Old Duluth Office Structure Acquired for $3.5 Million; Distinct $2.5 Million Transaction in Eagan

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Historical Office Building in Duluth sold for $3.5 Million

In an unexpected move, Lester Park Holdings LLC, an establishment linked to the Atwater Group, successfully sold an office building in Duluth, Minnesota, fetching a whopping $3.5 million. This gargantuan building spans 21,000-square-foot and is located on 310 E. Superior St. Known for its breathtaking view of Lake Superior, this strategic sale, which took place on January 24, did not include the land on which it stands.
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About the Purchaser

The sold property remains wholly occupied, marking the final closure of any property associated with Atwater in Duluth. However, in the Twin Cities, Atwater still retains ownership of five properties. The buyer of this transaction was First Northern Development LLC, selling the property at a prosperous time.

Exploring the Financial Angle

A substantial sum of $1.5 million was set as the initial payment, followed by a $2 million contract for deed, spread over 48 months. The deal also outlines a fluctuating interest rate of 7.55%, ensuring that the business stays afloat. A balloon payment of $500,000 is also anticipated in 2028.
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Additional Acquisition: Interstate Development Steps Up

A separate real estate transaction witnessed significant cash flow when Interstate Development in Eden Prairie purchased a building in Eagan for $2.5 million. This asset, previously part of the famed Blue Cross Blue Shield campus, is projected to serve as the new headquarters for the liquor distribution company, Johnson Brothers.
The real estate is located at 3311 Terminal Road and was bought from Health Landlord (MN) LLC, a New York-based associate of the prestigious Net Lease Office Properties. Unfortunately, the specifics of this deal remained undisclosed.
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