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SANTAMARIA ENTERPRISES EXECUTES 1031 EXCHANGE

SANTAMARIA ENTERPRISES EXECUTES 1031 EXCHANGE

Congratulations to Santamaria Enterprises & Paramount’s West Team for the purchase and closing of The Cliff Town Offices!
THE BUILDING
2805 Cliff Road or The Cliff Town Offices is a ½ acre, 8,420 SF multi-tenant office building.  It is class B space consisting of 3 floors and built in 2004.
THE DEAL
Paramount Real Estate broker, Jeffrey Swanson helped his client, Santamaria Enterprises,  purchase this fully leased investment property as part of a 1031 exchange for the price of $1,100,000.00.  The property closed on July 20, 2020 and Jeff will stay on to help with any leasing needs the asset will have in the future. Currently we have two newly renovated, 1,200 square foot suites available for lease.
For more details about the spaces available: Cliff Town Offices For Lease
CLIENT HISTORY
Santamaria Enterprises recently sold a building in Minneapolis that included a night club owned by the landlord.  The profits from this sale were rolled into this 1031 exchange, and were used to purchase the 2805 Cliff Road building.  Paramount also represented them in leasing space in Richfield, MN.  They use this space to operate their Latino radio station, La Raza.  Tune in and enjoy the show on 95.7 FM!

EDEN PRAIRIE INDUSTRIAL BUILDING SOLD

EDEN PRAIRIE INDUSTRIAL BUILDING SOLD
Paramount Real Estate Corp | TCN Worldwide is very pleased to announce the Sale of 6450 Carlson Drive | Eden Prairie, MN

HISTORY OF THE PROPERTY
6450 Carlson Drive is a 42,760 multi-tenant office-warehouse building located off Highway 62 and Interstate 494.  The Eden Prairie industrial building situated on 3.97 acres, was built in 1986.  When a long term tenant vacated the majority of the building, Paramount was engaged to market the property.  Initially they marketed it as a 36,885 square foot vacancy For Lease.

PARAMOUNT’S CLIENT & THE DEAL
Bloomington-based Paramount Real Estate Corporation brokers, Jeffrey Swanson, Associate and Fred Hedberg, President represented the seller in this transaction.  FHM Partners, the sellers, consist of a local managing partner and two out of state passive owners.
“This Eden Prairie industrial building was on the market For Lease.  We were in the midst of negotiating a 10-year lease for the building’s vacant space.  This is when a user/buyer made an unsolicited offer to purchase the building.  Paramount advised FHM Partners on the pros and cons of each opportunity.  The partners decided that it was in their best interest to sell.  The transaction moved forward quickly with only a slight delay due to a change in financing that pushed the closing out 10 extra days,” commented Jeff Swanson.

THE NEW OWNER
BLCKGLD, LLC, a Minnesota owned LLC, is the entity that recently purchased this office-warehouse building at 6450 Carlson Drive.  With their upcoming expansion, a company with common ownership to BLCKGLD, LLC plans to remodel and occupy the entire building.

In conclusion, Paramount congratulates the West Team for closing on this deal!