Real Estate Transaction: Land under a portion of Marshall Field's Department Store

Property: Land under a portion of Marshall Field's Department Store, 8th Street west of Nicollet Mall, Minneapolis, MN

Buyer: Eagle Ridge Partners

Seller: Beebe Trust

Source: Buyer, representative of the seller

Sale Date: December 2004

Land Size: 5,966 square feet

Sale Price: $2,834,500

Unit Price: $475.11 per square foot

Zoning: B-4, Downtown Business District

Utilities: All available

Topography and Soil: Level, assumed stable

Visibility and Access: Good

Remarks: Site is improved with the Marshall Field's Department Store. The subject land is nearing the end of a 100-year land lease expiring in December, 2009. At that time, the improvement (the store) on the site will revert to the land owner of record at the end of the lease. This is one of three parcels located on 8th Street not owned by May Company or its predecessors, otherwise May Company owns the entire block under both the store and its adjacent parking ramp. At the same time as this transaction, May Company purchased one of the other leased properties for $350 per square foot, however this lease was written in such a way that the improvements do not automatically revert to the land owner upon expiration in 2009.

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