Just Sold: Gray Harbor pays $9M for Bemidji BIA office.

Byline: Anne Bretts

Editor's note: "Just Sold" is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, Catylist and other research.

Sarasota, Florida-based Gray Harbor Capital, an investment company specializing in government property, has paid $9 million for a new 35,000-square-foot federal office building at 2225 Cooperative Court NW in Bemidji.

Gray Harbor acquired the building from West Second Street Associates in Flint, Michigan, which built it in 2020 on 5.04 acres at the north end of the city. It is 100% leased to the U.S. government through the General Services Administration to house offices of the Bureau of Indian Affairs and Indian Health Services. The offices serve the Red Lake, White Earth and Leech Lake reservations. The offices relocated from a four-story office building in the city's downtown.

Bemidji is a city of 15,279, according to 2021 census estimates. It is 189 miles northwest of Minneapolis.

Place: 2225 Cooperative Court Northwest, Bemidji

Price: $9 million; $3.15 million down payment; new mortgage

Buyer: GH Bemidji LLC, Sarasota, Florida

Seller: WSSA Bemidji LLC, Flint, Michigan

Date: 10-10-23

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