Tesla dealership has been sold for $23.7 million.
February 20, 2024 Anne Bretts
A developer for electric car maker Tesla Inc. has finished its new dealership in Golden Valley and sold it to a Las Vegas buyer for $23.7 million.
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Drake Motor Partners GV LLC, an entity of Denver-based Drake Real Estate Services, sold the 50,000-square-foot building at 700 Ottawa Ave. N. to KB Golden Valley DST, an entity of Kingsbarn Realty Capital.
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The deal closed Feb.14, according to a certificate of real estate value made public by the Minnesota Department of Revenue. The site is in the northeast quadrant of Highway 55 and Highway 100. It’s just north of the Interstate 394 corridor, which is lined with auto dealerships from Minneapolis through the western suburbs. The price works out to $474 per square foot.
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Tesla has dealerships in Minneapolis-Eden Prairie, Rogers and Maplewood and is developing one in Lake Elmo. Plans that the city of Bloomington approved in 2022 have not moved ahead.
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Drake bought the 4.6-acre Golden Valley site in 2023 for $4.415 million and demolished the 55,314-square-foot building that was the former home of States Manufacturing Inc. The metal fabrication company sold the site to Drake after it moved to a newer, larger building in Champlin.
“Kingsbarn is very pleased to add another high-quality investment property to our Delaware Statutory Trust (DST) platform,” said Jeff Pori, CEO of Kingsbarn, in a prepared statement. “DSTs provide private investors a simple way to satisfy their 1031 exchanges through the purchase of shares. Tesla, as one of the world’s best-known brands, is a highly sought-after tenant and one that we believe will be compelling to our investor clients.”
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