Acquisition Date: January 2019

Square Footage: 180,000 SF

Capitalization: $29,660,000

Construction Cost: $10,480,000

• First section was constructed in 1917 for the Northwest Telephone Company. United States Bedding Company acquired in 1927 and continued to operate the complex through 1984, and then by Minnesota Mattress Company until the mid-1990’s.

• The site sat vacant until it began to be redeveloped in 2010 as a creative office space. We recognized the unique community of creators and tenants and saw an opportunity to take things even further with a historic redevelopment of the property.

• The capital structure of the project included leveraging both federal and state historic tax credits, as well as PACE financing.

• Tenant uses include a brewery, creative office space, retail, coffee, & theater.

• We recognized the strategic significance of the Midway submarket in which the property is located due to its geographic placement between the two downtowns, comparably affordable rental rates, and abundance of parking compared to competing submarkets like the North Loop.

• Since acquisition, the bet on this submarket has paid off, as rental rates are exceeding original proforma projections by up to $5 psf in many instances.

• Structural Reinforcement

• New Foundations

• New Roof

• New Historic Replica Doors & Windows

• New vertical transportation

• Demising & New Layout

• All new utilities, distribution, mechanicals, and plumbing infrastructure

• New Restrooms & Public Spaces