Spring Lake Park Retail SOLD!
Congratulations to Chet’s Shoes on their recent acquisition of this commercial building in Spring Lake Park, MN for a new location. The building has excellent visibility to University Avenue NE on the Spring Lake Park/Fridley border and is located just south of the Northtown Mall trade area. The property is a former Timber Lodge Restaurant. Andy Richards and Peter Kordonowy with Summerhill Commercial Real Estate, LLC represented the Seller in this transaction, and it was a direct deal with the Buyer.
On this particular deal, the Seller wanted to get the building sold. Summerhill Commercial was able to exceed the customer’s expectations by executing an effective marketing plan from day 1 of being hired in the middle of winter. The Seller, nearing retirement, had purchased the property in the hopes of opening a bar/restaurant, however, as his focus was on his other holdings in the Brainerd/Baxter lakes area, he realized he didn’t want to spend more time, money, and energy to get the building up and running, after spending about an additional $200,000 to get the building going again as a bar and restaurant. After giving a restaurant operator an opportunity to open a restaurant that later closed down at the location, the Seller found Summerhill Commercial on a referral from a client for whom we had just sold a building and signed us up to list and market the property. While we were in serious discussions with an initial Buyer prospect, another Buyer came along ready to move quickly, and pay a higher price for the building. At that point, the deal came together quickly with Chet’s Shoes, and we were able to get the building under contract with them and close the deal within the framework of the agreed to purchase agreement. We look forward to seeing this new location get up and running for Chet’s Shoes.