Minneapolis developer First & First has put on the selling block 17 buildings that it has in its real estate portfolio many of which are brick and timber buildings that have been converted into hip, creative spaces.
The properties account for 504,000 square feet of space occupied by office tenants and breweries throughout the Twin Cities such as the old King Koil mattress factory that the firm turned into Vandalia Tower in St. Paul and The Broadway in Northeast which houses Spyhouse Coffee, 612 Brew and several creative offices.
“Over the past six years, we have been committed to transforming the buildings we have touched and the neighborhoods where they are located. Now that most of them are completed, we felt it was time to focus on a new chapter…stay tuned,” said Peter Remes, president of First & First, in a statement Wednesday.
CBRE’s Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz were selected to market the portfolio, which is 75 percent leased.
“These one-of-a-kind assets are well-positioned in dynamic neighborhoods with significant demand from creative users and close proximity to housing and entertainment,” Watts said, in a statement. “Investors can rely on the success of these properties as millennial workers continue to embrace the live-work-play lifestyle.”
The properties for sale are listed below.
North Loop of Minneapolis:
244 First Avenue North
248 First Avenue North
252 First Avenue North
501-505 First Avenue Northeast
Whittier neighborhood of Minneapolis:
2644 Nicollet Avenue site
Midway neighborhood of St. Paul: