Big Lake Lumber Yard Sold for $4.85M; Vintage St. Paul Apartments Sold for $2.25M

Editor's note: "Just Sold" is a Finance & Commerce feature that provides insights into the latest commercial real estate transactions in Minnesota and across the country. The column highlights notable sales, showcasing the diversity of properties, buyers, and sellers involved in these transactions. 
 
One recent transaction featured in "Just Sold" was the $4.85 million acquisition of the U.S. a lumber yard in Big Lake by a group of buyers who split the cost. The property, located on 19.41 acres with rail service at 19661 172nd St. NW, includes six buildings totaling 92,928 square feet and is leased to a single tenant under a net lease agreement. 
 
The seller was represented by Jon Rausch, Ben Drew, Amber Vickerman, and William Melin of Cushman & Wakefield's Bloomington office. On the buyer's side, Mackenzie Damerow from Hoyt Properties in Minneapolis facilitated the transaction. Brokers noted that the strong credit of the tenant attracted national interest and generated multiple offers for this prime industrial property. 
 
In another noteworthy sale highlighted in "Just Sold," James and Laura Rubin of Mint Properties sold two vintage nine-unit apartment buildings on Grand Avenue in St. Paul to a private investor for $2.25 million. The twin brick buildings were constructed in 1916 and are located at 707 and 711 Grand Ave. 
 
With this sale, the Rubins continue to downsize their apartment portfolio as they transition into a new phase after building up their holdings over several decades. Their decision to sell properties reflects changing priorities as their children have grown up and moved out. 
 
The sale price of $125,000 per unit for these St. Paul apartments is below the average sales price per unit for multifamily properties in the Twin Cities metro area, according to data from Finance & Commerce's Apartment Sales Tracker website. 
 
Since its launch on August 31st, 2011,2011,the Apartment Sales Tracker has recorded nearly ninety thousand apartment units changing hands through various transactions within Minnesota. This comprehensive database provides valuable insights into market trends, sales volume, and pricing dynamics within this segment of commercial real estate. 
 
As investors seek opportunities to capitalize on evolving market conditions, it is crucial for them to stay informed about recent sales activity such as those featured in "Just Sold.By analyzing these e transactions, buyerssellers,and industry professionals can gain valuable e insights, intelligenceand knowledge that can inform their investment decisions, strategic planning, and overall approach towards navigating today's dynamic commercial real estate landscape.