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Property: Thunderbird Hotel, 2201 78th St. East, Bloomington, Minnesota
Buyer: Hotel Properties Acquisition
Seller: The Thunderbird Hotel
Source: Seller
Sale Date: December 13, 2005
Sale Price: $19,600,000
Unit Price: 263 rooms at: $74,525.00 per room
Gross Building Area: 224,741 sq. ft.
Zoning: CS-1, Commercial Service
Utilities: Public: all available
Topography and Soil: Level, assumed stable
Visibility and Access: Excellent from Interstate 494, 24th Avenue and 78th Street.
Age: 1962 with additions in 1965, 1966, 1967, 1973, 1978, 1986, and 1997
Land Size: 487,504 sq. ft. or 11.19 acres
Remarks: Seller had owned the property since 1963 and periodically refurbished the building. The most recent update was in 2003. This property has undergone a number of changes over the years. In 2003, the City of Bloomington took 6,466 sq. ft. of land for road improvements, which affected access to the site. In 2004, the property lost air rights estimated at $3.3 million which resulted in height limitations of 30 feet on the east side but rising gradually to 150 feet on the west side of the property. Also in 2004, the property lost the 30,320 sq. ft of land it leased for an Amoco Station and the improvement itself, for a total loss of $4.5 million.
