Chicago & Midwest + Midwest + Finance | April 28, 2020

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.

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About Paul Bubny

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).

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