Report: Minneapolis Developer Buys JLT Property in Fridley

The site, 27 acres at the northeast corner of I-694 and East River Road, was sold for $1.375 million, Finance and Commerce reported.

John Allen of the Industrial Equities development company is the new owner of the JLT property at the northeast corner of I-694 and East River Road, according to Finance and Commerce (a subscription-only article):

Minneapolis developer John Allen has paid $1.375 million for a long vacant Mississippi River site in Fridley that Jerry Trooien’s JLT Group lost to receivership.

That's confirmed in Anoka County property records for the property (see PDF):

Owner INDUSTRIAL EQUITIES RIVER ROAD LLC Last Sale Date 12/28/2012 Last Sale Price 1,375.00 Property ID 22-30-24-42-0004 Address 5601 E RIVER RD NE , FRIDLEY, MN 55432-0000


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Lou Zmuda February 16, 2013 at 03:20 PM
I wonder if this means the city will revive their pipe dream of revamping 57th avenue so that it connects to East River Road? This will definitely give them a future excuse as to why they need to reroute 57th avenue. Maybe now they will be able to plan for that restaurant on or near the Islands of peace. Heck why not build a restaurant at Springbrook too.


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