A 118,125-square-foot industrial complex in Burnsville was recently snapped up by a St. Louis firm on a serious shopping spree. Nicollet Business Campus VII was just one of five large industrial properties acquired by the company, Altus Properties LLC, which bought the buildings in one massive $28.3 million package.
Altus bought the Burnsville complex for $7.29 million, the CoStar Group reports, about $1.6 million more than the assessed value in 2012, according to Dakota County property records.
The company also bought:
- The Bloomington Business Plaza: a 121,669 square foot office building located in Bloomington. Sold for $4.5 million.
- Brooklyn Park 7401 Boone Avenue North: a 322,751 square foot industrial building located in Brooklyn Park. Sold for $12.8 million.
- Cedar Lake Business Center: a 50,400 square foot industrial building located in St. Louis Park. Sold for $2.55 million.
- Pillsbury Business Center: a 42,929 square foot office building located in Bloomington. Sold for $1.16 million.
Altus bought all five from IRET Properties, an organ of Investors Real Estate Trust (NYSE:IRET). The two parties closed on the sale on Sept. 12, 2013.