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Manna Capital Acquires The Lex Office Building In Shoreview Minnesota For $18.55M

Property Image
SOLD
$18,550,000

Minnesota

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Office124,925 SF
Sold 06/04/2026
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Property Image
SOLD

Manna Capital Acquires The Lex Office Building In Shoreview Minnesota For $18.55M

4100 Lexington Avenue North

See Similar Deals
Office124,925 SF
Sold 06/04/2026
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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.

Players

Colin Ryan
7 deals$267.2M volume(612) 217-6727
BROKER

Brian Glad
JLL
1 deal$18.6M volume(612) 217-5119
BROKER

Manna Capital
BUYER

Details

SOLD
IMAGE: 06/04/2026 ADDRESS: 4100 Lexington Avenue North MARKET: Shoreview, MN ASSET TYPE: Office BUYER: Manna Capital SELLER: Eagle Ridge Partners BROKERS: Colin Ryan & Brian Glad - JLL SALE PRICE: $18,550,000 SF: 124,925 - PPSF: $148 NOTE: Manna Capital has acquired The Lex, a 124,925-square-foot office building in Shoreview, Minnesota, from Eagle Ridge Partners for $18.55 million, including a $4.7 million TIF note transfer. The 94%-leased, 1970s-era asset—recently renovated and anchored by tenants like Alerus Bank and Great Waters Financial—was bought as a long-term hold targeting stabilized suburban office demand in Minnesota.

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Deal Type
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