Just Sold: Big River acquires Burnsville building for $5.35M | Finance & Commerce

Minneapolis-based Big River Real Estate has acquired a $5.35 million industrial property in Burnsville as an asset in its Big River Real Estate Fund IV LLC.

Big River Nicollet LLC closed Nov. 14 on its purchase of the 48,000-square-foot reinforced concrete building at 12155 Nicollet Ave. from First Industrial LP in Chicago. The price works out to $111.46 per square foot.

The office warehouse was completed in 1995 on 5.8 acres north of Highway 13 and east of Interstate 35W. It has 12 dock doors and 24 feet of clear height.

The property is fully leased to Central Garden and Pet.

“We are very pleased to have purchased this asset in our fourth closed end real estate fund,” said Big River CEO Ryan Mallery.

“We really like this asset for its excellent functionality and flexibility for industrial users,” he said. “It has really good loading relative to the market, and the 24-foot clear height is hard to find in these small to medium-size buildings. For the first time in my career, we plan to hold this asset without any debt for the foreseeable future. Placing debt on the asset just isn’t accretive to the acquisition at current market interest rates, so we are holding it.”

Big River launched its first fund in February 2012 and filled out its commitments in less than 120 days, according to its website. It is a real estate private equity fund focused on stabilized commercial real estate assets across the upper Midwest.

The seller was represented by the CBRE team of Bentley Smith, Judd Welliver, Mike Caprile, Zach Graham, Ryan Bain and Joe Horrigan.

Place: 12155 Nicollet Ave., Burnsville

Price: $5,350,000; $200,000 down payment; cash; $111.46 per square foot

Buyer: Big River Nicollet LLC, Minneapolis

Seller: First Industrial LP, Chicago

Date: 11-14-23

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St. Cloud apartments draw $2.15M

North Place Apartments, a 36-unit rental property in St. Cloud, has sold for $2.15 million in a 1031 exchange deal between a local buyer and a seller in Logan, Utah.

SVS Properties LLC in Waite Park closed Nov. on the acquisition from Utah-based Beehive Properties LLC.

The 30,196-square-foot building was developed in 1986 at 3457 Third St. N. It includes 17 one-bedroom units, 18 two-bedroom units and one studio. Rents are significantly below market rates, according to marketing materials.

The property was listed in September and sold in less than three months. The sale price works out to $59,722 per unit. The average sales price per unit for apartments in the Twin Cities metro area is $153,018, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 83,135 apartment units since Aug. 31, 2011.

Place: 3457 3rd St. N., St. Cloud

Price: $2.15 million; no down payment listed; 1031 exchange

Buyer: SVS Properties LLC, Waite Park

Seller: Beehive Properties LLC, Logan, Utah

Date: 11-14-23

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