Rondo Community Land Trust Acquires Industrial Property At 415 Rice Street For $10.8M

The industrial property located at 415 Rice Street in Saint Paul, MN, was sold for a transaction amount of $10,800,000. This asset spans 192,000 square feet, translating to a price per square foot of $56. The transaction involved a vacant site previously occupied by Sears, positioned near the Capitol.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $10,800,000
• Address: 415 Rice Street
• Market: Saint Paul, MN
• Square Footage: 192,000
• Price Per Square Foot: $56
• Buyer: Mikeya Griffin - Rondo Community Land Trust
• Seller: Asian Access Media

Mikeya Griffin represented the Rondo Community Land Trust in this acquisition from Asian Access Media. The former Sears site will undergo remediation as the land trust plans for future mixed-use redevelopment, which aims to include housing, commercial, and arts components, emphasizing community-focused redevelopment opportunities.