Real Estate Transaction: 1016 Marquette Avenue

Property: 1016 Marquette Avenue

Buyer: MINN 3 LLC

Seller: MSP 1016 Marquette LLC

Source: Seller and Certificate of Real Estate Value

Sale Date: March 28, 2007

Sale Price: $1,200,000 Gross*, $600,000 Net

Unit Price: $230.42 /sq. ft. (Gross), $115.21/sq. ft. (Net)

(NRA) Net Rentable Area: N/A

Gross Building Area: 5,004 sq. ft. (to be razed)

Zoning: B4-1, Downtown Business District

Utilities: Full municipal services

Topography and Soil: Level and assumed stable

Visibility and Access: Good, on Marquette Avenue

Age: 1931

Land Size: 5,208 sq. ft.

Remarks: Sale price* included $600,000 of personal property claimed on the Certificate of Real Estate Value. This included Phase I environmental reports, survey, architectural plans, engineering reports and consulting services. Seller reported this was only a partial recovery of the cost incurred for the proposed development of a condominium project on the site. Buyer now plans a 48,000 square foot office building development. This sale is useful for illustrating that a transaction may be more than a simple land sale. In this case it is really a "project sale". It also reflects the growth in downtown land values. Last sold in November of 2004 for $450,000, the current sale, at a $600,000 allocation for the land, indicates an annual growth rate in land value of 12.2% over 30 months.

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