Real Estate Transactions: Schmitt Music Building

Property: Schmitt Music Building, 88 South 10th Street, Minneapolis, Minnesota 55403

Buyer: 219 Partners Schmitt Acquisition, LLC

Seller: Paul A. Schmitt Music Company

Source: Closing documents, Buyer

Sale Date: July 13, 2000

Sale Price: $1,875,000.00

Unit Price: $43.99 sq. ft. above grade

Net Rentable Area: 49,125 sq. ft.

Gross Building Area: 49,125 sq. ft. (42,623 sq. ft. above grade)

Zoning: B4-2, Downtown Business District

Utilities: All Available

Topography and Soil: Level, at street grade, assumed stable

Visibility and Access: Good

Age: 1896, with subsequent renovations

Land Size: 9,420 sq. ft.

Remarks: This five-story building was owned and occupied by the Schmitt Music Company for sixty years. The property was sold to a partnership which will lease the building to a law firm, an appraisal company and other users. Schmitt expects to vacate the property in the spring of 2001. The seller retains an interest in the difference between the present purchase price and any future sale of property over the next few years. This downtown Minneapolis building is well known because of its distinctive external mural featuring the musical score from Maurice Ravel's "Gaspard de la Nuit." The terms and conditions of this sale are not typical of the market. Due to its unique nature, caution should be used when relying on this transaction.

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