Apple Valley Business Center, a two-building industrial complex that houses Questar Assessment, has a new owner.
The 110,000-square-foot property on Upper 147th St. W., west of Pilot Knob Road, was sold for $7 million to an investment entity of The Excelsior Group, Eden Prairie. The seller was Apple Valley Development of Eagan, a business entity related to Questar's founder, Ted Naegeli.
Naegeli said the property had been on the market for about a year and had drawn interest from a few other potential buyers, which unlike Excelsior were out-of-town investors. The sale price was slightly above the buildings' recent assessed value of about $6.8 million, according to Dakota County property records.
Questar provides testing products and services for states, schools and school districts throughout the country. Naegeli started the company in 2001, sold it in 2006 and returned as CEO earlier this year.
Building brisk in Lakeville
Residential and commercial building activity continues to climb in Lakeville. The city has issued building permits with a total valuation of $55.8 million through the end of May, up from $38.1 million during the same period in 2012.
The city issued commercial and industrial permits with a total valuation of $5.6 million through May compared with $3.2 million during the same period in 2012.
Lakeville also issued permits for 140 single-family homes through May with a total valuation of $42.2 million. This compares to 93 single-family home permits with a total valuation of $27 million during the same period a year ago.
Since the beginning of the year, Lakeville has approved eight residential final plats that resulted in 215 new single-family home lots being created.
