FOR IMMEDIATE RELEASE
CBCGriffin Announces Sale of Several Lake Elmo Properties
(Minneapolis, MN, 6/25/2012) – Lake Elmo Avenue will start to look a little brighter to its businesses as Alerus Financial, owner of three commercial REO properties, nears the sale of each property, ending the bank owned phase of each asset.
Dan Altstatt of Coldwell Banker Commercial Griffin Companies represented Alerus Financial as they executed a contract to sell 3537 Lake Elmo Avenue, the “Clock Building,” earlier this month to the City of Lake Elmo.
Within days, they also executed a contract with Agin Court, LLC an entity partially controlled by Jon Whitcomb of Greystone Commercial who will purchase 3459 Lake Elmo Ave, which houses “What Not Boutique,” and “Bob’s Fly Shop.”
“They say when it rains, it pours, and I’m glad we could help our client find great buyers for these buildings,” said Altstatt.
Both buyers have planned some renovations to the properties. “Tenants interested in Lake Elmo can generally find great lease opportunities, but not always a high quality space. Any improvements made on the Avenue will help attract businesses that might otherwise overlook the area for Stillwater or White Bear Lake. Selling these buildings should help bring vitality back to Lake Elmo Avenue.”
The bank and Altstatt are also nearing the sale of the historic Grain Elevator, which sits next to the area’s main attraction, the Lake Elmo Inn.
You can reach Dan Altstatt at (612) 904-7824 or by [email]
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