(Minneapolis, MN, May 15, 2012) – Senior Associate Dan Altstatt of Coldwell Banker Commercial Griffin Companies has negotiated the signing of a $2,275,000, 23,301SF sale at 731 Bielenberg Drive in Woodbury, MN.
The Tamarack Hills Development of Woodbury inched a step closer to recovery today as Alerus Financial, represented by Dan Altstatt of CBC Griffin Co., sold the property to Logistics Planning Services of Mendota Heights who will be occupying the building. The building, a 23,000+ square foot 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 (Seller) and the Buyer. 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”, said Dan Altstatt. Logistics Planning Services plans to occupy most if not all of the vacant space in the asset prior to the end of the summer.