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The 312,800-square-foot building at 1700 Wynne Ave. was boughf for $9.5 million by SBS Group, an Eagan-bases logistics, trucking and warehouse companuy that plans to move its headquarters to the Inearly 2009, SBS will move 121 employeeas from three different locations where it now leases an office in Eagan and two warehouses in St. said Paul Goff, presideng of the privately-held company. Goff said the move represents a 20 percenyt expansionof SBS' real estate and it allowas the firm to operate more efficiently undetr one roof. SBS plans to invest about $1.5 million in additionalo building improvements to convert the buildinvg from a manufacturing use to a moderndistribution center.
About half of SBS Group's business is handlinv imports and warehouse logistics forTwin Cities-based manufacturers. The rest of its busineses is handling goods forlocal retailers. The company is owne d by Goff, Chris Wyffels and Mark Bloomington-based represented SBS in the M&I Bank in Minneapolis financedthe deal. Minnesota Diversifieed is keeping its offices inthe building. It has agreed to a long term leasrefor 30,000 square feet, including 10,000 square feet of officew space, Goff said.
The sale is the latesy restructuring move forthe once-struggling nonprofif group that serves disabled Minnesota Diversified’s restructuring and rebounf from the Upper Midwest chaptetr of the Turnaround Management
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