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Listen to this articleEditor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, Catylist and other research.
Richfield-based MSP Commercial has paid $4.6 million to add a 12,600-square-foot hybrid clinic/emergency room in Eagan to its health care portfolio.
Bloomington-based Emergency Physicians Professional Association, which staffs emergency rooms throughout the state, has developed three facilities under the Urgency Room brand. It opened the Eagan center in 2012 on 1.7 acres at 3010 Denmark Ave. The price works out to $365.07 per square foot.
The doctors group’s first Urgency Room opened in October 2010 in Woodbury. It also has a third facility in Vadnais Heights.
Place: 3010 Denmark Avenue, Eagan
Price: $4.6 million; $1.075 million down payment; new mortgage
Buyer: MSP Denmark LLC, Richfield
Seller: EP Development LLC, Bloomington
Date: 11-9-23
Download CRV
RELATED: Eagan Urgency Room to open in October
Coborn’s sheds 14 Holiday convenience stores
St. Cloud-based Coborn’s Inc., which operates 77 grocery stores in six states, has closed on a deal with Holiday Stationstores to sell a separate portfolio of 14 convenience stores franchised under the Holiday brand and one development site, all in central Minnesota.
The two companies have not announced any details about how the properties were packaged or priced. Real estate sales in Minnesota are public, however. As of Nov. 16, the Minnesota Department of Revenue website had posted six certificates of real estate value listing seven properties with prices ranging between $1.1 million and $4.2 million, or about $15 million in all.
Matrix Capital Markets, an independent investment bank based in Richmond, Virginia, and Baltimore, Maryland, advised Coborn’s in structuring the sale.
Coborn’s acquired the stores under a different brand in 1986 and converted them to Holiday franchises in 2006.
Without the Holiday stations, Coborn’s still operates several fuel, liquor, and pharmacy locations in addition to its grocery stores. Together, they total 200 retail outlets under a number of banners, located across Minnesota, the Dakotas, Wisconsin, Michigan and Illinois.
The company was founded in 1921 and now is owned by its 10,000 employees.
“This is part of Coborn’s overall strategy to focus our growth efforts on the grocery store market,” said Chris Coborn, CEO of Coborn’s, in a statement announcing the sale. “Matrix’s efforts have led to the successful sale of our Holiday franchise stores to our long-term franchisor partner, Holiday. The transaction provides continuity to our store employees and customers, as the stores will remain Holiday branded and continue to accept the Coborn’s MORE Rewards program.”
Holiday is based in Bloomington. In 2017, it was acquired by Alimentation Couche-Tard, based in Laval, Quebec. Couche-Tard is the parent company of the Circle K roster of more than 14,400 stores under various brands in 24 countries.
Here are the seven locations properties listed in certificates of real estate value filed with the state:
- 905 County Road 4, St. Cloud, $3,857,509. Download CRV
- 157 Waite Ave. S.; 45 2nd Street S, Site 4063, Waite Park, $4,128,433. Download CRV
- 1001 Seventh St. N., Site 4070, Sartell, $3,133,885. Download CRV
- 304 College Ave. N., Site 4074, St. Joseph, $2,283,227. Download CRV
- 1715 2nd Avenue North, Site 4068, Sauk Rapids Twp., $1,163,933. Download CRV
- 212 Riverside Ave. S., Sartell, $1.1 million. Download CRV
Place: Multiple
Price: Multiple
Buyer: Holiday Stationstores LLC, Bloomington
Seller: Coborn’s Inc., St. Cloud
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