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Just Sold: Former teen employee buys golf course

Anne Bretts//January 31, 2023//

Photo of a golf cart in front of a panoramic view of the clubhouse at Balmoral Golf Course in Battle Lake

New local owners have paid $2.2 million for the 18-hole Balmoral Golf Course at 28294 State Highway 78 in Battle Lake. (Submitted photo: Balmoral Golf Course)

Photo of a golf cart in front of a panoramic view of the clubhouse at Balmoral Golf Course in Battle Lake

New local owners have paid $2.2 million for the 18-hole Balmoral Golf Course at 28294 State Highway 78 in Battle Lake. (Submitted photo: Balmoral Golf Course)

Just Sold: Former teen employee buys golf course

Anne Bretts//January 31, 2023//

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Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, Catalyst and other research.

When longtime owners John and Karen Young decided to retire, it didn’t surprise Kaari Speer that they asked her whether she wanted to buy the Balmoral Golf Course in Battle Lake.

“I worked at the course when I was young,” said Speer. She also played and coached at the college level. And she and her husband, Jason Speer, polished their business skills when they bought the iconic Purple Palace pub and restaurant in Vining, gave it a major upgrade and sold it.

They were looking for a new project when the Youngs suggested the sale.

“It was a good fit, for sure,” she said.

An entity related to the Speers closed Jan. 10 on the $2.2 million purchase of the 18-hole course at 28294 State Highway 78.

“They were constantly improving things, and we plan to continue that,” she said.

Balmoral opened in 1961 on the southeast side of Ottertail Lake in west central Minnesota.

The sale is the first golf course sale the Minnesota Department of Revenue has reported this year. It reported eight sales in 2022, only two of the priced above $2 million.

Place: 28294 State Highway 78, Battle Lake

Price: $2.2 million; $500,000 down payment; new mortgage

Buyer: JKRK Holdings LLC, Ottertail

Seller: Balmoral Golf Course, Battle Lake

Date: 1-10-23

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Owner sells Alexandria retail space for $4.5M

The private owner of the 60,000-square-foot Elden’s Foods store in Alexandria has sold it to another investor for $4.5 million.

JTGM Alexandria Property LLC in Minneapolis closed Jan. 10 on the acquisition from DenEl Properties in Alexandria.

The property is located at 707 Third Ave. E., Alexandria.

Place: 707 3rd Ave. E, 591 Northside Drive NE, Alexandria

Price: $4.5 million; no down payment listed; new mortgage; $75 per square foot

Buyer: JTGM Alexandria Property LLC, Minneapolis

Seller: DenEl Properties Alexandria

Date: 1-9-23

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