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Manna Capital Acquires The Lex Office Building In Shoreview Minnesota For $18.55M
SOLD
Minnesota
See Similar DealsOffice124,925 SF
Sold 06/04/2026
SOLD
Manna Capital Acquires The Lex Office Building In Shoreview Minnesota For $18.55M
4100 Lexington Avenue North
See Similar DealsOffice124,925 SF
Sold 06/04/2026
Summary
MINNESOTA
Asset Type:Office
Price Per Square Foot:$148
Total Square Footage:124,925 SF
Transaction Type:Sale
Manna Capital has acquired an office building located at 4100 Lexington Avenue North in Shoreview, Minnesota, for $18.55 million. The asset spans 124,925 square feet and has a price per square foot of $148. The property is 94% leased and was originally built in the 1970s, with recent renovations. It is anchored by tenants including Alerus Bank and Great Waters Financial.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $18,550,000
- Sale Date: June 4, 2026
- Broker Representatives: Colin Ryan & Brian Glad - JLL
- Seller: Eagle Ridge Partners
- Buyer: Manna Capital
- TIF Note Transfer: $4,700,000
This transaction reflects Manna Capital's strategy of targeting stabilized suburban office demand in Minnesota, with plans to retain the property as a long-term hold.
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BUYER
SELLER
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$989,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$65,904.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$87,936.46
Annual Debt Service$1,055,237.57
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