Kellogg Square has sold.

The 1970s-era 32-story apartment tower in downtown St. Paul complex was sold by Sentinel Management to Bigos Management of Golden Valley for $51 million.The complex includes 450 apartments, commercial space, including Senor Wong's restaurant, and a parking ramp with 594 parking stalls.

Gina Dingman, president of NAI Everest in Minneapolis, represented Sentinel in the deal. She says downtown St. Paul is hot in the local apartment market because "there's going to be a lot of public/private investment"  with the St. Paul Saints ballpark, light rail and optimism some retail will follow transit.

There aren't as many apartments either currently available or in the pipeline in the Capitol City's central core, so vacancy rates tend to be low, she said.

Janet Moore covers commercial real estate for the Star Tribune.





Older Post

$3.25 million available for green homes in Minneapolis

Newer Post

More analysis on the December decline in national home sales