LinkedIn 6390 Carlson Drive | Eden Prairie, MN 55346 651-406-8050 HOME ABOUT US CASE STUDIES MEDIA CONTACT US Interstate Development - Media Brown & Bigelow’s St. Paul headquarters sells for $16 million Published August 23rd, 2021 By: Dylan Thomas – Reporter, Minneapolis / St. Paul Business Journal A multi-tenant St. Paul industrial building sold July 1 for more than $16 million, according to a state record made public late last week. The buyer of 345 Plato Boulevard E. was Plato Industrial LLC, an entity associated with Eden Prairie-based Interstate Development. A commercial real estate company spun off of Interstate Partners, Interstate Development has a portfolio of about 50 properties totaling roughly 3 million square feet. The seller was Summit Limited Partnership of Edina, a company managed by Brown & Bigelow, Inc. CEO Bill Smith, Jr. A 120-year-old promotional products company, Brown & Bigelow is headquartered in the building. The roughly 403,000-square-foot building was constructed in 1979, according to Ramsey County property records. It’s located across the Mississippi River from downtown St. Paul. The Ramsey County Assessor’s Office most recently estimated the property’s value at just under $10.7 million. Eric Simmer, a partner with Interstate Development, said the company bought the property “with a lot of pending vacancy,” then recruited the United State Postal Service to become the building’s primary user as of Aug. 1. It is now fully leased, Simmer said. The other tenants include industrial supply company W.W. Grainger, Inc., which operates a branch from the location, and Amazon, which uses a portion of the property for vehicle parking, Simmer said. He said the building was not on the market when a broker connected Interstate Development with Smith, the Brown & Bigelow CEO and former property owner. The building’s size, proximity to downtown St. Paul and easy highway access all appealed to Interstate Development, Simmer said. Click here for full article: Brown & Bigelow’s St. Paul headquarters sells for $16 million Share Post: GOODMANSON CONSTRUCTION BUYS MINNEAPOLIS LOCATION Search Archives August 2021 April 2021 December 2020 November 2020 August 2020 June 2020 April 2020 January 2020 August 2019 March 2019 February 2019 June 2018 February 2018 January 2018 August 2017 June 2017 May 2017 March 2017 December 2016 November 2016 May 2016 December 2015 March 2015 December 2014 September 2014 September 2013 February 2013 Recent Media Releases Goodmanson Construction buys Minneapolis location Apartment building sells for $12.25M in Rochester Just Sold: Rochester townhome complex sells for $9.4 million Interstate Development Interstate Development is a tenant-service driven commercial real estate development and investment company, focused on delivering flexible, entrepreneurial and best-in-class service to meet the operational and financial needs of its tenants. Media Releases Goodmanson Construction buys Minneapolis location Apartment building sells for $12.25M in Rochester Interstate Development 6390 Carlson Drive Eden Prairie, MN 55346 651-406-8050 LinkedIn Copyright 2019 Interstate Development, All Right Reserved. Minneapolis Website Development