Just Sold: Aurora Pharmaceutical expands Northfield presence.

Byline: Anne Bretts

Editor's note: "Just Sold" is a Finance & Commerce feature based on certificates of real estate value recently filed for commercial transactions and significant residential transactions in Twin Cities counties. 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. Full prices are available on the CRVs posted here.

An entity related to the founders of a fast-growing veterinary pharmaceutical and supply company has acquired a 55,000-square-foot multitenant warehouse near the company's Northfield headquarters.

Strobel & Werner Real Estate Holding Co. paid nearly $2.6 million for the warehouse and 5.68 acres at 1700 Cannon Road. The sale closed Jan. 24 at a price of $47.02 per square foot.

The warehouse, built in 1995, is 1 mile southwest of the building at 1196-1200 Highway 3 S., which houses Aurora Pharmaceutical, Veterinary Provisions and Cannon Valley Veterinary Clinic.

Dr. Mark Werner started Cannon Valley Veterinary Clinic in 1981 and two years later added Dr. Mike Strobel as his partner. They later created Veterinary Provisions and in 2014 created Aurora Pharmaceutical, which has grown from three to 60 employees.

Strobel is CEO, but Werner no longer is active in the companies' daily operations.

The company acquired the Cannon Road building from NREF Cannon Road LLC, an entity of Northfield Real Estate Fund, a private investment fund based in the college town along the Cannon River. It was managed by Bluewater Properties, also of Northfield.

Chris Ekern, asset manager at Bluewater, explained that the building was largely empty after an earlier owner moved operations. Aurora Pharmaceutical and Vet Provisions ended up leasing about 45 percent of the building. Bluewater and the private investors brought in more tenants to lease it up and provide a revenue stream before the sale, and will remain as manager. Other tenants include Coe Truman International, Professional Risk Managers Association and Relcore Composites.

Purchase price: $2.59 million

Price per square foot: $47.02

Last sale: $928,579 in 2014

Property ID: 22-11-1-01-012

Date of deed: 1-24-19

ECRV released: 1-25-19

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