Spring Gate Properties LLC Acquires Spring Gate Shopping Center In Golden Valley For $8.4M
5621 Duluth Street
$8,400,000
$193/SF
Building Size
43,404 SF
Asset Type
Retail
Closing
Oct 8, 2024
About this deal
AI
The property asset involved in the transaction is a retail space located at 5621-5695 Duluth Street in Golden Valley, MN. The sale was finalized on 10/08/2024 with a total sale price of $8,400,000. This retail asset spans 43,404 square feet and is situated on 4.69 acres. Key tenants at the location include Lunds & Byerlys and Walgreens.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $8,400,000
- Address: 5621-5695 Duluth Street
- Market: Golden Valley, MN
- Square Footage: 43,404 SF
- Price Per Square Foot: $194
- Buyer: Spring Gate Properties LLC
- Seller: Olympik Spring Gate LLC
- Buyer's Representative: Brad Kaplan & Chad Anvary - Transwestern
- Seller's Representatives: Amber Vickerman, Skip Melin & Deb Carlson - Cushman & Wakefield
The deal involved representation by Transwestern for the buyer, Spring Gate Properties LLC, while Cushman & Wakefield represented the seller, Olympik Spring Gate LLC. This transaction marks a significant acquisition for the buyer, expanding their portfolio in the Golden Valley market.
Players
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
1.89%
Cash-on-Cash
-0.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93