A Florida-based national real estate investmenbt firm is under contract to buy the former State Farm campus in Woodbury, which has been vacant since 2004.
Elion Real Estate Investment said Tuesday it is in the process of buying the 400,000-square-foot office building at the intersection of Interstate 94 and Radio Drive. Terms of the impending deal were not revealed.
Elion said that it is working with city officials to construct the "highest and best use for the high-profile site." Ideas include adding "new uses to enhance the attractiveness of the location."
Elion, which is both the investor in the property and master developer, has partnered with local construction firm, Kraus-Anderson, in the project.
Key players in the local commercial real estate will discuss the site's prospects at the Woodbury Business Classic on Oct. 3.
Janet Moore covers commercial real estate for the Star Tribune.