Category: Recently Sold – Leased
1404 Central Ave | Minneapolis, MN
12,595 SF | 0.62 Acres
The Pipe Fitters Union called on CRE Partners to assist them with selling 1404 Central Ave in Minneapolis, MN. The main goal was to maximize the value of the current site and additional, find a new home for the Union.
1404 Central Ave was a great site in a hot neighborhood. The challenge was the sale and purchase of a new location had to happen simultaneously. With the wide range of potential uses, closing timeframes were potentially very long.
CRE Partners worked with the owners on a marketing plan to focus on a wide range of buyers to achieve the highest and best use for the site (and highest selling price). After reviewing 10 offers, we moved forward with a user that had a short closing timeframe. CRE Partners helped navigate the multiple offer process, building inspection, and risk involved with the corresponding relocation. Ultimately, the building sold for $1.6M. Ultimately, the owners sold and purchased a new home on the same day. Even better, they doubled their space with very limited additional cost. With a brief leaseback, they were able to smoothly transition into their new building.
212 3rd St | Minneapolis, MN
5,285 SF | Office
Punch Through Design called on CRE Partners to assist them with finding new office space. The main goal was to accommodate growth, but limit lease term risk.
The Punch Through office space project had numerous challenges. First, they wanted to be located in one of the most competitive office markets in Minneapolis, the North Loop or NE. Second, the company was growing at a rapid pace, but taking on the extra burden of additional rent for space they may not be needed for a couple of years was worrisome. In addition, if the space was too small, would they be stuck in a long-term lease?
CRE Partners worked with the owners on a plan to focus on office space that would allow for growth, but also be flexible with lease terms and relocations. After viewing many spaces, we moved forward with a sublease option in the North Loop. Ultimately, CRE Partners helped negotiate favorable terms for the sublease that met their budget and limited lease term. In addition, furniture was included!