Eagan-based JR Hospitality and its partner, Burlington, Iowa-based Hawkeye Hotel Group are set to start work on this 107-room hotel on a site just south of the Twin Cities Premium Outlets mall in Eagan. The 0.82-acre parcel is next to 3939 Cedar Grove Parkway, where the partners are completing a Home2 Suites by Hilton. (Submitted rendering: Base4 Architects & Engineers)
Editor’s note: “Just Sold” is a Finance & Commerce feature based on certificates of real estate value recently filed for commercial transactions and significant residential transactions in Twin Cities counties. Additional details in the transactions come from Plat Research, the Minnesota Secretary of State’s Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded. Full prices are available on the CRVs posted here.
Eagan-based JR Hospitality and its partner, Coralville, Iowa-based Hawkeye Hotel Group are set to start work this summer on a 107-room Fairfield Inn & Suites, their second hotel on a site just south of the Twin Cities Premium Outlets mall in Eagan.
Kanda City Lodging LLC, a Hawkeye entity, closed April 9 on the nearly $1.02 million purchase of the 0.82-acre site from Eagan Economic Development Authority, according to the certificate of real estate value released April 20. The purchase price works out to nearly $1.24 million per acre or $9,500 per room, the formula the city used to determine the cost.
The parcel is next to 3939 Cedar Grove Parkway, where the partners are wrapping up work on a 119-room Home2 Suites by Hilton, set to open this summer. Hawkeye Hotel paid the city $491,706 for the Home2 Suites site last August. Base4 of Boca Raton, Florida, is the architect for both projects. NGC Group Inc. of Lincoln, Nebraska, will be the general contractor.
The hotels are among four the partners have under construction, with another hotel undergoing a major renovation and five more set to break ground within the next 90 days, said Jay Bhakta, managing partner for JR Hospitality. Nine of the company’s 11 current projects are in the Twin Cities, with two in Wisconsin.
How does Bhakta keep all the projects on schedule?
“I have great partners,” Bhakta said.
The site for the two companion hotels is in the center of the city-owned Cedar Grove Parking Garage, a 1,550-stall structure shaped like a crescent. The garage serves the Twin Cities Premium Outlets mall, which opened in 2014 at a site near the intersection of Highways 77 and 13.
Purchase price: $1.017 million (cash)
Price per square acre: $1.24 million
Last sale: N/A
Property ID: 10-16723-01-020
Date of deed: 4-9-18
ECRV released: 4-20-18
Uptown retail building fetches $2.5M
2801 Hennepin Ave., Minneapolis (Submitted photo: CoStar)
Description: Two-story, 10,290-square-foot retail building, built in 1970 on 0.24 acres at 2801 Hennepin Ave. in Minneapolis
Buyer: 2801 Associates LLC, Eden Prairie
Seller: Namakan Properties LLC Minneapolis
Purchase price: $2.5 million, with a $720,000 down payment and new financing, part of a 1031 exchange
Price per square foot: $242.95
The transaction: A fully leased Uptown Minneapolis building that’s home to a salon, fitness center and fast-food restaurant has sold for $2.5 million in a deal between private investors.
Namakan Properties LLC closed April 19 on the sale of the 10,290-square-foot, fully leased building at 2801 Hennepin Ave. to 2801 Associates LLC, based in Eden Prairie.
The purchase price works out to $242.95 per square foot.
One of the investors in the buyer group confirmed the sale but declined to identify the investors or comment on the acquisition. He confirmed that the building had been renovated in recent years, and identified the tenants as Potbelly Sandwich Shop and IM=X Pilates and Fitness, on the first floor, and Salon Concepts on the second floor.
Before the renovation, the upper floor housed offices for several small businesses, according to CoStar.
The Secretary of State’s records show the selling entity is managed by William Bailey, the owner of Minneapolis-based Carpet King. He couldn’t be reached for comment Wednesday.
CoStar shows that one of the former tenants was Flooring Expo, a company related to Carpet King. Flooring Expo still operates stores in Woodbury, Edina and Maplewood, according to the Carpet King website.
Last sale: $1.76 million in 2013
Property ID: 33-029-24-43-0033
Date of deed: 4-19-18
ECRV released: 4-20-18
Olympus pays $2.1M for Whittier apartments
2109 Blaisdell Ave., Minneapolis (Submitted photo: CoStar)
Description: 16-unit low-rise apartment building, built in 1905 on 0.36 acres at 2109 Blaisdell Ave. in the Whittier neighborhood of Minneapolis
Buyer: Olympus Properties LLC, Minneapolis
Seller: Vlatrix LP by Blue Heeler Inc., Its General Partner, Sioux Falls, South Dakota
Purchase price: $2.1 million, with a $425,000 down payment and new financing
Price per unit: $131,250
The transaction: Minneapolis-based Olympus Properties LLC has paid $2.1 million for a 16-unit vintage apartment at 2109 Blaisdell Ave. in the Whittier neighborhood of Minneapolis. The property is the 12th acquisition in the company’s apartment portfolio, according to information on the company’s website.
The property last sold in 2013 for $1.34 million but ended up with its lender, Anchor Bank. Vlatrix acquired the property through a quit claim last month, then sold it to the current owner.
The property includes 16 two-bedroom units averaging 1,000 square feet of space each. Rents weren’t available.
The price for the property works out to $131,250 per unit. The average sales price per unit for apartments in the Twin Cities metro area is $124,967, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 42,815 apartment units since Aug. 31, 2011.
The parties couldn’t be reached for comment.
Last sale: Seller paid $854,000 in a quit claim transaction in March 2018
Property ID: 34-029-24-21-0098
Date of deed: 4-24-18
ECRV released: 4-25-18