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Property: Class B Corporate Office Building, 9700 Schmidt Lake Road (NWC of 49th and Hwy 169) Plymouth, MN
Buyer: AGA Medical
Seller: Qwest
Source: Buyer and Seller
Sale Date: January 9, 2004
Sale Price: $5,400,000 less $950,000 of fixtures and equiptment for a net of $4,450,000
Unit Price: $23.55/sq. ft. of GBA or $29.67/sq. ft. of NRA
Net Rentable Area: 150,000 sq. ft. (estimate)
Gross Building Area: 189,000 sq. ft. on 3 floors (63,000 sq. ft. floor plates)
Zoning: Office and Industrial
Utilities: Public: all available; elaborate, redundant high-speed fiber optic system serves property
Topography and Soi: Rolling land with pond; generally sound soil
Visibility and Access: Excellent from Highway 169 and Schmidt Lake Road
Age: 1975, with updates
Land Size: 26.5 acres with substantial exposure for up to 200,000 sq. ft. of building
Remarks: This property was listed for over two years: available to the entire market. T.C.F. was a serious candidate to purchase the property and had it under contract for several months. Subsequently, T.C.F. decided against the purchase, thus making it available to A.G.A. Medical. Qwest maintains a wireless antenna on the roof of the building and will pay A.G.A. approximately $750/month, with escalations over a term which could extend for up to 19 years. A.G.A. can require Qwest to move the antenna, at any time, if it interferes with their use of the property.
