California buyer adds to metro portfolio

Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, Catylist and other research.

A boutique brokerage serving wealthy clients in Southern California has helped nearly two dozen of them invest in the Twin Cities.  

In its latest deal, Summit Real Estate Advisors, based in San Juan Capistrano, guided one of them to spend $10.05 million for an industrial property at 1302 S.  Fifth St. in Hopkins. Kumagai Hopkins LLC, an entity in Newport Beach, California, acquired the property from Sterling Office and Industrial Properties LLC of Fargo, North Dakota. 

Sterling bought the property in 2021 for $9 million. A company official declined to comment. 

Kevin McNeil, managing partner at Summit, was only too happy to talk, however.  

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“We love the western suburbs,” he said Friday. The Hopkins property is especially attractive, with a single tenant with a solid history and a lease averaging $8.85 per square foot, running through 2031. 

The 121,650-square-foot building opened in 1967 on 6.5 acres. 

The property generated a 2021 property tax bill of $196,069. The warehouse, identified as Hopkins Industrial Park Building 13, is home to the headquarters of Thermotech Precision Molding (TPM), a maker of bespoke thermoplastic, thermoset injection molding with four facilities located in Hopkins and in Juarez, Monterrey and Queretaro, Mexico. 

 Place: 1302 S. Fifth St., Hopkins 

Price: $10.05 million; $3.55 million down payment; new mortgage 

Buyer: Kumagai Hopkins LLC, Newport Beach, California 

Seller: Sterling Office and Industrial Properties LLC, Fargo, North Dakota 

Date: 12-20-24 

Mid-century St. Paul apartments sell for first time 

Heirs of the late Richard Statsgetter, a developer who started building affordable apartments in St. Paul more than five decades ago, finally have sold a 62-unit pair of his legacy properties for the first time for $4.29 million. 

Known as the St. Paul Portfolio, the properties include 30 units built in 1969 at 44 Arlington Ave. W. and 32 units in four buildings developed in 1978 at 578 Galtier St. Entities related to Stagstetter Properties LLC in St. Paul sold both to Greenland Properties LLC, a family ownership company based in New Brighton. 

Heidi Addo, Pete Michel, Phil Reesnes, and Jesse Thurston of Minneapolis-based Michel Commercial were brokers for the deal, which closed Dec. 13.   

The total price for the portfolio works out to $69,194 per unit, with the Arlington Avenue West property averaging $77,000 per unit and the Galtier Street building averaging $61,875 per unit. 

The average sale price per unit for apartments in the Twin Cities metro area is $154,111, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 91,784 apartment units since Aug. 31, 2011. 

The properties drew nearly 14,000 online views of their marketing materials and generated multiple offers, according to the brokers. 

Place: 44 Arlington Ave. W., St. Paul 

Price: $2.31 million; $371,540 down payment; new mortgage; $77,000 per unit 

Buyer: Greenland Properties LLC., New Brighton. 

Seller: Stagstetter Properties LLC, St. Paul 

Date: 12-13-24 

Place: 578 Galtier St., St. Paul 

Price: $1.98 million; $318,463 down payment; new mortgage; $61,875 per unit 

Buyer: Greenland Properties LLC, New Brighton 

Seller: M&C Investment Properties LLC, St. Paul 

Date: 12-13-24