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Continued: Dole Building wins reprieve

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A downtown Minneapolis building that once housed the New French Cafe has avoided a date with the wrecking ball, but the future of the property still is unclear.

The City Council's Zoning and Planning Committee declined to approve a proposal by Marquee Properties to demolish the property, officially known as the Dole Building on the corner of 4th Street and 2nd Avenue N. Marquee was appealing a previous decision by the Heritage Preservation Commission denying the demolition request.

Marquee bought the property in 2006 from Wyman LLC, whose partners include area real estate developers and investors Ned Abdul and Ken Sherman. In addition to the New French Cafe, the building also formerly housed Urban Wildlife Bar and Grill, an art gallery and some small offices. It's now vacant, according to Richard Snyder, an attorney for Marquee.

Snyder said Marquee believes the property would need extensive work to become economically viable and that it would be more cost-effective to tear it down and rebuild. Marquee wanted to build a three-story building to replace the existing two-story structure. He said he's not sure what Marquee plans to do now.

In denying Marquee's request, city planners pointed out that the 120-year-old building is a contributing structure in the North Loop Warehouse Historic District and Minneapolis National Warehouse Historic District. In order to get permission to tear it down, the owners would have to prove that it's unsafe or that there are no reasonable alternatives to demolition. "The current property owner has not pulled a building permit to stabilize or protect the structure," a city report said.

Cargill-occupied building sold

A Hawaiian commercial real estate company has expanded its Twin Cities-area holdings with the recent purchase of a Minnetonka office building whose sole tenant is Cargill Inc.

James Campbell Co. paid about $30 million for the six-story building in the Minnetonka Corporate Center Business Park. The 152,220-square-foot property was built in 1998 and includes a parking garage.

Campbell's other area holdings include Plymouth Industrial and Carlson Center Business Park, also in Plymouth.

The seller, a foreign institutional investor, hired New York-based Falcon Real Estate Investment Co. to market the building. The Twin Cities office of CB Richard Ellis represented Falcon in the transaction.

"Because we are in a challenging real estate market, now more than ever investors are seeking stabilized properties like this one," said Larry Welsh, a Falcon vice president. "Our strategy was to secure a five-year lease renewal [with Cargill] prior to the sale."

Susan Feyder • 612-673-1723

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