Aggarwal buys Crown Iron Works building.

Byline: Matt M. Johnson

A group of investing entities managed by Minneapolis businessman and investor Ashish Aggarwal has paid $12.75 million for Crown Iron Works' new Blaine world headquarters just weeks after it opened for business.

Four entities that share an address with Aggarwal's Shree Investments and Uptown Apartments purchased the 67,000-square-foot manufacturing and product research facility at 9879 Naples St. NE in Blaine, according to a certificate of real estate value made public late last week.

Crown Iron Works, which produces equipment for the oilseed processing industry, moved into the building in August. The company has a "long term" lease with Aggarwal's group, said Nick Leviton, a Colliers International vice president who represented the buyers.

The seller was Golden Valley-based developer M.A. Mortenson Co. The company built the facility for Crown. The total project cost was $12 million, according to Crown's website.

The transaction, which closed on Sept. 27, works out to about $190 per square foot of space. Hennepin County values the property at about $2.1 million for tax purposes.

Aggarwal's group was attracted to the building because it has a single tenant with a long-term triple-net lease, Leviton said in a Tuesday...