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Hennepin County sells downtown Mpls. building for big loss

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A vacant, century-old building in downtown Minneapolis has been sold for one-fifth of the price Hennepin County paid for it 18 years ago, the Minneapolis-St. Paul Business Journal reports.

The publication said the county closed the sale of the William E. McGee Building at 317 Second Ave. S. for $850,000 on May 1.

The county reportedly purchased the property for $4.4 million in 1995 from a partnership that involved former Minneapolis Lakers star George Mikan and his son, G. Larry Mikan.

The Business Journal said the county's office of the public defender was based there until 2009, when it was relocated to the Hennepin County Government Center.

The 71,000-square-foot, eight story building was purchased by the The Historic 317 Co., which is based in Marquette Plaza, the Business Journal reports.

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