Cushman & Wakefield|NorthMarq represented DLC Residential in a just-completed complex sale and assembly of 14 acres of prime inner-ring suburban land, which will be repurposed as a Class-A apartment complex, up to 700,000-square-foot office building and a new hotel.
The entire 14-acre site, which was previously owned by Duke Realty, is located just south of Interstate-394 and west of Highway 100 on the north edge of the Shops at West End development. The sales, with a total value of $20 million, closed earlier in May.
Jon Rausch and Luke Appert with Cushman & Wakefield|NorthMarq represented DLC in the site assembly and land sales.
Before closing, DLC managed the master development and municipal approval process, receiving approvals for all components of the plan from both St. Louis Park and Golden Valley, Minnesota. The two sites totaled 14 acres, but the transaction included three separate sales, including:
• DLC resold six acres to the Excelsior Group for the potential 700,000-square-foot office property• TPI Hospitality purchased 1.8 acres of the site for a new 200-room hotel• The remaining 6.2 acres will be developed by DLC into two Class-A apartment buildings with 363 high-end apartment homes and an adjacent one-acre, $1 million park.
