• March 14, 2019

Published in Finance & Commerce, Mar.13, 2019, By Anne Bretts

Description: One-story, 8,750-square-foot medical office and retail building under construction on 0.55 acres at 586 Rice St. in St. Paul

Buyer: BENIRV Capital LLC, Wayzata

Seller: MSP 2018 LLC, an entity of MSP Commercial, Eagan

Purchase price: $4.4 million, with a $1.4 million down payment, an assumed interest-only mortgage for $1.009 million and a balloon payment in 2029; part of a 1031 exchange

Price per square foot: $502.86

The transaction:  Eagan-based MSP Commercial won’t finish its latest medical office project until fall, but the developer has sold it to an investor for $4.4 million.

MSP is under construction on a one-story 8,750-square-foot building at 586 Rice St. in St. Paul. The price works out to $502.96 per square foot.

The site, which had a variety of uses over the years, was a vacant lot when MSP bought it for $309,644 in 2018, Miller said. MSP has lined up Massachusetts-based Fresenius Medical Care North America as the anchor tenant, leasing 8,050 square feet for a dialysis center. The remaining space is planned for a potential retail user, Miller said. Miller declined to share the cost of the project.

Grant Larsen and Steve Oliver of Wayzata-based Mohagen Hansen Architecture | Interiors designed the building. Shakopee-based Mission Construction LLC is the general contractor.

MSP is staying on as property manager when the project is completed.

Last sale: $309,644 in 2018

Date of deed: 2-28-19

ECRV released: 3-1-19

Original post here: https://finance-commerce.com/2019/03/just-sold-edina-office-warehouses-fetch-10m/