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.”

 

For more news, videos and research resources, please visit JLL’s newsroom.

  

CONTACT:

Kristen Murphy

Director, Public Relations

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

 

Concord Summit Capital hires Manny Brown as company’s Chief Operating Officer

 Manny Brown 

MIAMI, FL—  - Concord Summit Capital, LLC (“Concord Summit”), a leading intermediary between sponsors and providers of commercial real estate capital, has hired industry veteran Manny Brown as its Chief Operating Officer. 

Brown has led successful market-share growth at private and public companies spanning multiple industries.  Immediately prior to joining Concord Summit, he was Chief Operating Officer & President of Plum Lending and before that, COO & President and partner of Cohen Financial, which is now part of Truist.  He has worked in commercial real estate finance since 2007.

Concord Summit, which was formed at the height of the pandemic by industry veteran Kevin O’Grady, is based in Miami with offices in New York, Denver, Los Angeles, and New York.  Its platform of debt and equity advisors/loan originators specialize in formulating complex capital structures and providing capital to CRE owners and developers.

Kevin O’Grady

“We are extremely pleased to add Manny Brown to the executive team,” said Kevin O’Grady, partner and chairman. “He has more than three decades of experience supporting and growing organizations in various industries, like Concord Summit, which provide the best quality products and services to their clients with the highest level of execution. 

"Together, we helped build the Cohen / Pilar platform at Guggenheim which resulted in a successful sale to SunTrust (now Truist) in 2016. We have been a very good team in the past and I look forward to repeating that success.”

O’Grady has led Concord Summit Capital since its founding in 2020.  He has financed more than $25 billion in the structured finance space as an advisory since 2002.

 His experience accounts for 10 million square feet of commercial mixed-use development as well as developing over 25,000 residential units and 13 golf course communities as a senior officer of public development companies, prior to entering the finance business.

 

 Contact:

Todd Templin, 

Executive Vice President

BoardroomPR

ttemplin@boardroompr.com

954-370-8999

 

www.concordsummit.com