Just Sold: Schneiderman buys Bloomington building.

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.

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An entity related to the owner of Plymouth-based Schneiderman's Furniture has paid $5.7 million for a 69,330-square-foot office building just west of the new flagship store of his biggest competitor.

JAS Bloomington Property LLC closed on the purchase of the Penn American Building at 2740 W. American Blvd. in Bloomington. The two-story building was built in 1979 on 4.58 acres along the south side of Interstate 494. The building has a half-dozen tenants, including Ricoh, Avnet Inc. and LG Electronics.

The buyer's address is the same as Schneiderman's Plymouth store and headquarters, and Jason Schneiderman, the third-generation company president, used his email address as the contact for the transaction.

The seller was Penn American AWG LLC, an entity of Duluth-basedAtWater Group, which paid $8 million for the property in 2014.

The current purchase price works out to $82.22 per square foot.

The two-story building is in the southwest quadrant of the Interstate 494 and Penn Avenue interchange, a block west of theSouthtown Shopping Center and about 1.3 miles west of a new HOM Furniture store complex that also features Dock 86 and Gabbert's.

Schneiderman didn't respond to a question about his plans for the property.

Gary Germundsen at Colliers International, who represented JAS, said the buyer is reviewing operations. He didn't say whether Schneiderman plans to convert the office building to a retail store.

The property might need new guidance from the city, depending the specific plans for it, said Glen Markegard, Bloomington's planning manager. No applications have been submitted.

Schneiderman has overseen the company's construction of new buildings in Plymouth, Lakeville, Woodbury and Duluth. The company also has a Roseville store it has operated since 2005.

Place: Penn American Building, 69,330-square-foot office at 2740 W. American Blvd., Bloomington

Price: $5.7 million; $82.22 per square foot

Buyer: JAS Bloomington Property LLC, Plymouth

Seller: Penn American AWG LLC, an entity of Duluth-basedAtWater Group

Date: 3-13-20

Certificate of real estate value:

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