Producers Jimmy Jam and Terry Lewis sell studio for $2.3m

NEW YORK (CB Richard Ellis announcement/ www.cbre.com) - Jimmy Jam and Terry Lewis have officially left the building! Real Estate firm CB Richard Ellis on Tuesday announced it had closed on the sale of the Flyte Tyme Productions' 18,000-square-foot studio in Edina that once housed the activities of the two music producers.
Valley Industrial Properties, owned by local real estate developer Karl Bohn, paid $2.3 million for the building.

Brian Fogelberg of CB's Global Corporate Services Group in Minneapolis, who helped sell the building, said "Industrial buildings of this kind in Edina typically go for about $55 to $65 per square foot. This building sold for $135 per square foot because it included a turnkey studio" for producing records.
Fogelberg said it took about 10 months to sell the building. "The Twin Cities is not like Los Angeles with a deep music industry, and we knew there was a very limited market for such a high-end facility."

Jimmy Jam and Lewis left the Twin Cities about a year ago and moved their business to Los Angeles.