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FORMER KABUKI RESTAURANT SITE SOLD IN EDEN PRAIRIE

FORMER KABUKI RESTAURANT SITE SOLD IN EDEN PRAIRIE
Site Location: 6534 Flying Cloud Drive | Eden Prairie, MN
Paramount Real Estate Corp listed the former Kabuki Restaurant site for sale in the fall of 2018.  The 2.5 acre site provides easy access to Crosstown 62 and Hwy 169.  It is located between Shady Oak Road, on the West, and Valley View Road, on the South.
Finding the Right Fit…
Due to its location, interest was high and the site tours were frequent.  Interested users proposed many different uses.  These included a dog daycare, pickle-ball courts, various types of restaurants and retail, a daycare, a brewery, storage facilities and office space.  Many also wanted to use the site for outdoor storage, but current zoning does not allow this.  In addition, the City was changing the zoning from Highway Commercial to Industrial Tech Flex.  That alone prohibited many of the uses proposed.  The Seller actually agreed to two separate purchase agreements. The agreements were then subsequently voided because the city discouraged both users’ proposed plans.
Challenges to Overcome…
The sales process was an interesting one.  The building was in poor condition with the HVAC, roof, electrical, plumbing and restrooms needing updating.  The seller held an online auction to clear out much of the remaining kitchen equipment and assorted restaurant accessories.  Unfortunately what followed the auction was a bit devastating; vandalism and unsold stolen equipment.  As if that wasn’t enough, the former Kabuki site had household junk dumped and abandoned on four different occasions.
A Closed Transaction…
In December 2019, we finalized yet another purchase agreement for the former Kabuki Restaurant site.  The Coronavirus did have an effect as well, delaying the normal due diligence process and typical closing.  The result… business closings and financial issues.  Amending and extending the purchase agreement three times also didn’t speed anything up.  The sale did ultimately close in June 2020.
It was a long sales process!  Thankfully the Sellers as well as their legal counsel, were patient and willing to work toward a final agreement.  We commend them for their willingness to work through the many problems and issues that occurred throughout the process.  That being said, all parties are relieved that the property finally closed.
Written By: Bob Johnston | Vice President

TCN Worldwide Named in Lipsey’s Top 25 Commercial Real Estate Brands for 2020

TCN Worldwide Named in Lipsey’s Top 25 Commercial Real Estate Brands for 2020

We are proud to announce that once again TCN Worldwide has been named in the Top 25 of Lipsey’s Brand Survey. Each year the Lipsey Company performs a survey to establish the most recognizable names inside of the Commercial Real Estate Industry and this year TCN Worldwide increased its brand recognition moving up two spots.  Thank you to all who voted, and especially our TCN members!
Learn more about Lipsey’s Top Brand Survey here: https://lipseyco.com/top-commercial-real-estate-companies/

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Minneapolis Building Sells to Development Firms

Minneapolis Building Sells to Development Firms

Minneapolis Building Sells to Development Firms
The former Java Jacks & Studio 2 Building in Minneapolis sells to development firms.  It will become a new neighborhood hang out with the addition of a yet-to-be-named restaurant.  John Young, Vice President Brokerage Services sold the building to a partnership between United Properties and Westwood Hills (a development company).  Plans are in the works for a new restaurant, which should be open in late Summer or early Fall.  The property garnered several offers and a lot of interest by the adjoining neighborhood.  It has been a favorite in the area for a couple decades and now it will have another great community asset, coming soon.

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Call John Young
(952) 854-5067
jyoung@paramountre.com