Real Estate Transaction: Menards Assemblage

Property: NWC of University and North Prior Avenues, St. Paul, MN 55104

Buyer: Menards Stores

Seller: See table below

Source: Buyer and Public Documents

Sale Date: See table below

Sale Price: $9,455,550 (see table below)

Unit Price: $14.92 (see table below)

Net Rentable Area: NA

Gross Building Area: NA

Zoning: I-1 and B-3

Utilities: All Available

Topography and Soil: Level, assumed stable

Visibility and Access: Good, access from North Prior Avenue only

Age: NA

Land Size: 633,904 square feet

Location	Seller	Date of Sale	Land Size	Sale Price	Price/SF
573 North Prior Avenue	Payless Cashways, Inc	2/2002	439,884 SF	$3,715,000	$8.45
1975 University Avenue	Em-Ty Partnership	7/2002	80,320 SF	$5,092,000	$63.40
635 North Prior Avenue	Alfred Sundberg, Jr.	8/2002	113,700 SF	$648,550	$26.61
		TOTALS:	633,904 sq. ft.	$9,455,550	$14.92

Remarks: Menards completed an assemblage of three parcels of land at the Northwest corner of University and North Prior Avenues in St. Paul. The company will be constructing a home improvement store in 2003 at this location. The three parcels were formerly improved with a Knox Lumber Store, a light manufacturing building and the Twin's Motor Inn, a 60 unit motel built in 1962 and most currently used as a home for lower income residents. This transaction required no government assistance. Total reported demolition costs, included in the purchase price, were $350,000 for the Knox property and $92,000 for the Twin's site. Purchase of these land parcels included driveway easements to the former buildings. The assemblage could not have been effectively completed without the Twin's Motor Inn parcel.

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