Downtown Minneapolis Office Market

[uptownbro]

I know they added an extra "week" to there HQ event but that was announced months ago. Did your contacts give any details

[BikesOnFilm]

Well, it finally happened - City Center owner defaults on their loan.

Hopefully we can speed run the obligatory "Downtown Minneapolis is doomed" news cycle this time around and skip to the part where a local group of investors buys the property for a song and uses the savings to lower lease rates and commit to a property turnaround/modernization the underwater owners were never going to even attempt.

[Silophant]

Hopefully Hempl still has $15M or so of free cash floating around their bank account.

[twincitizen]

The entire 3rd floor of Gaviidae Common can be yours for just $2.6 million: https://www.loopnet.com/Listing/651-Nic ... /31643272/

Edit: yep, it's the former offices of United Properties.

[BikesOnFilm]

Am I the odd one out for only just hearing the phrase "office condo" for the first time, or is this an unusual way to structure the ownership of office space?

[amiller92]

The entire 3rd floor of Gaviidae Common can be yours for just $2.6 million: https://www.loopnet.com/Listing/651-Nic ... /31643272/

Former United Properties space, right?

[minntransplant]

Am I the odd one out for only just hearing the phrase "office condo" for the first time, or is this an unusual way to structure the ownership of office space?

I don't think it's very common. The only recent example I'm aware of is the building that's under construction at Nicollet and 31st (replacing the burned down Wells Fargo). It will include commercial condos on the ground floor. Afro Deli will be one of the condo owners. It seems like a nice model that helps small businesses own their space and build wealth over time.

[Blaisdell Greenway]

Office condos appear to be more common in the suburbs, especially among drive up strip mall style developments
https://www.loopnet.com/Listing/1701-17 ... /35582008/

[Silophant]

The ground and skyway levels of The Crossings, at 2nd and Washington, are commercial condos. I've assumed that's what's led to the more interesting business mix (electrical contractor, Oromo TV studio, etc) than the average downtown tower has.