About 250 acres of land just outside the west-metro city of Buffalo that had been slated for an ambitious housing development have been sold in foreclosure.
The Twin Cities office of commercial broker CB Richard Ellis (CBRE) said Friday it had completed the sale, which included the land and a single-family house, to an undisclosed private investor. The firm said the land is currently zoned agricultural but is guided for residential use.
CBRE declined to provide other details. A recent sales brochure listed a price of $4.39 million, marked down from an initial asking price of $5 million.
Wright County property records show that the property, made up of six parcels plus the home, had been owned by Edina Development Corp. and Rodeo Hills LLC. Both businesses are based in Anoka and headed by Richard Lewandowski, who could not be reached for comment.
Buffalo Mayor Fred Naaktgeborn said Lewandowski had proposed an extensive housing development that included upscale homes. Lewandowski wanted the property to be annexed so it could use city services, such as water and sewers, and he wanted the city to pay for infrastructure improvements, such as roads, Naaktgeborn said.
The housing market collapsed before agreements could be reached on such matters. Milwaukee-based Regional Properties Inc. foreclosed on the property earlier this year, according to county property records.
Susan Feyder • 612-673-1723
