JB Vang and NAI Legacy announced today that they have partnered to close on the former Saint Paul Casket Factory, a 54,000 square foot Art Deco style property located at 1222 W University Avenue in St. Paul, Minnesota. The 1922 built property is located in an Opportunity Zone as defined by the 2017 Tax Cuts and Jobs Act. The parties intend to use a combination of historical tax credits and benefits of the opportunity zone to revitalize and renovate the property for either housing or professional office use.
“The University Avenue property is a great redevelopment opportunity for us,” said Kou Vang, President of JB Vang “and is very similar with other deals in the area that we have successfully renovated using historical tax credits.”
“We are pleased to join forces with Kou Vang and his team on this project” said Duane Lund, CEO of NAI Legacy. Their expertise and track record in the historical tax credit arena, coupled with our opportunity zone platform, makes this an attractive investment opportunity.”
John McCarthy with Newmark Knight Frank, whom has been very active in Opportunity Zone transactions in the Twin Cities, introduced the two buyers and represented them on the transaction. The seller, Alan Brown, was represented by Stu Ackman with Ackman Commercial Realty. Alan is the owner of Cheapo Records, which will remain a tenant in the property.