Stapleton Acquires Stillwater Investment Property
Congratulations to Stapleton Properties, LLC on their recent acquisition of this office building investment in Stillwater Minnesota, their first investment in a commercial property. Joe Smith of Summerhill Commercial Real Estate, LLC represented the Buyer. The Seller was represented by the team of Jon Whitcomb and Joe Widmer from Metro East Commercial Real Estate.
Stapleton was looking for a smaller, entrée investment and Joe Smith, of Summerhill Commercial, presented the Buyer with several options across the Twin Cities Metro and ultimately this property in Stillwater was targeted. The Seller, a family entity that owns several other properties in the area, was looking to divest themselves of the property.
The property offered an excellent location in the always bustling town of Stillwater, Minnesota with one larger tenant and several smaller tenants on the lower level. With a solid anchor tenant and several shorter-term tenants that were willing to commit to term leases, the Buyer was able to achieve an acceptable level of return on their investment.
The property has some unique features like a barrel roof and a tunnel running under the street from the property to another property. The tunnel had been terminated and sealed years ago. Prior to the sale, the Seller replaced the roof and had made several interior upgrades, making it an attractive investment property for the Buyer.
With the expert guidance of Joe Smith with Summerhill Commercial, the Buyer was able to get the building under contract and close the deal within the framework of the mutually agreed to purchase agreement. The buyer looks forward to enjoying a successful investment.