By MATT M. JOHNSON
BridgeTower Media Newswires
MINNEAPOLIS — An entity related to the real estate arm of the organization that owns the Minnesota Vikings has purchased some high-finish industrial space a stone’s throw away from the team’s headquarters.
MVE West LLC paid $10.7 million for 73,469 square feet of industrial showroom space at 815 Vikings Parkway in Eagan, according to a certificate of real estate value made public on Dec. 16. The 20-year-old building, named the Waters II Business Center, is about a block west of the office of MVE Ventures, a development company controlled by the Vikings owners the Wilf family. The property is also near the team’s training center near Dodd Road and Interstate 494.
The seller, Minneapolis-based CSM Corp., develops commercial properties, including hotels and apartments.
The deal, which closed on Dec. 12, works out to about $146 for each square foot of space. That price is higher than that paid for other industrial properties during the third quarter this year. That pricing topped out at about $109 a square foot for Twin Cities deals inked during that period. The tenants now in the building, Patterson Dental and Summit Medical, are in the medical technology business. Each company leases about 22,000 square feet of space in the building, according to CoStar.
Dakota County values the property at $4.84 million.
Neither the buyer nor the seller responded to requests to comment on the purchase.
The deal comes a couple of months after MVE Ventures sought city approval for the first residential project on its 200-acre mixed-use development site around the Vikings headquarters and training center. The company wants to build 261 market-rate apartments and a 32,600-square-foot clubhouse and commercial building on the southeast corner of Lone Oak Parkway and Vikings Parkway.
The project is part of the planned, 3.2 million-square-foot Viking Lakes campus, and could get underway in spring 2020.