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Just Sold: Fridley buys arena once used in ‘Mighty Ducks’ film

Anne Bretts//November 7, 2014//

The Columbia Arena, built in 1968 and vacant for nearly a decade, is about to be demolished. The city of Fridley has paid $2.6 million to the private owner of the property at 7011 University Ave. NE, with plans to redevelop the site. (Submitted photo: CoStar)

The Columbia Arena, built in 1968 and vacant for nearly a decade, is about to be demolished. The city of Fridley has paid $2.6 million to the private owner of the property at 7011 University Ave. NE, with plans to redevelop the site. (Submitted photo: CoStar)

Just Sold: Fridley buys arena once used in ‘Mighty Ducks’ film

Anne Bretts//November 7, 2014//

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Editor’s note: “Just Sold” is a Finance & Commerce feature based on certificates of real estate value recently filed for commercial transactions and significant residential transactions in Twin Cities counties. Additional details in the transactions come from Plat Research, the Minnesota Secretary of State’s Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded; precise purchase prices are listed on the CRVs, available here.

The Columbia Arena, built in 1968 and vacant for nearly a decade, is about to be demolished. The city of Fridley has paid $2.6 million to the private owner of the property at 7011 University Ave. NE, with plans to redevelop the site. (Submitted photo: CoStar)
The Columbia Arena, built in 1968 and vacant for nearly a decade, is about to be demolished. The city of Fridley has paid $2.6 million to the private owner of the property at 7011 University Ave. NE, with plans to redevelop the site. (Submitted photo: CoStar)

7011 University Ave. NE, Fridley

After years of hoping someone would find a new use for the long vacant Columbia Arena in Fridley, the city’s Housing and Redevelopment Authority plans to tear it down and ask residents what they’d like to see on the nearly 14-acre site.

The arena is perhaps best known as a bit of movie trivia. It serves as the filming site for “D3: The Mighty Ducks,” the third installment in the Disney hockey movie franchise.

“We are pretty well developed; that’s why this is a priority for the (city) council,” said Paul Bolin assistant executive director of the authority. “We don’t get the opportunity to work with 14 acres every day.”

The authority closed Oct. 30 on a $2.6 million cash deal to acquire the 69,598-square-foot arena at 7011 University Ave. NE. from William and Carmel Fogerty of Lino Lakes, according to a certificate of real estate value made public Tuesday. The city plans to seek bids for demolition in time to have the site cleared by the end of the year, Bolin said.

The city has no shortage of developers interested in the city. Two projects underway along University Avenue are expected to generate new retail space, 259 apartments and possibly a hotel.

The arena site lies along University Avenue, with a park to the south, the city’s fire training center and public works building to the east and industrial buildings to the north.

The city isn’t going to seek requests for proposals from developers until officials have time to discuss the site with residents, Bolin said.

“Right now the possibilities for this site are pretty wide open,” he said.

Anoka County built the arena in 1968. The National Sports Center Foundation later took ownership, but plans to use it for youth hockey fell through when repairs and renovations proved too costly. William Fogerty bought the vacant building in 2007 for $3 million but his redevelopment plans didn’t work out.

Purchase price: $2.6 million cash

Price per acre: $185,714
Last sale: $3 million in 2007

Property ID: 11-30-24-34-0002

Date of deed: 10-30-14

ECRV released: 11-4-14

 
1395 Commerce Drive, Mendota Heights (Submitted photo: CoStar)
1395 Commerce Drive, Mendota Heights (Submitted photo: CoStar)

1395 Commerce Drive, Mendota Heights

Description: 53,101-square-foot Class C office, built in 1992 on 4.35 acres

Buyer: LOX Properties LLC, Fort Lauderdale, Florida

Seller: Associated Bank National Association, Green Bay, Wisconsin

Purchase price: $2.92 million cash

Price per square foot: $54.99

The transaction: Sigma Beauty, a growing beauty products company based in New Brighton, is moving its operations and about 70 employees south to larger quarters it has acquired in Mendota Heights.

LOX Properties LLC of Fort Lauderdale, Florida, an entity related to Sigma, has paid $2.92 million to Associated Bank in Green Bay, Wisconsin, for a largely unused 53,101-square-foot office warehouse at 1395 Commerce Drive. The sale closed Oct. 28, according to a certificate of real estate value made public Tuesday. The price works out to $54.99 per square foot.

SimoneOliveira Xavier and her husband, Rene Xavier Filho, started Sigma Beauty in 2008. The Mendota Heights building will double the company’s space, Filho said Wednesday. They plan to renovate the building over the winter and move the company in early spring.

The bank built the service center in 1992 on 4.35 acres on the northwest corner of Commerce Drive and Pilot Knob Road, but in recent years has reduced its operations there and leased some of the space to other tenants. The last bank employees have moved to other company locations. Two other tenants are leasing on a month-to-month basis during the transition.

Tom Sullivan, Mark Houge and Ned Rukavina of Bloomington-based Cushman Wakefield/NorthMarq represented the seller. Jeff Nordness, owner of New Brighton-based Essence Real Estate Services, represented the buyer.

“That market has been really picking up in the last six to 12 months,” Sullivan said, noting that a lack of inventory in the Mendota Heights area has sparked construction of spec buildings to meet demand.

Last sale: N/A;Dakota County values the property at $3,692,300 for tax purposes

Property ID: 27-48272-01-010

Date of deed: 10-28-14

ECRV released: 11-4-14

Beacon Interfaith Housing Collaborative, 3330 W. 66th St., Edina (Submitted image)
Beacon Interfaith Housing Collaborative, 3330 W. 66th St., Edina (Submitted image)

3330 W. 66th St., Edina

Description:18,000-square-foot retail bank, built in 1963

Buyer: 66 West LLC, St. Paul

Seller: TCF National Bank, Minneapolis

Purchase price: $2.15 million, with a $526,500 down payment and new mortgage

Price per square foot: $119.44

The transaction: The St. Paul-based Beacon Interfaith Housing Collaborative has closed on the purchase of a 51-year-old TCF Bank building in Edina, where it plans to renovate the offices into 39 studio apartments and supportive services for homeless teens. Minneapolis-based TCF National Bank sold the property at 3330 W. 66th St. to 66 West LLC, an entity related to Beacon, for $2.15 million. The deal included a $526,500 down payment and new mortgage. The two-story, 18,000-square-foot building lies on the north side of 66th Street, just east of France Avenue and north of Southdale Center.

The sale closed Oct. 30, according to a certificate of real estate value made public Wednesday. The price works out to $119.44 per square foot.

As Finance & Commerce reported in April, the total cost for the project is estimated at $9 million. A Beacon representative told Finance & Commerce at the time that it sees Southdale Center as a potential job center for future residents.

“We are thrilled to have closed on the property, which is a significant milestone on this project,” Anne Mavity, director of new projects, said in an email this week. “We will maintain the building with an eye to securing funding in 2015 so we can move toward construction as soon as possible.”

Last sale: TCF developed the property, which Hennepin County values at $1,156,800 for tax purposes

Property ID: 29-028-24-24-0030

Date of deed: 10-30-14

ECRV released: 11-5-14

Certificates of Real Estate Value can be viewed here.

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