A landmark building complex in Duluth’s Canal Park — named for the city’s most famous businessman — has sold in a $7 million deal between private investors.
An entity identified as Star PB LLC closed Nov. 22 on the $6 million purchase of the Paulucci Building, a four-story, 155,430-square-foot office building at 525 Lake Ave. S. from an entity identified as Etor Properties LLC. The purchase price works out to $38.60 per square foot. In a second related transaction, Star PB LLC paid $1 million to Buckeye Corp., another private investment entity, for a 16,000-square-foot retail and office building next door, at 501 Lake Ave. S. The purchase price works out to $62.50 per square foot.
All the parties list their address as the Paulucci Building, which for decades served as the headquarters of numerous businesses related to the late Iron Range native Luigino “Jeno” F. Paulucci.
Ronald Anderson is the secretary for the Star PB and was listed as the agent for Etor Properties. Anderson said the parties involved had no comment, but said that the longtime owner of both buildings was getting older and just decided it was time to sell. Read more at Finance & Commerce