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Golden I-394 and Ax-Man Surplus: SLP Business Roundup

A roundup of local business news.

Here are some of the top recent business stories in St. Louis Park:

The 'Golden West'

A recent article in the Star Tribune explored the stretch of Interstate 394 between Hwy. 100 and Interstate 494 in St. Louis Park, Golden Valley and Minnetonka, calling it "the power strip for office space" in the Twin Cities.

St. Louis Park's Moneygram Tower and 1600 Building were sold recently for $81 million to DRA Advisors LLC out of New York.

Sources in the article attributed the corridor's success to the nearby Shops at West End and proximity of downtown Minneapolis and "executive neighborhoods" where company leaders are known to live.

A recent report released by Cushman & Wakefield/NorthMarq found the total office vacancy rate in 2012 was 18 percent across the Twin Cities, but the I-394 stretch has a vacancy rate of only 7.8 percent.

Knutson Construction

Knutson Construction Services has purchased a 24,000-square foot, two-story office building along I-394 in St. Louis Park for its corporate headquarters, according to the Minneapolis-St. Paul Business Journal.

Hennepin County estimates the property's market value at $1.83 million.

Knutson plans to move into the new space by December and will move out of its current space at the Colonnade Tower in Golden Valley. 

Ax-Man Surplus

Bored? Need a quirky gift?

Ax-Man Surplus has four locations in St. Paul, St. Louis Park, Fridley and Crystal. 

"Those who like stores to be tidy and boutique-like will probably not enjoy a visit here, but if you like exploring and poking through piles of things looking for the unexpected, you will have a blast," according to a feature by CBS Minnesota.

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