A Golden Valley firm has purchased the MInneapolis Mart in the western suburbs for $18 million, according to Hennepin County property records.
The seller: An entity called Bren Road LLC associated with St. Paul real estate developer Jerry Trooien.
A certificate of real estate value filed May 30 and accepted Tuesday indicates Talon Bren Road LLC bought the property at 10301 Bren Road West. The LLC is associated with Talon Real Estate Holdings, a publicly traded firm that invests in single and multi-tenant office, industrial and retail properties.
"We're pretty embryonic so far," said Talon senior vice president Greg Pfleider. The firm was formed in a reverse merger with a shell company out of Utah last year and then went public.The 37-year-old Minneapolis Mart is the firm's first Twin Cities property since going public.
Pfleider said Talon doesn't plan any major changes at the Mart, which is a wholesale showroom facility featuring more than 5,000 lines of home decor, accessories and apparel merchandise in 140 showrooms.
When Trooien exited bankruptcy in 2011, he retained several Twin Cities properties, including the Mart.
Federal prosecutors claimed that nine people were involved in a mortgage scheme that defrauded mortgage lenders of more than $14 million at Cloud 9, a former office building in Minnetonka that Trooien's firm redeveloped into condos at the height of the housing boom. Trooien was never charged.
Prior to that, Trooien pitched an ambitious mixed-use project called the Bridges of St. Paul across the Mississippi River from downtown. But the city ultimately rejected the project in 2007.