Just Sold: New Mankato Travel Center sells for $10M

Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, Catylist and other research.

The Mankato Travel Center, which Fryberg Petroleum developed in 2023 at 3010 Adams Street in Mankato, has sold for $10 million to a Las Vegas buyer.

An entity identified as LV Petroleum LLC closed Oct. 17 on the acquisition from Trifecta Properties LLC, Mankato.

The sale includes the real estate and a NNN lease with Fryberg, also based in Mankato, which operates the center. The real estate includes a 7,575-square-foot restaurant and convenience store, 75 overnight stalls, eight refueling lanes, an 18-hole golf simulator and other amenities.

Marketing information indicates the center is aimed at more than truckers and travelers. The location, near Highway 14, is near a regional business district that includes Target, Walmart, Hy-Vee, Applebee’s Neighborhood Grill + Bar, Five Guys, AW Restaurant and other brands.

Sands Investment Group, based in Atlanta, Georgia, represented the seller, in cooperation with Scott Reid of ParaSell Inc., a national brokerage service.

Fryberg, a family-owned company, delivers bulk fuel, lubricants and other petroleum products across southern Minnesota. It operates Shell stations in Mankato, North Mankato, and Blue Earth and owns a BP station in St. Clair.

Place: 3010 Adams St., Mankato

Price: $10 million; no down payment listed; new mortgage

Buyer: LV Petroleum LLC, Las Vegas

Seller:  Trifecta Properties LLC, Mankato

Date: 10-17-24

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Eagan’s Courthouse Shopping center draws $2M

The Courthouse Shopping Center, a value-add 9,722-square-foot retail center in Eagan, has sold in a 1031 exchange investment for $2.065 million.

Mid-America Real Estate and Atlas Commercial Real Estate represented the seller, Vadnais Associates LLC. The buyer, VCP Courthouse Lane LLC, is a private investor in Excelsior.

The price works out to $212.40 per square foot.

Courthouse Shopping Center, located at 3090 Courthouse Lane, is an 85% leased single-story  retail center built in 2001 in the southeast quadrant of Highway 55 and Lone Oak Road. It is bordered on the north by a Holiday Stationstore and to the south by a Public Storage facility. Tenants in the center include Dickey’s Barbecue Pit, The Jewelry Exchange, Crossfit and Friendly Nails. Marketing materials indicate the property’s value could be improved by filling vacant space and increasing rents to market rates.

The seller’s team was led by Amy Senn, Marak Robinson, CCIM and Bryce Thompson of Mid-America’s Minnesota Investment Sales Team as well as Jennifer Pelant and Jim Larson of Atlas.

Mid-America offers retail real estate services in the Midwest, with full-service offices in Illinois, Michigan, Minnesota and Wisconsin.

Atlas Commercial Real Estate is a boutique retail brokerage firm providing a variety of real estate representation in Minnesota, the Dakotas, Nebraska, and Wisconsin.

Place: 3090 Courthouse Lane, Eagan

Price: $2,065,000; $615,000 down payment; new mortgage; 1031 exchange: $212.40 per square foot

Buyer: VCP Courthouse Lane LLC, Excelsior

Seller: Vadnais Associates LLC, Little Canada

Date: 10-11-24

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