11100 Jefferson Highway N., Champlin (Submitted photo: CoStar)
Description: 133,949-square-foot Class B manufacturing building, built in 2000 on 10.44 acres at 11100 Jefferson Highway N., Champlin
Buyer: 11100 Jefferson Property LLC, an entity related to Capital Partners, Minneapolis
Seller: Hudy Investment LLC, an entity related to Wilcox Paper, Champlin
Purchase price: $7.5 million, with a $2.625 million down payment and new mortgage, seller enters a 10-year lease
Price per square foot: $55.99
The transaction: Wilcox Paper has secured a $7.5 sale-leaseback of its Champlin headquarters.
Hudy Investment LLC, an entity related to Wilcox owner Terry Hudy, sold the 133,949-square-foot building at 11100 Jefferson Highway N. to 11100 Jefferson Property LLC, an entity of Minneapolis-based Capital Partners.
Eliot Bencuya, a partner in Los Angeles-based Tryperion Partners confirmed the sale. Bencuya explained that Tryperion entered a joint venture with Capital Partners to buy the building and lease part of it to Wilcox Paper.
Hudy bought the company in 2006 and bought the building in 2008 for $6.935 million. He couldn’t be reached for this story.
The current sale works out the $55.99 per square foot. The building, which was built in 2000, includes 18-foot clear ceiling height, 11 dock doors with two drive-in bays and 13,500 square feet of finished office space, according to the company website. The company sells paper products to the printing industry in Minnesota and four surrounding states.
Last sale: $6.935 million in 2008
Property ID: 31-120-21-31-0021
Date of deed: 6-20-17
ECRV released: 10-6-17
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