Latest news with #Minneapolis-St.PaulBusinessJournal
Yahoo
27-02-2025
- Business
- Yahoo
Minnetonka Beach home sells for a whopping $8.8 million
A home on the shores of Lake Minnetonka sold earlier this month for $8.8 million. A certificate of real estate value confirms that the property at 2306 Huntington Point Road West in Minnetonka changed hands last week for the seven-figure sum. The home had been listed for just under $10 million last summer, with Josh Zuehlke of Coldwell Banker the listing agent. The buyer is listed as Harriet Investments, LLC, with the sellers David Ericson and Jamie Wilson. The property was last sold in 2018 for $2.875 million, property records show, with a new, 8,000-square-foot home built on the plot in 2021. The brochure for the home when it hit the market last summer said it offers "exception lake views and dramatic sunsets," with the home containing three in-home offices, a sports court, a three-bay attached garage, and a standalone annex with a bedroom suite and two garage bays. Solar arrays and Tesla power charges had also been installed on the property, which comes with 147' of southwest-facing lakeshore on Lafayette Bay. The Minneapolis-St. Paul Business Journal reports the $8.8 million sale price makes it the most expensive home sold in Minnesota since 2023, when former Vikings tight end Kyle Rudolph sold his home for $13.5 million.
Yahoo
31-01-2025
- Business
- Yahoo
After being bought for $200M in 2016, Minneapolis office tower sells for reported $6.25M
A downtown Minneapolis office tower that sold for $200 million in 2016 has sold again for a fraction of the price. Minnetonka-based private investment group Onward Investors have bought the 31-story Ameriprise Financial Center at 707 2nd Avenue South, with the Minneapolis-St. Paul Business Journal reporting it was sold for just $6.25 million. That represents a 97% reduction on the $200 million the building sold for in 2016 to BAM 701 LLC, which is affiliated with Florida-based real estate investment firm Morning Calm Management. Ameriprise had previously announced that the lease on its office space at the 960,000-square-foot building was expiring in 2025, and will consolidate its downtown offices into one building at 901 3rd Ave. S., which it owns and will be renamed Ameriprise Financial Center Headquarters. Even though a number of major companies are requiring workers to spend more time in the office, the COVID-19 pandemic still appears to have irrevocably altered the dynamic between in-office and remote work, with commercial building values cratering as businesses downsize their office floorspace. In the announcement of its purchase, Onward Investors says it is "exploring a variety of options for the property, including converting all or some of the building to uses other than office." "The purchase of the Ameriprise Financial Center is another demonstration of our desire to be an active participant in the recovery of downtown Minneapolis. We believe that now is a great time to be investing in the city's future and look forward to engaging a multitude of stakeholders in the coming months as we re-imagine this well-known asset in the Minneapolis skyline," said Jon Lanners, Partner at Onward Investors. The investment firm says Ameriprise Financial Center is "well-located within the Minneapolis skyway system, providing direct access to the Minneapolis Club, Capella Tower, SPS Tower, and Baker Center," as well as below-grade parking for over 300 vehicles.
