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Paster Properties, Northpond Partners acquire pair of buildings in Minneapolis

Paster Properties, Northpond Partners acquires Minneapolis buildings,ph01

St. Louis Park, Minnesota-based Paster Properties has partnered with Chicago-based Northpond Partners to acquire The Broadway in Northeast Minneapolis and Icehouse Plaza in South Minneapolis. The purchase closed Dec. 19.

Built in 1921 and renovated in 2013, The Broadway is a 58,204-square-foot building featuring street-front retail and creative office space. Current tenants include Spyhouse Coffee, CorePower Yoga, 612Brew, Snap Fitness and BuzzFeed.

Icehouse Plaza includes two buildings totaling 47,903 square feet. Built in 1900 and renovated in 1914 and 2011, Icehouse Plaza features a mix of street-front retail, creative office space and multi-family apartment units. Current tenants include Eat Street Social, Icehouse, Vertical Endeavors, Dunn Brothers Coffee and Black Sheep Coal Fired Pizza.

In addition to acquiring The Broadway and Icehouse Plaza, Paster Properties is redeveloping an existing historic building at 124 N. Third Street in the North Loop neighborhood in Minneapolis, and recently acquired 50th Street Plaza, a mixed-use building at 3925 W. 50th St. in the 50th and France District in Edina, Minnesota.

The Broadway is located at 945 Broadway Street NE, Minneapolis and Icehouse Plaza is located at 2550 and 2548 Nicollet Avenue South, Minneapolis. Paster Properties will be managing both properties.