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.
Doughnuts, cakes and bagels soon may be replacing the frozen entrees once made on Main Street in Austin, Minnesota.
Avon, Indiana-based Harlan Bakeries LLC has paid $1.71 million for the 119,210-square-foot plant Minneapolis-based Bellisio Foods Inc. closed last April.
The price works out to $14.34 per square foot for the plant and 12-acre site at 1118 N. Main St. Bellisio Foods paid $6.1 million in 2013 for what was then the Austin Packaging Co. plant and the operations, according to the Austin Daily Herald.
Harlan, which has its corporate offices in Avon, also has locations in Indianapolis and Denver, as well as Hope, Arkansas, and Effingham, Illinois. Its Apple Valley Foods subsidiary in Canada has operations in Edmonton, Alberta, and Kentville, Nova Scotia.
Apple Valley Foods US Inc., an entity related to Harlan, closed Jan. 17 on the purchase of the plant from 118 Main LLC. The buyer is an entity related to Mill Valley, California-based Rabin Worldwide. The Rabin website describes it as a family-held industrial auction and real estate investment company focused on the acquisition and sale of industrial equipment and facilities.
Rabin Worldwide formed a joint venture with Northbrook, Illinois-based Hilco IndustrialandCapital Recovery Group of Alpharetta, Georgia, to acquire the assets of the Austin plant after Bellisio Foods announced in early 2018 it would close the plant in April, eliminating about 105 jobs. No financial terms of the Aug. 15 deal were disclosed. A certificate of real estate value listed a cash price of $1.7 million for the property. It includes a 100,000-square-foot warehouse, a 10,000-square-foot freezer, 5,000-square-foot cooler area, 5,000-square-foot office space and the 12-acre site.
Austin is 113 miles south of Minneapolis.
As Finance & Commerce reported, Bangkok, Thailand-basedCharoen Pokphand Foods, acquired Bellisio Foods in 2016 from its parent company, Centre Partners, for...