New American Development Center Purchases Office Building From St. Mary’s University For $3.73M
2304 Park Avenue South
$3,730,000
$95/SF
Building Size
39,000 SF
Asset Type
Office
Closing
May 13, 2025
About this deal
AI
The office building located at 2304 Park Avenue in Minneapolis, MN, features a total area of 39,000 square feet. It was sold for $3,730,000, translating to a price per square foot of $96. The asset is situated in a notable market, reflecting its value in recent transactions.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $3,730,000
- Sale Date: 05/13/2025
- Buyer: New American Development Center
- Seller: St. Mary’s University
- Buyer’s Representative: Mohamed Abdulle - Northstar Real Estate Associates
- Seller’s Representatives: Pete Guidera & Tina Buss - Coldwell Banker
This transaction involved the representation of the buyer by Mohamed Abdulle from Northstar Real Estate Associates, while the seller was represented by a team of Pete Guidera and Tina Buss from Coldwell Banker. The collaboration between these individuals contributed to the successful closure of the sale.
Players
Minneapolis Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.25%
Cash-on-Cash
-1.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93