Maurices Building Sells For $15-Million
There's good money in real estate. The building that's home to Maurices corporate office has been sold according to financial news sources - and at a price considerably less than what it was built for just four years ago.
Paperwork filed for the sale shows that ANSA Propco Partnership L.P. bought the property that sits at the corner of 4th Avenue West and Superior Street for $15-million - with the deal closing on January 6; seller was Duluth Real Estate LLC. Applications for the sale show that both the buyer and the seller share a physical address in New Albany, Ohio. "The [Certificate of Real Estate Value (CRV)] listed "Bankruptcy Order" in the comment section.
While the building has been sold, it looks like Maurices isn't going anywhere. A spokesperson for the young adult clothing retailer "confirmed it will remain in the building".
The $15-million dollar sale price is a deficit from the $80-million it cost developers to build it in 2016 - although it matches what current "seller-paid appraisals" have demonstrated. The 11-story building (the top four floors are a parking ramp) sits on a 1.18-acre site at the western-start to downtown Duluth. The Maurices headquarters includes 248,716 square feet of usable office space, while the parking ramp totals 182,434 square feet, meaning that the building has a combined total of 431,150 square feet. Dividing the sale price out means that the Maurices building sold for about $24.79 per square foot.
Commercial real estate experts say that the Maurices say is just the beginning of what should be a turn-over year for downtown Duluth. A number of other commercial office buildings are also up for sale - including the Duluth News Tribune Building - which is located near the Maurices building - and the U.S. Bank Building - which occupies a spot just a couple of blocks east of Maurices. While the U.S. Bank Building is also an 11-story building (and, those 11-stories are primarily all office space), the asking price of the U.S. Bank Building will probably be less. Current "county tax records have the property assessed at $7.68-million".