Multi-Million dollar condo sells in Minneapolis

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Minneapolis riverfront condo sells for $4.24 million

By: Adam Voge January 26, 2015 2:49 pm 0

The Washburn Lofts building, at 700 Second St. S. in Minneapolis, was constructed in 1914 and converted to residential use in 2000. The building is just west of the Mill City Museum along the riverfront. (Staff photo: Bill Klotz)The Washburn Lofts building, at 700 Second St. S. in Minneapolis, was constructed in 1914 and converted to residential use in 2000. The building is just west of the Mill City Museum along the riverfront. (Staff photo: Bill Klotz)

 

A downtown Minneapolis condominium last owned by former technology executive Lawrence Perlman has sold for $4.235 million.

Ellem & Opie LLC, an entity registered to a Minneapolis address, closed Jan. 21 on its purchase of unit W31 in the Washburn Lofts condos at 700 Second St. S. in Minneapolis, according to a certificate of real estate value made public last week. The LLC doesn’t list a manager and its phone number goes back to a title company.

The purchase price for the 4,048-square-foot condo works out to more than $1,040 per square foot, a princely sum compared to the normal going rate even for the most luxurious riverfront condos in Minneapolis.

Andy Asbury, a Realtor with the Minneapolis office of Better Homes and Gardens Real Estate, said most deals come in between $600 and $800 per square foot.

“The condo market in general is incredibly strong and inventories are incredibly low,” he said Monday. “The luxury side of the market is showing really positive signs that buyers are willing to pay top dollar — and then some — to get exactly what they want when they want it.”

The seller in the Washburn Lofts deal is LP-LPP Trust, a Wyoming-based entity tied to Lawrence Perlman. Perlman was the chairman and CEO of Control Data/Ceridian Corp. and Seagate Technology. He has also served on several notable local boards, including Valspar Corp.

Perlman’s listed phone number of the CRV also went back to a title company.

The 10-story Washburn Lofts building offers a total of 22 units, according to the Minneapolis Lofts and Condos blog. The building was originally built in 1914 for the Washburn Crosby Co., but was converted to residential use in 2000.

The building is on the northeast quadrant of Portland Avenue and Second Street, immediately west of the Mill City Museum and about a block west of the Guthrie Theater.

Hennepin County values the parcels included in the sale at $1.49 million, according to property tax records.

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