Office W Minnesota

CBRE closes sale of pair of office buildings in Minneapolis

CBRE Capital Markets recently closed the sale of The Broadway and Icehouse Plaza in Minneapolis, two buildings in First & First’s Twin Cities creative real estate portfolio, to Northpond Partners.

Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE’s Minneapolis office arranged the sale on behalf of Minneapolis-based developer First & First. Together, the buildings in the sale total 95,895 square feet and were 98 percent occupied at the time of closing.

First & First is committed to reimagining historically significant sites within the Minneapolis and St. Paul urban landscape. They transform these unique assets into inspired places that facilitate a creative and cultural experience. CBRE is also marketing additional properties for sale within First & First’s Creative Real Estate Portfolio.

Chicago-based Northpond Partners focuses on the acquisition, development, and redevelopment of retail and mixed-use properties located in select urban and suburban markets domestically. Leveraging decades of expertise and relationships, Northpond targets value-add and opportunistic investment strategies.

The Broadway, at 945 Broadway Street NE, is a 56,156-square-foot creative office and retail building fronting Broadway Street in northeast Minneapolis. The two-floor building was originally constructed in 1922 and renovated in 2013. Major tenants include Spyhouse Coffee, 612Brew and CorePower Yoga.

Icehouse Plaza, located on Minneapolis’ Eat Street in the Whittier neighborhood, includes two office and retail buildings totaling 39,739 rentable square feet with 13 multifamily units and an outdoor plaza. The properties, at 2550 and 2548 Nicollet Avenue South, were renovated in 2011. Tenants include restaurants Icehouse, Eat Street Social and Black Sheep Pizza; and indoor bouldering gym Vertical Endeavors.