Fully leased, mixed-use building in Minneapolis hits the market

 

Erin Fitzgerald

MINNEAPOLIS, MN –  JLL Capital Markets has been retained by Saturday Properties to market for sale The Maytag, a four-story, creative office building totalling 36,501 square feet in Minneapolis, Minnesota.

Colin Ryan

Originally built in 1916 for the Maytag Company of Iowa, the boutique office property was fully renovated in 2017 and features creative tenant build-outs with high ceilings and cool brick and concrete space.  It is highly coveted, as in addition to its central location in the heart of the North Loop, it is one of the few buildings with on-site parking.

The Maytag, a four-story, creative office
building totalling 36,501 square feet
at 515 North Washington Avenue
in Minneapolis, MN.

 In addition, it offers one of the North Loop’s only roof decks and is home to NOLO’s Kitchen and Bar and The Basement Bar – two of the most popular North Loop destinations. Other tenants at the fully leased property include Modern Climate, Rokos Real Estate Advisors and WD Design.

 

Located at 515 N Washington Ave., the Maytag Building is just blocks from Target Field, the Fillmore, the light rail station and walking distance to several other innovative restaurants, fashionable boutiques and lively nightlife.

 

The North Loop district continues to attract more and more foot traffic, with year-over-year figures increasing 10% two years in a row.

 

The JLL Capital Markets Investment Sales and Advisory team representing the seller is led by Senior Director Erin Fitzgerald and Senior Managing Director Colin Ryan.

 

“The Maytag presents an outstanding opportunity to acquire a highly accessible creative office asset in the heart of one of Minneapolis’ most desirable neighbourhoods,” Fitzgerald said.

 

“While office assets have been challenged more so than other property types, this is an incredible time to invest given the growth of the North Loop and the value-add opportunity presented with The Maytag property.”

 

Fitzgerald added. “The Maytag Building presents a unique opportunity because its size makes it more attainable.  It’s rare to be able to find such a well-located building that’s been completely renovated inside and out with no additional investment needed. While it’s fully leased today, there is an opportunity for an owner-user to buy this building and move their business in.”

 

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Kristen Murphy

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JLL

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