Hempel Companies of Minneapolis has completed a purchase of the Albertville Crossing complex, including anchors Coborn’s, Will McCoy’s and Sprint.
The complex, which has about 31,000 square feet of property for rent, has been on the market, locally, since 2013. Commercial Realty Solutions of Buffalo, including Realtors Sheila Zachman and Wayne Elam, continue to market the property for rent.
Hempel is no stranger to real estate transactions both in the Minneapolis market and out here in the Twin Cities exurbs. The group successfully turned around the Rand Tower and One Financial Plaza (now the Canadian Pacific Building) in downtown Minneapolis, and has also fostered Elk River’s real estate growth with the Elk Ridge development, which is home to Aldi and Goodwill stores in that community.
Details of the transaction have not been released.
Rental property inside Albertville Crossings is now listed at about $12 to $15 per square foot/per year. In other words a 1,200 square foot space would pay about $18,000 per year in rent.
That’s down, somewhat, from its highpoint in 2005, when the Crossings was owned by a development company out of state. The site has been in receivership since 2013. It was bank-owned for several months following the 2008 economic collapse.
NWCToday has contacted Hempel and will have more information on the deal when it becomes available.