New Hope, MN 12/14/2021
Jeff LaFavre and Michael Sedley of IAG Commercial represented Tresco Realty, LLP in the sale of a 136,802 SF industrial building, located at 8801 Science Center Drive, in New Hope, MN.
IAG Commercial listed the building for sale or lease in October, 2020. Many of the inquiries received were end-users who preferred to purchase rather than lease. IAG advised Tresco that a sale would attract more users and increase the chance of a positive outcome. Tresco agreed to sell the asset, and IAG negotiated a sale price of $7.6M. The buyer, Lamn, LLC, is an ownership group affiliated with Lube-Tech, who will be using the building for both production and distribution.
IAG Commercial worked with Buyer’s Representatives Brent Masica and Danny McNamara, from Cushman and Wakefield.