Upland Real Estate Group recently completed the sale of a 70,400-square-foot two-story office building at 5350 W. 78th St. in Edina, Minnesota.
Upland Real Estate Group and ASSEMBLY MN LLC, both commercial real estate brokerage firms, completed the sale of this property on Dec. 22, 2020.
W78th 5350, LLC was the seller of the asset. The buyer was ISLA Affiliated Building Company. The total consideration was $6.4 million.
“These sales add to the growing list of well-located older office and industrial properties that are being converted to schools or torn down for multifamily housing in the suburbs. This is a trend that is likely to continue”, said Joshua Huempfner with Upland.
The buyer, a non-profit Spanish immersion charter school, was represented by brokers Merrie Sjogren and Nick Peterson of ASSEMBLY MN LLC. ISLA currently operates out of a 30,000-square-foot facility in Minnetonka, Minnesota. That site is under contract to local developer Doran Companies, and is slated to be redeveloped into multi-family housing.
