Water Street buys into the North Loop.
Byline: Matt M. Johnson
An off-market sale of a 19th century North Loop warehouse converted to offices comes with a promise from the new owner to remodel common spaces and add amenities.
Excelsior-based Water Street Partners paid $9.25 million for the Union Plaza building at 333 Washington Ave. N. in Minneapolis, according to the company. The 66,855-square-foot building, constructed in in 1895, is in a neighborhood that has seen much of its former warehouse space converted into offices and apartments. Across the street at 300 Washington Ave. N., the 124-room Hewing Hotel opened in a former manufacturing building in 2016.
The seller in the transaction was an entity related to Houston-based Hines, according to records on file with Hennepin County and the Minnesota Secretary of State's office. An electronic certificate of real estate value for the transaction had not been made public as of Wednesday afternoon.
The deal, which closed on Tuesday, works out to $138.36 per square foot of space. The county values the five-story building at $5.78 million for tax purposes.
Tenants at Union Plaza include DJR Architecture, numerous law firms and business services providers. The property's vacancy rate is about 30 percent, said Jim Hegedus, Water Street's managing partner.
Water Street plans to renovate the building's common areas, including the lobby. New amenities will likely include a conference room and a tenant lounge area, Hegedus said in a Wednesday interview. Work will begin in the third quarter of the year, according to a company press release.
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