Just Sold: Reiling pays $5.95 million for Summit Cos. HQ.

 
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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 local investor William Reiling has paid $5.95 million for the 56,809-square-foot industrial building that serves as headquarters of Summit Cos., a St. Paul company focused on fire-protection services.

Towle Financial Services Inc. closed March 1 on the acquisition of the building at 575 Minnehaha Ave. W. The buyer is registered to a phone number for William Reiling and the headquarters of Park Midway Bank in St. Paul, where Reiling is chairman of the board. Reiling is the former owner andCEOof Towle Real Estate Co., which merged in 2014 withBellwether Enterprise Real Estate Capital, based in Cleveland, Ohio.

The sellers were Rub-Rasch LLC and 4Quints Properties LLC, two entities related to Summit President Quint Rubald.

The reinforced concrete building, which was built in 2006, sits on 2.64 acres in the northeast quadrant of Dale Avenue North and Minnehaha Avenue West. The building has 27-foot clear height and two drive-in doors.

The price works out to $104.74 per square foot.

Summit provides services from sprinkler and fire alarm systems to special storage systems and fire code compliance.

Purchase price: $5.95 million, with a $3.48 million down payment and new financing

Price per square foot: $104.74

Last sale: N/A

Date of deed: 5-1-19

ECRV released: 3-13-19

American Hospitality pays $3.3M for Stillwater hotel

Description: 64-room hotel, built in 1995 on 1.67 acres at 2200 Frontage Road in Stillwater

Buyer: American Hospitality LLC and NT Hospitality LLC, both related to American Hospitality in Shakopee

Seller: St. Croix Real Estate Partnership, Carlos, Minnesota

Purchase price: $3.3 million, with $263,000 down payment and new financing

Price per room: $51,563

The transaction: An entity related to Shakopee-based American Hospitality has paid $3.3 million for a 64-room GrandStay Hotel & Suites at 2200 Frontage Road W. in Stillwater.

The seller was St. Croix Real Estate Partnership, a...

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