Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

Southpoint sells in Bloomington

Posted by: Janet Moore under Buying Updated: August 9, 2012 - 11:15 AM

A big office building in Bloomington sold for $44.6 million earlier this week.

But the most-interesting thing about the sale of the Southpoint office complex is the buyer: An entity connected to Minnetonka-based Founders Properties, which was started in 1997 by Best Buy founder Richard Schulze and Opus founder Gerald Rauenhorst.

Schulze, as readers know, has been in the news quite a bit of late -- with his resignation as chairman of from Best Buy Co. and, more recently, his bid to buy back the company he founded, and take it private.

Privately held, Founders' portfolio consists of approximately 100 office, industrial, retail and mixed-use projects throughout the United States.

Hennepin County property records indicate United Properties sold Southpoint’s three parcels on 82nd Street West with an assessed value of $45.9 million.

Janet Moore covers commercial real estate for the Star Tribune.

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