Just Sold: Former 3M plant in Eagan set for redevelopment.

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]

Mendota Heights-based RJ Ryan Construction Inc. has paid Maplewood-based 3M $5.125 million for a vacant 127,561-square-foot manufacturing plant in Eagan, which it plans to replace with new distribution center nearly twice its size.

Ryan has a client for the project, but company officials are keeping the identity private, along with the budget for the new 205,920-foot building.

The new building, to be called the Lexington Logistics Center, will be located on the 24.06-acre site at 3031 Lexington Ave. S. The site is near the junction of Interstate 35E, Interstate 494 and Minnesota 55. The building is planned to have dock and drive doors and 43-foot clear height.

Ryan has won approval for outdoor parking for 43 trucks and trailers, and plans to start demolition as soon as possible, said Jeremy Thomas, vice president.

There are no renderings for the new facility yet.

"We're still talking to them about building design," said Mike Schultz, city planner.

Thomas said the building is set for completion in fourth quarter 2021.

The existing plant, built in 1973 was a 3M plant making air filtration products until it closed in 2018, eliminating 150 jobs.

The price for the existing building works out to $40.18 per square foot

Purchase price: $5.125 million

Price per square foot: $40.18

Last sale: N/A; Dakota County values the property at $4,130,300 for tax purposes

Date of deed: 1-16-20

ECRV released: 1-21-20

Shoreview Best Western Plus sold for $9.25 million

Description: 120-room Best Western Plus hotel and banquet center and 5,500-square-foot Green Mill Restaurant and Bar, built in 1985 on 6.85 acres at 1000 Gramsie Road in Shoreview

Buyer: BDH2-Shoreview LLC, Sioux Falls, South Dakota

Seller: Forstrom and Torgerson LLP, Willmar

Purchase price: $9.25 million, with no down payment listed and a new mortgage

Price per room: $77,083

The transaction: An entity related to Willmar-based TPI Hospitality has sold a 120-room Best Western Plus Hotel and adjoining Green Mill Restaurant in Shoreview for $9.25 million to a private investor in Sioux Falls, South Dakota. Forstrom and Torgerson LLP closed Jan. 7 on the sale to BH2-Shoreview LLC. TPI developed the...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT