Just Sold: Mankato composite decking plant sells for $5.25 million.

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.

Investors who bought a Mankato industrial property that was the site of three failed businesses apparently have found success with a fourth. The investors who found the tenant and put up $4 million in 2015 to buy the property have sold it to an entity related to the tenant for $5.25 million.

The seller, identified as 414 Capital Group LLC closed May 15 on the sale of the 150,062-square-foot building, built in 1992, and 38 acres of land. The property is described as 241 Mohr Drive, 181 Summit Ave. and a vacant parcel without a formal address. It lies east of County Road 5, in an industrial area north of U.S. 14.

The buyer is Mankato Investments LLC, which gives an address in Jupiter, Florida. The tenant is Fiber Commercial Technologies, which operates as Fiberon, a maker of composite decking, railings, and fencing. The company, which is based in New London, North Carolina, was acquired in 2018 by Fortune Brands, based in Deerfield, Illinois. Fortune Brands, a home and security products company,posted net sales of $5.5 billion in 2018.

The seller lists the same address and phone number as Mankato-basedAlliance Contracting. CoStar lists the main owner of the Mohr Drive site as Jeremy Brown, president and owner of Alliance.

The price works out to $34.99 per square foot.

As Finance & Commerce reported in 2015, the property was in receivership after Agristrand Mankato LLC closed its doors. Dale Severson of Coldwell Banker Commercial Griffin Cos. in Minneapolis, is the court-appointed receiver for Agristrand's assets. Agristrand, a privately held company, bought the plant in 2011 and invested in equipment to produce a soy-based version of particleboard products from recycled agricultural waste, Severson said. Two similar companies had failed before Agristrand.

Purchase price: $5.25 million

Price per square foot: $34.99

Last sale: $4 million in 2015

Date of deed: 5-15-19

ECRV released: 5-16-19

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