Newspaper Clipping - Newspaper Clipping Scan - Edina based Buhl buys Eagan land from Mary Jo Copeland - 7/29/2015II
Wednesday I July 29, 2015
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Finance & Commerce
Edina -based Buhl buys Eagan
land from Mary Jo Copeland
BY ANNE BRETTS
Special to Finance & Commerce
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32
510 Lone Oak Road, Eagan
Edina -based Buhl Investors has
closed on a $1.2 million deal for near-
ly 33 acres along Highway 55 and
Lone Oak Road in Eagan, a move that
paves the way for construction of a
three -building, 309,600 -square -foot of-
fice -warehouse park.
Buhl plans to deliver the first build-
ing in the first quarter of 2016, said Pe-
ter Deanovic, principal.
"We're excited about leasing oppor-
tunities," Deanovic said, but declined
to share any information about ten-
ants, project costs or other details.
As Finance & Commerce reported
in June, the project is the first new of-
fice -warehouse construction in the city
in years. Deanovic hasn't submitted
plans for the buildings, according to
city planner Mike Ridley.
Wyatt Sharing & Caring LLC, an en-
tity related to Buhl Investors, bought
the land from Gift of Mary LLC, an
entity related to Mary Jo Copeland, ac-
cording to a recently filed certificate of
real estate value. She's the founder and
director of Minneapolis-based Sharing
and Caring Hands, which operates a
154 -bed transitional housing complex
and a drop-in day center near Target
Field in Minneapolis.
Deanovic and Copeland entered a
no -interest contract for deed on Dec.
IPI 22, with a $500,000 down payment.
Deanovic paid off the $700,000 Bal-
a ance after winning city approval in
Lone Oak Road
Edina -based Buhl Investors is set to start construction on the first of three
buildings totaling 309.600 square feet the company has proposed for a
nearly 33 -acre office -warehouse park at 510 Lone Oak Road in Eagan.
July to rezone the agricultural land
to suit his plans. The purchase price
works out to $36,386 per acre.
Copeland bought the land in 2002
for $305,000, with plans to build an
orphanage. She later abandoned the
plan.
The address for the project is listed
as 510 Lone Oak Road, although the
CRV lists it as 3430 Highway 55. The
3
land is on the southeast quadrant of
Highway 55 and Lone Oak Road, a mile
east of Interstate 35E.
Purchase price: $1.2 million, with
$500,000 down and a no -interest con-
tract for $700,000
Price per acre: $36,386
Property ID: 10-29800-01-010
Date of deed: 12-22-14
ECRV released: 7-24-15