STANDARD COMMERCIAL, a boutique commercial real estate investment services firm based in Minneapolis, Minnesota, today announced the sale of 9s on Nicollet Mall, a multi-tenant commercial building on Minneapolis’ famed Nicollet Mall according to Harrison Wagenseil, owner and managing broker of the Minneapolis-based
brokerage firm. The asset sold for $10,120,000.
Standard Commercial’s Harrison Wagenseil represented the Florida-based buyer in the off-market transaction as part of the buyer’s 1031 transaction. The buyer, a private family-run commercial real estate entity with holdings throughout western Europe and the southeastern United States, had recently sold a trophy asset on St. Armand’s Circle in Sarasota, Florida and wanted more geographic diversity in their US portfolio.
Speaking with Mr. Wagenseil “The family liked the trajectory of Nicollet Mall: they liked the forthcoming Gateway project and its proximity to Target’s headquarters and US Bancorp Center. There is also some upside in filling the old Rush Bridal unit and backfilling space given up when Rojo took over for Randle’s. We’d been pursuing the building for over a year; the timing was right… Target III sold for a big number; we got a big number for the Florida asset, and more people are living downtown. 9s on Nicollet met all their requirements: solid tenants, strong foot traffic, and it’s just good real estate”.
The 9s on Nicollet is located at 915-927 Nicollet Mall in Minneapolis, MN. The two buildings are home to Barrio and Rojo Mexican restaurants and The Stable, The Wilko Group, and Escape The Room.