Paster Properties and Northpond Partners acquire two urban mixed use properties in Minneapolis
St. Louis Park, Minn., December 21, 2017- St. Louis Park-based Paster Properties, an owner and developer of neighborhood retail and mixed use projects in the Twin Cities, has partnered with Chicago-based Northpond Partners in acquiring The Broadway in Northeast Minneapolis and Icehouse Plaza in South Minneapolis. The purchase closed on December 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 North Third Street in the North Loop neighborhood in Minneapolis, and recently acquired 50th Street Plaza, a mixed use building at 3925 West 50th Street in the 50th and France District in Edina.
"Our portfolio continues to evolve as the retail marketplace changes. We are excited for the opportunity to work on both The Broadway and Icehouse Plaza," said Paster Properties President Howard Paster. "We will use the expertise we have gained from being actively involved in the evolution of retail for the past 70 years to enhance the value of the properties and enrich the neighborhoods in which they are located by connecting retailers with community demands."
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.
For more information about Paster Properties and Northpond Partners please visit www.pasterprop.com
About Paster Properties
owns, develops, leases and manages nearly one million square feet of retail properties in the Minneapolis/St. Paul market. For 70 years, three generations of family ownership have leveraged unparalleled industry expertise in pairing national and local retailers with high-quality properties that offer long-term value and mutual success.
About Northpond Partners
Based in Chicago, Northpond Partners focuses on the acquisition, development, and redevelopment of retail and mixed-use properties; located in select urban and suburban markets domestically. Leveraging decades of expertise and relationships, Northpond targets value-add and opportunistic investment strategies. Through a hands-on management approach, Northpond is able to reposition, remerchandise or redevelop properties - increasing net operating income and maximizing value from the property level up.