Regents approve sale of Murphy Warehouse and acquisition of Station 19; details of terms disclosed

The University of Minnesota presented two campus real‑estate transactions Dec. 25 and the Finance and Operations Committee approved both by voice vote.

Murphy Warehouse sale: Vice President for University Services Alice Roberts Davis described the Murphy Warehouse property (701 24th Avenue SE) as 21.7 acres with 38 interconnected building sections totaling about 706,000 square feet, noting the university purchased it on Dec. 21, 2015 for $17,975,000 and later identified it for disposition in the 2021 campus plan. Roberts Davis said the university executed a purchase and sale agreement with Elm 24 Industrial LLC on Oct. 15 for a negotiated purchase price of $18,000,000; the buyer deposited $180,000 in earnest money and the closing is scheduled for March 18 and remains subject to buyer due diligence, including issuance of a demolition permit for some historic portions. The board approved the proposed sale after a motion, a second and a voice vote recorded as "Aye." No roll‑call tally was taken during the session.

Station 19 acquisition: Roberts Davis also presented the planned acquisition of 2001 University Avenue SE, commonly known as Station 19, a two‑story commercial building constructed in 1893 (~15,570 gross sq ft) on nearly a half‑acre in Stadium Village. The property is on the National Register of Historic Places and currently houses a long‑term Buffalo Wild Wings lease that the university intends to assume (lease expires Dec. 2030 with one renewal option to 2035). The purchase and sale agreement was executed in November and contemplates $100,000 in earnest money and a 45‑day due diligence period (with a 30‑day extension option) and the acquisition will be financed with debt expected to be repaid from rental income and future real estate transactions. The committee moved, seconded and approved the acquisition by voice vote.

Both transactions were presented as aligning with board policy guidance to manage and prioritize the university’s campus property portfolio and to enable cohesive, compatible future land use consistent with the master plan.