ST. CLOUD -- The former Herberger's building in downtown St. Cloud has a new owner. A property investment company based out of New York called Twenty Lake Holdings has bought the property.

You might remember that we told you back in October of last year that the building was sold to a different company called RD Management also based out of New York. However, that deal fell through late last year and the property remained on the market until recently.

Mayor Dave Kleis says this deal is different in the fact that it is closed, finalized and is done. The building was sold for about $1,125,000 million.

Kleis says he's hoping to be in touch with the new owners soon to learn more about their plans for it, but he's encouraged by the fact that Twenty Lake Holdings actually reached out to the St. Cloud EDA and inquired about buying it and the city's plans for downtown.

WJON News does have a message into a representative of Twenty Lake Holdings, and we're hoping to learn more about their plans for the building.

The former department store Herberger's closed and vacated most of the building in August of 2018. The second floor is being leased by Capital One, which has a lease through 2028.

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