Just Sold: AEI Capital pays $7 million for North Branch clinic.

Byline: Anne Bretts

Editor's note: Additional details in the transactions come from Plat Research, the Minnesota Secretary of State's Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded.

[divider]

An entity related to St. Paul-based AEI Capital Corp. has paid $7.127 million for a North Branch medical office leased to M Health Fairview for at least another eight years.

AEI Net Lease Income Fund 36 LP closed on the acquisition from Meganet Realty LLC, an entity related to Meganet Investments LLC in Colonia, New Jersey.

The 18,171-square-foot building was built in 2013 on 2.5 acres at 5366 386th Street NE. The price works out to $392.25 per square foot

Fairview has eight years left on the triple net lease it signed when the building opened, with options for three five-year renewals. The lease includes 10% rent increases every five years. Keith A. Sturm, principal, Deborah Vannelli, director of net lease sales and Amanda Leathers, an associate, all of Minneapolis-based Upland Real Estate Group, Inc. arranged the sale.

The clinic building includes well check and urgent care exam rooms, large procedure rooms and a physical therapy gym.

The clinic campus is two blocks from Interstate 35, with a traffic count averaging 21,000 vehicles a day. The site is northwest of The Shops at Gateway North.

Purchase price: $7,127,600

Price per square foot: $392.25

Last sale: N/A

Date of deed: 1-21-20

ECRV released: 1-23-20

LaMettry's adds Minnetonka collision center

Description: 69,984-square-foot single-tenant office-warehouse, built in 1979, renovated in 1996, on 4.88 acres at 13600 County Road 62, Minnetonka

Buyer: J&R Minnetonka LLC, an entity registered to the Wayzata home of Richard and Joanne LaMettry, Wayzata

Seller: Goebel Fixture Co., Hutchinson

Purchase price: $6 million, with a $1.2 million down payment and new financing

Price per square foot: $85.73

The transaction: Inver Grove Heights-based LaMettry's Collision has paid $6 million for a 69,984-square-foot flex light industrial building at 13600 County Road 62 in Minnetonka, which it plans to convert into its 10th auto repair location. The 4.88-acre site is along County Road 62, just west of Interstate 494. It includes 11,584 square feet of office space and 58,400 square feet of warehouse space

The price works out to $85.73 per square foot.

The company started in the family garage in 1976...