For sale: A look at commercial properties in the Twin Ports
As residential real estate transactions begin their yearly wind-down, commercial brokers in the Twin Ports are staying busy, or at least they’re trying.
“Believe it or not, winter is much better business for us than it is in the summertime,” said Mike Senarighi of Real Estate Services of Duluth.
Here’s a look at notable sales and listings in the area.
The Superior Warehouse Co. building at 1507 N. First St. in Superior has been on the market since spring, when a deal to buy and lease it fell through. But there’s been plenty of interest since, said Greg Follmer, whose firm is marketing the property.
“Putting shops in there or warehouse space or companies, breweries, housing and unique office space — we’ve had a lot of very unique users that are not bothered by the industrial nature of the area.”
The property, priced at $295,000, also sits on Hughitt Slip and isn’t far from the Blatnik Bridge.
Follmer also is marketing several downtown Duluth landmarks, such as the Duluth Technology Village, the Wieland Block, the Board of Trade Building and a large office building at 205 W. Second St.
The Elks Lodge at 4250 Haines Road is under new ownership after Lodge #133 sold to IGO Properties last month for $505,000. No changes are planned for the lodge’s current operations — a representative said the lodge is leasing from the new owners while it looks for a new space to move into.
IGO Properties shares an address with Country Inn and Suites, just across Haines Road. The Elks property is more than three times the size of that hotel lot.
A former theater in West Duluth has traded hands recently, with Corvo Properties LLC getting $140,500 from Paladin Properties LLC.
Local blog Perfect Duluth Day reported the latter is owned by Reader Weekly publisher Robert Boone, who did not share his plans for the building. Former owner David Orman told the blog: “You could do almost anything with it.”
Originally built as the West Theater, the 79-year-old building has seen a series of businesses come and go in recent decades.
Whole Foods Co-op recently bought some vacant land next to its Denfeld location, but don’t expect an expansion of the recently opened store — employees simply needed somewhere to park.
“We always had adequate parking for customers,” said brand manager Ali Wade. “So we purchased the additional lot for reliable, nonmetered parking for our staff.”
Duluth Flame Nightclub is for sale — building, business and all — for $839,000.
According to Senarighi with Real Estate Services of Duluth, the owner of the busy two-floor club at 28 N. First Ave. W. is ready to move on from a career in nightlife.
“His passion as long as I have known him is cars,” Senarighi said. “So he opened up a car dealership.”
A few calls have come in since the bar was listed in August — including an offer asking for 100 percent financing from the seller, which was not going to fly — though the broker said it could take some time. Though there is one incentive: “It has a very great profit,” he said.
The building at 120 E. Superior St. recently was sold in what initially appeared to be a profitable property flipping, though Brian Forcier of Titanium Partners reported he only had moved ownership from one of his LLCs to another.
“I wish that represented my profit!” he wrote of the $897,000 sale.