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, Catalyst and other research.
A creative financing approach is allowing Iconos Gastro Cantina, owned by Ivan Cardenas, to go from tenant to owner of its 13,570-square-foot building at 2937 Lyndale Ave. in Minneapolis.
When Cardenas he needed help to cover the price, Cory McClure, owner of Zanzibar Financing Inc. bought the building for $2.15 million and sold it to Cardenas on a three-year contract for deed.
Mike Doyle of Kenwood Commercial represented the seller.
“This is a win/win/win scenario, and the main benefactor is the tenant, who’s now a building owner and in control of his own property and building generational wealth,” McClure said in an email interview.
The loan purchase was financed by Citizens Independent Bank.
Place: 2937 Lyndale Ave. S., Minneapolis
Price: $2.15 million; contract for deed
Buyer: Cardenas Properties LLC, Rogers
Seller: Zanzibar Financing Inc., Maple Grove
Date: 8-24-23
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Maple Grove warehouse development site fetches $7M
By Brian Johnson, Staff Writer
A West Coast investor has paid $7 million for a warehouse development site in Maple Grove.
Arbor Lakes MNMP LLC, based in Orange, California, purchased the vacant site from an entity related to Edina-based Endeavor Development, according to a recently published certificate of real estate value. The site is just east of Zachary Lane and north of Interstate 694 in the Arbor Lakes Business Park.
The sale includes land only. The certificate of real estate value describes the site as “Lot 1, Block 1, Arbor Lakes Business Park 5th Addition.”
Endeavor declined to comment on the sale. Finance & Commerce also reached out to the buyer for comment.
In March, Endeavor closed on a $20 million deal for three parcels at the southeast corner of Fountains Drive North and Zachary Lane North within Arbor Lakes. Finance & Commerce reported that Endeavor planned to construct three buildings there with a combined 510,000 square feet of warehouse space.
In 2022, Endeavor Development Founder Josh Budish told Finance & Commerce that Endeavor had city approvals for five buildings with a total of 900,000 square feet of space at Arbor Lakes.
Place: Lot 1, Block 1, Arbor Lakes Business Park 5th Addition
Price: $7.03 million in cash
Buyer: Arbor Lakes MNMP, LLC, Orange, California
Seller: Arbor Lakes Land Owner, LLC, an entity related to Endeavor Development
Date: 8-24-23
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RELATED: Endeavor plans more construction at Arbor Lakes
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