JLL Capital Markets closed the $8.5 million sale of Canal Park Square, a historic mixed-use redevelopment, consisting of 29 homes and six retail bays in the Canal Park neighborhood of Duluth, Minnesota.
The JLL Capital Markets Investment Sales and Advisory team representing the seller, Sherman Associates, was led by Director Devon Dvorak. The team included Managing Directors Mox Gunderson, Dan Linnell, and Josh Talberg, as well as Senior Director Adam Haydon.
Originally constructed in 1886, Canal Park Square went through a redevelopment in 2015 to convert the second-story office space to luxury apartments. The community includes expansive studio, one- and two-bedroom units, averaging 835 square feet in size.
Situated at 302 South Lake Ave, the property is situated along the high-traffic Lake Avenue. “Canal Park Square presented a once-in-a-lifetime opportunity for investors to own the only apartment community and six well-performing retail bays in Canal Park,” said Dvorak.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.