CEDARst Acquires Minneapolis Site for Adaptive Reuse
CEDARst Companies has completed the acquisition of two adjoining historic properties and a land site in the North Loop section of Minneapolis for $21.1 million. The Chicago-based company plans to the property as 6th and 3rd, an approximately 345-unit, fully-amenitized multifamily complex.
CEDARst acquired the two multi-story warehouses and adjacent 32,000-square-foot lot from a consortium led by the Martin Falk Paper Company. Lamar Newburn of Lee & Associates represented CEDARst in the acquisition, while NorthMarq’s Pat Minea and Dan Trebil facilitated acquisition financing from First Western Bank & Trust.
The business plan for 6th and 3rd will resemble CEDARst’s announced plans at The Duffey Lofts, also in the North Loop. That project involves the adaptive reuse of the C.J. Duffey Paper buildings, located at 500-528 Washington Ave. N., into 190 multifamily units and 20,000 square feet of commercial space.
For comments, questions or concerns, please contact Paul Bubny