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
Minnesota’s Iranian community: Mixed emotions on US-Israel strike
MINNEAPOLIS (FOX 9) – The local Iranian community in Minnesota is expressing mixed emotions following the recent joint U.S.-Israel strike on Iran.
Local reactions to the strike
What we know:
The strike resulted in the death of Iran’s Supreme Leader Ali Khamenei, according to President Donald Trump and Iranian state media. Many Iranians in Minnesota feel this could lead to freedom for their country.
Nazanin Naferipoor shared that her sister in Iran was initially happy about the strike, believing it might bring about freedom. However, communication has been cut off since the strike began, leaving many worried about their loved ones.
The other side:
Hamid Kashani from the Minnesota Committee in Support of a Democratic Iran expressed mixed feelings about the strike. While he hopes for change, he is concerned about the potential loss of innocent lives.
Fazy Kowsari emphasized that the attack targeted the government, not the religion, and criticized the political motivations behind the strike.
Upcoming rally at Nicollet Mall
Why you should care:
A rally is scheduled for tomorrow afternoon at Nicollet Mall and 11th Street. Organizers view the U.S. strike as a rescue operation for Iranians held hostage by the regime, rather than an act of war.
Minneapolis, MN
Ex-MN Twins Pitcher Sentenced For Shooting His In-Laws
AUBURN, CA — Former Major League Baseball pitcher Dan Serafini was sentenced to life in prison without the possibility of parole for murdering his father-in-law and attempting to murder his mother-in-law in a 2021 ambush-style shooting at a Lake Tahoe-area home.
A Placer County jury previously found Serafini, 51, guilty of fatally shooting 70-year-old Gary Spohr and seriously wounding Spohr’s wife, 68-year-old Wendy Wood, on June 5, 2021, at their home on the lake’s west shore. Wood survived the attack but died a year later.
In a statement obtained by The Associated Press, Placer County District Attorney Morgan Gire said that Spohr and Wood were loving grandparents and detailed how Serafini’s crimes had affected the couple’s family members and friends.
“The impact of this attack has extended far beyond the immediate victims, deeply affecting family members and the broader community, and highlighting the lasting harm caused by deliberate violence,” Gire said.
On the day of the shooting, Serafini’s wife, the victims’ daughter, had taken the children to the lake to visit their grandparents.
Prosecutors said the deadly ambush stemmed from a dispute over a $1.3 million investment in a ranch renovation project. The victims had reportedly contributed the money.
In one text message shown in court, Serafini wrote, “I’m gonna kill them one day,” referencing a dispute over $21,000, prosecutors said.
He also sent other threatening messages, including “I will be coming after you” and “Take me to court,” according to ABC10.
Jurors also found Serafini guilty of several “special circumstance” sentencing enhancements, including lying in wait, use of a firearm, and that the attack was willful, deliberate and premeditated. He was also convicted of first-degree burglary.
Prosecutors had also charged Serafini with child endangerment, saying he put his infant and toddler sons at risk by having a gun in the home. Jurors found him not guilty on that count.
The case also involved a second defendant, 33-year-old Samantha Scott, who pleaded guilty to being an accessory in February, according to the New York Post.
A left-hander, Serafini was a 1992 first-round pick for the Minnesota Twins. He also played for the Chicago Cubs, San Diego Padres, Pittsburgh Pirates, Cincinnati Reds and Colorado Rockies, pitching for six MLB teams over seven seasons.
The Associated Press contributed to this story.
Minneapolis, MN
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