MINNEAPOLIS (12/18/2017) – The Cushman & Wakefield team of Lance Steiger and Robert Dulin represented the seller in the $19.2 million sale of the Riverwalk Townhomes and Flats, an apartment and office condo property located in the North Loop neighborhood in Minneapolis.
The buyer is Goodman Real Estate, a Seattle-based real estate investment company specializing in multifamily and commercial properties. The firm’s assets are valued at more than $2.5 billion. The seller is the James Stanton Estate.
The $19.2 million sales price included 96 apartment units and 10,000 square feet of office condo space. The sale closed Friday, Dec. 15.
Riverwalk was a rare offering for investors, as it featured the opportunity to acquire an irreplaceable North Loop asset with brick-and-timber construction. Steiger and Dulin received 19 offers, six of which came from out-of-state investors.
“Lance and Robert, along with the rest of Cushman & Wakefield team, did an amazing job representing our company in this transaction,” said Lynn Leegard, President of Shamrock Development and Trustee for the Estate.
Located on the northeast quadrant of First Street North and Fourth Avenue North, Riverwalk is just blocks away from offices, restaurants and nightlife, and such Minneapolis attractions as Target Field. The Mississippi River is less than two blocks north. The property was originally constructed as a freighthouse for Northwestern Railroad and underwent a renovation in 1986.
The Riverwalk property features 40 townhouse-style units and 56 flats. All units feature washer-dryers, individual HVAC, exposed brick/timber and high ceilings.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Adam Rae Voge