters of Atomic Data, which moved to larger quarters in The Marq at 250 Marquette Ave. S. in Minneapolis. Before that, the building was the headquarters of Caribou Coffee.
Place: 615 N. Third St., Minneapolis
Price: $4.01 million; no down payment listed
Buyer: SOCIIIS FORTIS LLC, Minneapolis
Seller: LA Partners, Minneapolis
Date: 10-25-23
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St. Cloud apartments draw $3.85M
The 54-unit Ivy Apartments complex, 1500 Ninth Ave. S. in St. Cloud, has sold for $3.85 million in a deal between two private investor groups.
Sunshine Ivy Holdings LLC in Rochester closed Oct. 20 on the acquisition from Ivy Investment Partners of Sauk Rapids.
The property includes 54 units in three buildings, developed between 1971 and 1982 on 2.81 acres. They have 53 four-bedroom units and one two-bedroom unit. Schmitt noted that the seller invested $300,000 in the last year in new roofs, parking lot upgrades and painting common areas, according to online marketing materials.
The price, which also includes $81,000 in appliances and equipment, works out to $71,296 per unit. By comparison, the average sales price per unit for apartments in the Twin Cities metro area is $152,780, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 82,666 apartment units since Aug. 31, 2011.
Scott Schmitt, president and principal broker of CBC Orion Real Estate Advisors in Waite Park, facilitated both sides of the transaction. He noted that there still is interest in apartment properties, but higher interest rates make the market more of a challenge than in the recent past.
“It’s a different year,” he said.
Place: 1500 Ninth Ave. S., St. Cloud
Price: $3,850,000; $730,000 down payment; new mortgage; $71,296 per unit
Buyer: Sunshine Ivy Holdings LLC, Rochester
Seller: Ivy Investment Partners LLC, Sauk Rapids
Date: 10-20-23
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