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The firm, currently headquartered at 2905 Northwest Blvd in Plymouth, MN, states that it will begin renovating the Crest Ridge building in early 2020. Its preliminary plan calls for Dominium to occupy approximately half of the 120,000 square foot building.
The properties sold include retail stores, a distribution facility and office space. Bed Bath & Beyond will continue to occupy these properties pursuant to long-term leases.
The proposed properties include the renovation of 10 Quincy Street into condominiums, and also a ground-up apartment building development at 26 Quincy St.
The sporting goods retailer will house its logistics and distribution operations in 312,373 square feet of space at the newly built 569,147-square-foot facility, reports CBRE, which was a broker in the transaction.
In this EXCLUSIVE, David Harrington of Matthews Real Estate Investment Services, offers insights on how the rent control law affects the value of properties that were previously not subject to any rent control.