Finance & Commerce
By: Anne Bretts
Published: February, 24th, 2017
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.
Roseville-based Launch Properties, which already is developing a Portillo’s restaurant in Woodbury, has acquired 12 buildable acres on the southwest corner of Tamarack Road and Bielenberg Drive for more projects.
Plans include a branch of Maplewood-based Premier Bank, an upscale children’s day care center and up to 45,000 square feet of health care and corporate offices to be built in two phases. Launch Tamarack LLC closed Feb. 17 on the $1.356 million purchase from Washington/Ramsey Acquisitions, an entity of Dougherty Funding LLC in Minneapolis.
The purchase price works out to $113,000 per acre.
Dan Regan, principal in Launch Properties, said Thursday the new 5,000-square-foot bank branch will replace the branch now located in the Woodbury Wal-Mart store. Premier has 20 locations in the Twin Cities and southern Minnesota. Regan hasn’t named the clients for the other projects.
Bill Ritter, Chris Simmons, and Ted Gonsior of the Minnetonka office of Colliers represented the seller.
In a separate transaction Launch Properties acquired a 1.5-acre site at 796 Bielenberg Drive, directly south of the Woodbury St. Paul Sheraton at 676 Bielenberg Drive. The certificate of real estate value hasn’t surfaced yet, but Regan confirmed the acquisition.
“We can develop up to 15,000 square feet in a single phase and we are pursuing build-to-suits for any health care, corporate office or Class 1 restaurant users,” Regan said in an email interview.
In December Launch Properties paid $4.55 million for a site near a Cabela’s store and the former State Farm campus to build a Portillo’s restaurant. The site is on the northwest corner of Hudson Boulevard and Radio Drive.