Industrial buildings sold for repurposing have an equal chance of being rehabbed or razed entirely. For instance, Plymouth-based Dominium bought 700 Emerald St SE one block from the light rail’s green line, as well as 4041 Hiawatha Ave along the blue line. The 4041 Hiawatha facility will undergo rehabilitation to preserve its 88-year old historical features, while 700 Emerald (built in 1967) will be completely razed. What’s next? After its recent acquisition, Duffey Paper is currently deciding what to do with its three North Loop industrial properties sitting on a total of 2.5 acres in one of Minneapolis’ hottest office markets.

1. Minneapolis–St. Paul
Multifamily and retail repurposing are driving
much of 2016’s urban industrial sales
Chart of the week: July 5, 2016
Source: JLL Research
700 Emerald St SE, St. Paul, MN
Warehouse/distribution  Market-rate & affordable apartments
Sold June 17 for $5.2M ($38 p.s.f.)
2929 SE University Ave, Minneapolis, MN
Office warehouse  Mixed-use development
Sold May 20 for $10.7M ($118 p.s.f.)
• Industrial buildings sold for repurposing have an equal chance of being rehabbed or razed entirely. For
instance, Plymouth-based Dominium bought 700 Emerald St SE one block from the light rail’s green line,
as well as 4041 Hiawatha Ave along the blue line. The 4041 Hiawatha facility will undergo rehabilitation to
preserve its 88-year old historical features, while 700 Emerald (built in 1967) will be completely razed.
• What’s next? After its recent acquisition, Duffey Paper is currently deciding what to do with its three North
Loop industrial properties sitting on a total of 2.5 acres in one of Minneapolis’ hottest office markets.
4041 Hiawatha Ave, Minneapolis, MN
Light industrial  Affordable apartments
Sold March 18 for $2.7M ($27 p.s.f.)
3311 Broadway St. NE, Minneapolis, MN
Warehouse/distribution  Costco retail center
Sold March 16 for $8.3M ($46 p.s.f.)