Hopkins Industrial Condo Sold
We are happy to announce the successful sale of an industrial office/warehouse condo at 1220 5th Street South in Hopkins, MN for $349,000, or, $140.27 psf. The team of Peter Kordonowy and Andy Richards represented the Seller in this transaction, Brooks Investment, LLC, and this 2,488 SF industrial condo was purchased on 4/15/21 by Roxie Properties, LLC. This small industrial condo was a unique offering in the marketplace with 1,044 SF of office and 1,444 SF of warehouse, and both a dock and drive in, and it had a great location, and newer finishes.
The Seller of this property, Brooks Investment, LLC, was also the owner and operator of the tenant company of the unit, BMK Solutions, a local, woman owned seller of office supplies, furniture, printing, and promotional products.
Summerhill had worked with BMK back in 2006 when they leased 6,000 SF at an office/warehouse for lease listing Summerhill had for a Landlord in Hopkins, MN. Later, BMK moved into a smaller office/warehouse nearby, and when it came time to sell, the co-owner of Brooks Investment and BMK Solutions contacted Summerhill to discuss selling their property. A price of $349,000, or $140 psf was ultimately settled on, which, arguably, maximized price, while, at the same time, did not price the asset out of the marketplace. There was much activity on the listing before a local buyer, who needed the space for a company she owned, decided to make a full price offer, and move forward with a sale.
Due to many circumstances, including where to move BMK Solutions, the process from start to finish to sell this particular property took approximately 8 months. However, through much work and diligence, and expert guidance from Summerhill, the property was successfully sold on 4/15/21.
Thank you to Brooks Investment, LLC and Roxie Properties, LLC for the opportunity to work with you on this transaction.
If you, or someone you know, is looking to buy or sell a commercial property, give us a call at 952-473-5650, and we can help.