Bremer Bank

May 2, 2023

An Ottertail investor has paid $2.95 million for this fully leased, 75,550-square-foot multitenant warehouse at 1020 Town Road in Montevideo. (Submitted photo: CBRE) Just Sold: Montevideo warehouse sells for $2.95M An Ottertail investor has paid $2.95 million for this fully leased, 75,550-square-foot multitenant warehouse at 1020 Town Road in Montevideo. (Submitted photo: CBRE) Just Sold: Montevideo warehouse sells for $2.95M Editor’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, Catalyst and other research. A fully leased, 75,550-square-foot Class B industrial building in Montevideo has been sold to an Ottertail investor for $2.95 million. DH Capital LLC in Ottertail closed April 21 on the acquisition of the 19-acre property at 1020 Town Road from Swift Properties Group LLP in Montevideo. The property was listed for $3.235 million. The sale price works out to $39.05 per square foot. The multitenant warehouse was built in 1968. The one-story building includes three dock doors and 29 grade-level doors. Tenants include M.A.A.C., an asbestos abatement company; Royal Tire, a commercial tire dealer, and Valley Manufacturing, a maker of fish house frames. Andy Lubinski, executive vice president, Justin Felix, transaction manager, and Aaron Whitmore, associate, all with CBRE, represented the seller. Montevideo is a city of about 5,300 people 130 miles west of the Twin Cities. Place: 1020 Town Road, Montevideo Price: $2.95 million; no down payment listed; new mortgage; $39.05 per square foot Buyer: DH Capital LLC, Ottertail Seller: Swift Properties Group LLP, Montevideo Date: 4-24-23 Bremer Bank buys new branch from developer St. Paul-based Bremer Bank has paid an entity of Eden Prairie-based Interstate Development $3.8 million for its newly completed 6,000-square-foot branch in St. Anthony Village. Bremer closed April 21 on the acquisition of the building at 2654 Kenzie Terrace NE, which once was the site of a bowling alley. The sale price works out to $634.57 per square foot. Minneapolis-based DJR Architecture designed the new bank building with an open floor plan and brick exterior finishes. Bremer and Interstate have partnered on the new branch and two related projects in St. Anthony. Opening the new location allows Bremer to close its 22-year-old branch a half-mile away at 1204 Lowry Ave. NE. Bremer and Interstate are partnering to redevelop that site as a 76-unit apartment project. The third project involves a small piece of bank land along Kenzie Terrace that is being redeveloped into a southern gateway entrance monument. Place: 2654 Kenzie Terrace, St. Anthony Price: $3,807,396; cash; $634.57 per square foot Buyer: Bremer Bank, N.A Date: 4-21-23 By signing up you agree to our