Minneapolis, MN
ElseWarehouse apartments in Minneapolis sell for $40.25M
The ElseWarehouse, a 100-year-old converted apartment building in Minneapolis’ North Loop, traded hands between its developer and a North Dakota company, according to a press release from Colliers.
Great States Development bought the historic apartments in a deal worth $40.25 million, according to a certificate of real estate value. The purchase was a 1031 exchange for Great States.
Greco renovated the building at 730 Washington Ave. N. in the early 2010s according to the press release, utilizing adaptive reuse to turn the 1920s warehouse into a series of 116 apartments, which consist of one-, two- and three-bedroom units.
The price works out to nearly $347,000 per unit. That is about $42,000 more than the per-unit price of the North Loop’s Maverick Apartments’ $304,761, which was the most expensive per-unit sale of 2024. The Maverick sold last year in a deal also arranged by Colliers for a total of $51.2 million.
According to Great States website, the Fargo-based company has 5,000 units under its management. Scott Houle, the vice president for Great States, called the property iconic.
“This building not only represents the rich architectural heritage of the area but also aligns perfectly with our vision of creating exceptional spaces where people can live, work and thrive,” he said.
The deal was arranged by Colliers’ Mox Gunderson, Dan Linnell, Devon Dvorak and Adam Haydon.
Gunderson, an executive vice president for Colliers, said the North Loop is one of the most sought-after neighborhoods in the metro, and brings in some of the highest rents in the city. He said that the buyer had been eyeing the North Loop for a while. The property also features 16,000 square feet of retail space.
“You’ve got five retail tenants, almost 16,000 square [feet] of retail in the building that is mainstays along Washington Avenue,” he said. “It’s really a timeless asset.”
Gunderson said Greco decided to sell the property mostly because of the loan maturity on the building, opting to sell rather than refinance. Gunderson said there were eight bids on the property.
Great States is a long-term owner, according to Gunderson, and besides potential light apartment upgrades in the future he doesn’t think there will be many changes to the property.
Finance & Commerce previously reported on the listing for the property in late September. Greco had listed both ElseWarehouse and the Copham, another North Loop property with 120 units and seven stories.
North Loop’s Maverick Apartments’ sale price lower than in 2022
Three North Loop apartments up for sale
Minneapolis, MN
World Junior Championships: Team USA arrives to Minnesota
The World Junior Championships are less than two weeks away, but Team USA starts training camp on Monday in Duluth. FOX 9 Sports Director Jim Rich caught up with Team USA coach Bob Motzko Sunday night in St. Paul as the Americans are looking for a three-peat.
Minneapolis, MN
Minneapolis Rabbi responds to terrorist attack in Australia
MINNEAPOLIS (FOX 9) – A day that was meant to be celebrated with Hanukkah beginning at sundown, turned into heartache for the Jewish community far and wide.
READ MORE: Shooting at Bondi Beach kills at least 11 people in Sydney, Australia
Temple Israel rabbi responds to Australia attack
What they’re saying:
Rabbi Marcia Zimmerman, from Temple Israel in south Minneapolis joined us on the FOX 9 Morning News shortly after learning of the tragedy unfolding overseas.
“Unfortunately, this is becoming all too familiar, and all too common,” Rabbi Zimmerman. “Jewish pride is the biggest antidote, that we continue to light the candles, that’s what Hanukkah is all about, the pride of who we are, even as a minority.”
Temple Israel was the target of a hate crime back in October, when it was vandalized with anti-Semitic graffiti.
“Security is always a part of our reality, both seen and unseen,” Rabbi Zimmerman said. “The other part of the strength of what we do is we have a lot of interfaith dialogue here at Temple Israel, so for me, that’s another security measure in a much more profound way.”
The Source: This story uses information from a live interview on the FOX 9 morning news and FOX TV station reporting.
Minneapolis, MN
Minneapolis shelter open 24 hours as weekend temperatures drop
Minneapolis shelter open 24 hours as weekend temperatures drop
Catholic Charities’ Minneapolis-based shelter is operating as a 24-hour warming center this weekend, in an effort to keep more people out of dangerously cold temperatures.
The Higher Ground Minneapolis shelter plans to stay open 24 hours a day until Monday or longer if temperatures remain low, according to Keith Kozerski, chief program officer at Catholic Charities Twin Cities, during an interview on Saturday.
“Starting yesterday afternoon, through the end of the weekend, we’ll be open 24/7 to make sure that our most vulnerable neighbors have someplace safe to be. That means we stay open, provide extra meals, and just support in social activities for people who otherwise would need to be out on the street,” Kozerski said.
Resident Maurice Harmon was among those seeking warmth and food on Saturday, and he emphasized the widespread need for assistance.
“From St. Paul to Minneapolis, there’s individuals that need the help, need the shelter, food, clean water, etc.,” said Harmon.
The more than 200-bed Higher Ground shelter has been operating above capacity well before the cold set in, Kozerski said.
“So last night, we were at our full, even over-capacity capacity, which was 10 mats on the floor… which isn’t the normal dignity we’d like to provide people, but it keeps them alive,” he said.
Catholic Charities also operates two day centers and the Dorothy Day Place shelter in St. Paul. All are experiencing similar capacity challenges, Kozerski said.
“They are. Everybody’s bursting at the seams.”
Asked what’s behind the influx in need, Kozerski said, “You know, I think it’s about really complex stuff. It’s about people that have chronically been homeless. It’s about people who are hitting this tough job market and are laid off and are experiencing homelessness for the first time … and we know that seniors are the fastest growing population within the homeless community.”
Harmon shared his perspective on the situation. “Different reasons that have brought us here, ” he said. “Others, mental health. It’s really bad. I see it a lot. … Some individuals don’t have family, like myself.”
Harmon also expressed concern about public perception of homelessness. “No. It’s, it’s gotten worse, in my opinion. But, like I said, there’s always room for improvement … Open hearts, open minds. Seriously. The world needs more of it,” he said.
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