Real Estate Transaction: Calhoun Executive Center

Property: Lake Calhoun Executive Center, 3033 Excelsior Blvd., Minneapolis, MN

Buyer: Licpily Inc.

Seller: TLCB Limited Partnership

Source: Confidential

Sale Date: March 14, 1995 (closed September 1995)

Sale Price: $17,690,192

Unit Price: $113.64/sq. ft.

Net Rentable Area: 155,669 sq. ft.

Gross Building Area: NA

Zoning: B1-1, Office-Residence District

Utilities: All Available

Topography and Soil: Level

Visibility and Access: Good from Excelsior Boulevard

Age: 1955, renovated in 1989

Land Size: NA

Remarks: The sale price listed at $17,690,192 represents the outstanding balance on the mortgage to the Bank of Montreal at the date of the purchase agreement. The buyer, however, paid substantially less to the bank than the amount reported in public records due to a discount provided by the bank. The exact amount was not confirmed by the buyer or the seller, however, market sources indicate the price was between $13 and $14 million.

Back To Top