Office W Minnesota

Coldwell Banker Commercial Griffin negotiates $2.275 million office building sale in Minnesota

  

Senior associate Dan Altstatt of Coldwell Banker Commercial Griffin Companies has negotiated the signing of a $2.275 million, 23,301-square-foot sale at 731 Bielenberg Drive in Woodbury, Minn.

Senior associate Dan Altstatt of Coldwell Banker Commercial Griffin Companies has negotiated the signing of a $2.275 million, 23,301-square-foot sale at 731 Bielenberg Drive in Woodbury, Minn.

The Tamarack Hills Development of Woodbury inched a step closer to recovery as Alerus Financial, represented by Dan Altstatt of CBC Griffin Co., sold the property to Logistics Planning Services of Mendota Heights. This company will now occupy the building.

The building, a Class-A office building, was foreclosed upon two years ago by Alerus Financial, and was one of many properties in the area that came back to the lenders during and after the recession of 2009.

"This was a great deal for both the bank and the buyer," said Altstatt. "Truly a fair market deal in my opinion considering some of the difficulties we had with this particular asset. The buyer bought at the right time, and the seller met requirements set by the FDIC, so both parties are very pleased with the deal."