Adaptive Reuse Loft Apartments Trade in Downtown St. Paul
JLL Capital Markets closed the sale of Rayette Lofts, an 88-unit, mid-rise adaptive reuse residential and retail property in downtown St. Paul, MN, for an undisclosed sum. A team of Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon marketed the property on behalf of Sherman Associates and procured the undisclosed buyer.
Built as a warehouse in 1909, Rayette Lofts was converted to a boutique rental apartment property in 2014. The residential portion of the property was 96% occupied at closing, and the ground-floor retail is fully leased to Saint Dinette, an American food restaurant that has occupied the space since Rayette Lofts.
Located at 261 E. 5th St. in St. Paul’s Lowtown neighborhood, the property is one block from Mears Park and offers a live-work-play lifestyle for its residents due to its proximity to leading employers, retailers and attractions as well as major thoroughfares and rapid transit options.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).