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, Catalyst and other research.

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Every downtown has at least one — a great but empty building that draws a lot of interest but takes forever to get to a closing.

Patrick Loney, Jeff Meehan and Tom Commerford of KW Commercial just sold one of theirs at 550 Lake Drive in Chanhassen. The price was well below an estimated replacement cost above $4 million. Still, months turned into years before the open, light-filled, 11,095-square-foot former custom bike shop sold for $2.65 million.

Sara Martin of JLL Minneapolis found success with buyers Erin and Robert Blanton, who plan to make it a Kiddie Academy child care center. They own another under the same brand in Edina.

“I walked through it 40 times,” Loney said of the tours he led through the property.

Ideas ranged from fitness centers and organic food stores to a senior center or golf simulation center.

A few proposals came close.

“It fell out of bed four times,” he said.

Fortunately, seller Ed Vigil of Vigil Companies in Eden Prairie could afford to be patient.

The sale closed Nov. 17.

Place: 550 Lake Drive, Chanhassen

Price: $2.65 million; $79,500 down payment; new mortgage

Buyer: Mara Sports Marketing LLC

Seller: Vigil Companies LLC, Eden Prairie

Date: 11-17-23

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