Spring Lake Park Land Sale To Hampton Companies
Congratulations to Hampton Companies in its acquisition of 3 acres of land at 525 Osborne Road NE in Spring Lake Park, MN from the City of Spring Lake Park. The team of Peter Kordonowy and Andy Richards at Summerhill Commercial Real Estate, LLC represented the Seller, and Jeremy Larson with Hampton Companies represented the Buyer.
Summerhill was hired by the City of Spring Lake Park in June of 2019 to sell this 3 acre parcel of land located across from Mercy Hospital-Unity Campus on Osborne Road NE near University Avenue NE. The city had hired Summerhill after taking notice of Summerhill’s successful sale of the former Timber Lodge Steakhouse at 8355 University Avenue NE earlier in 2019 to Chet’s Shoes.
After a few months of marketing the land, a senior housing developer Summerhill introduced to the offering made an offer on the property, and, coincidentally, a 2nd senior housing developer came along separately, and made a higher offer on the property. The city decided to go with Hampton Companies, and a price of $900,000 was settled on, which, at $6.89 psf for the dirt, was $5,000 above the asking price.
The property went under contract late January of 2020 with an expected close of April of 2020, however, with the advent of the Covid-19 pandemic, a few purchase agreement extensions were agreed to, and Hampton ultimately came through with their purchase, but only after getting necessary approvals from the St. Paul Water Authority and the watershed district gave their final approvals.
The successful sale of this land was the latest sale by Summerhill of property in this direct area of the North Central Twin Cities, Summerhill having sold 2 others in the last year and a half (7910 University Avenue NE and 8355 University Avenue NE). All 3 properties successfully listed and sold by the team of Peter and Andy at Summerhill Commercial exemplified Summerhill’s high competencies is listing and selling commercial properties for its clients. All 3 of the properties sold had unique challenges Summerhill was able to successfully surmount to round of a string of 3 successful sales for its clients in very efficient time, and for top dollar. Call 952-473-5650 if you are looking to sell or buy a commercial property, and we can help.
