Historic North Loop Building Changes Hands
- Aug 20, 2015
By Ioana Neamt, Associate Editor
A 42-unit apartment building in downtown Minneapolis’s North Loop neighborhood has changed owners in a $9.2 million deal arranged by Marcus & Millichap.
The firm’s Minneapolis office arranged the sale of Second Street Lofts at 129 N. 2nd St. to a private investor. Marcus & Millichap investment specialists Mox Gunderson, Dan Linnell, Josh Talberg and Chris Collins marketed the property on behalf of the seller, a limited liability company.
“We marketed Second Street Lofts for three weeks and ultimately generated seven offers,” said Gunderson in a statement. “The winning bidder allowed the seller to maximize their net proceeds through an assumption of the existing Freddie Mac debt and thereby avoided a substantial pre-payment penalty.”
Second Street Lofts comprises 39 condominium-quality apartment units and three ground-level office suites totaling 100,000 square feet. Greco L.L.C. completed the transformation of the former Tension Envelope building into Second Street Lofts in 1996. The building is listed on the National Register of Historic Places.
Image courtesy of Marcus & Millichap