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7807 Creekridge Circle

Ernie Rose Acquires Office Building In Edina, MN For $4.3M
SOLDOffice

Ernie Rose Acquires Office Building In Edina, MN For $4.3M

7807 Creekridge Circle

$4,300,000

$101/SF

Building Size

42,303 SF

Asset Type

Office

Closing

Oct 3, 2023

AI

Ernie Rose, a prominent Twin Cities golf teacher, has made a strategic move by purchasing a three-story office building at 7807 Creekridge Circle in Bloomington for $4.3 million. The property is an office asset with a total square footage of 42,303, resulting in a price per square foot of $102. The transaction took place in Edina, MN.

Summary of transaction details

Ernie Rose's purchase of the three-story office building demonstrates a strategic decision in line with his prominent career as a Twin Cities golf teacher. The sale was facilitated by Ryan Walsh of RadatzWalsh Inc Commercial Real Estate, who represented Ernie Rose as the buyer's representative. The seller, Juno Investments LLC, was represented by Matt Elder and Steve Shepherd of Newmark. The acquisition of this office property marks a significant milestone for Ernie Rose in expanding his real estate portfolio.

Players

Steve Shepherd

Newmark

Broker

$4.3M

vol

1 deal

Broker

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

3.69%

Cash-on-Cash

-1.05%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93