Retail Center In Blaine, MN Sold For $7.6M To 405 87th LLC In Edina
405 87th Lane Northeast & 667 87th Lane Northeast
$7,600,000
$28/SF
Building Size
131,812 SF
Asset Type
Retail
Closing
Nov 20, 2023
About this deal
AI
The Rainbow Village retail center in Blaine, located at 405 87th Lane Northeast & 667 87th Lane Northeast, has been sold for a price of nearly $7.6 million. The property spans 131,812 square feet and is situated on approximately 12.72 acres of land in the Blaine market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $7,600,000
- Address: 405 87th Lane Northeast & 667 87th Lane Northeast
- Market: Blaine, MN
- Square Footage: 131,812
- Price Per Square Foot: $58
The buyer of the Rainbow Village retail center is 405 87th LLC, based in Edina. They acquired the property from the seller, Blaine/Atlantic Funding LLC. The transaction was facilitated by Jonathan Adam of Silverstone Realty & Development, who represented the buyer in the deal.
NOTE: The Rainbow Village retail center in Blaine, spanning 131,812 square feet, has been sold for nearly $7.6 million to 405 87th LLC in Edina.
Minneapolis Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.09%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93