8. HRSR 10-02-2006ITEM ~ 8.
t~ver
MEMORANDUM
TO: Housing & Redevelopment Authority
FROM: Catherine Mehelich, Director of Economic Development~~"G
DATE: October 2, 2006
SUBJECT: Information -Sale Listing for Property Described as 356 Jackson Ave
Attachment
Listing Profile for 356 Jackson Ave NW, LandCor Companies, dated August 22, 2006.
Issue
The property located at 356 Jackson Ave (former Circle C gas station) was recently listed for sale or
lease by LandCor Companies. The listing agent requested this information be forwarded to the
HRA fox consideration of acquiring.
Staff recommends that the HRA's purchase of this property would be premature due to the HRA's
limited financial resources and the undetermined redevelopment potential of the property until the
Downtown Redevelopment Plan is completed.
Listing Profile -Long
1
~ Landtor Companies
Prepared For:
City of Elk River
Catherine Mehelich
8/22/2006
Prepared By:
Teresa Tschida
(763)463-8817
#1
Property Detail
Availability
Building Size 1,344 SF Sale Type
Inv
or Owner/User
Specific Use Conv/Strip Ctr Price .
Status $389,900
Year Built Existing Price/SF $27.97 /SF
Parking Ratio Available SF
13,939 SF
/1000 Vacant SF
13,939 SF
Major Tenants
utd
Cap Rate
NOI
Listing Notes
Former use convenience store and gas stafion. Pumps and tanks not included. Seller will remove tanks at his expense. Property sold "as is".
Coolers in place and other FF & E for convenients store operations. For showings call agent. 3% fee to Buyer Broker.
Contact Information
LandCor, Inc.
Teresa Tschida
(763) 463-8817
Listing ID 145269
PropertylD 443460
Last Modified 08/11/2006 13:15:40
This infornation has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your
responsibility to independently confirm its accuracy.
Listing Profile-Long Page 1 Of 2
August 22, 2006
356 Jackson Ave NW
356 Jackson Ave NW
Elk River, MN 55330
Northwest
Listing Profile -Long
1
C ~ LandCor Companies
Prepared For:
City of Elk River
Catherine Mehelich
8/22/2006
Prepared By:
Teresa Tschida
(763)463-8817
#2
Property Detail
Availability
Building Size 1,344 SF Available SF
Specific Use
Conv/Strip Ctr
Vacant SF 1,344 SF
Status
Existin
9
Max Contig 1,344 SF
Year Built 1,344 SF
Parking Ratio Min Div
1,344 SF
/1000 Lease Rate
Major Tenants
utd
$29.47 Gross
Sale Type Inv. or Owner/User
Price
$389,900
Price/SF $27.97 /SF
Listing Notes
Former use convenience store and gas station. In the event of lease, lessor to retain rights and ownership of pumps/tanks and metered sales.
Coolers in place and other FF&E for convenience store operations. For showings call agent. 7/6/5/4/3% X1.5 split 50/50 commission on NNN
rent.
Contact Information
LandCor, Inc.
Teresa Tschida
(763)463-8817
Listing ID 217227
PropertylD 443460
Last Modified 08/11/2006 13:16:10
This information has been obtained from sources, believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your
responsibility to independently confine its accuracy.
Listing Profile-Long Page 2 Of 2
August 22, 2006
356 Jackson Ave NW
356 Jackson Ave NW
Elk River, MN 55330
Northwest