Listen to this articleEditor’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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Richfield lawn care company moves to Hopkins
Steve Mura walked away from a corporate career seven years ago to buy his own lawn care business in Richfield. Three years ago, he bought a pool service company there.
Now Mura has paid $3.15 million for a 30,000-square-foot building in Hopkins with room for all 50 employees and their equipment — and their future growth. Barrett Lawn Care includes commercial and residential landscaping, lawn care, snow removal, and pool liner installation.
Mura Commercial LLC bought the building at 1415 Fifth St. S. from Walker Properties LLC in Edina, an entity related to a former tenant. The sale closed Oct.5. The price works out to $105 per square foot.
The seller was represented by Brian J. Wasserman, senior vice president in the Minneapolis office of CBRE.
The one-story, multitenant building was developed in 1963 on 2 acres.
Mura, who was global vice president of innovations at MillerCoors, doesn’t regret his career change.
“I was kind of burned out,” he said, adding that large corporate structures can make innovation difficult.
“I love being an entrepreneur.”
Place: 1415 Fifth St. S., Hopkins
Price: $3.15 million; $229,435 down payment; new mortgage; 1031 exchange; $105 per square foot
Buyer: Mura Commercial LLC, Hopkins
Seller: Walker Properties LLC, Edina
Date: 10-5-23
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