Twin Cities Arts & Science Studios Portfolio 707 Minnehaha Avenue East

CBRE is proud to present the Twin Cities Arts & Science Studios Portfolio for sale to qualified, selected investors. Both properties have long and storied histories, serve a unique, neighborhood niche market and are well occupied with diverse tenant bases. Both are protected from potential competition due to their unique position in the marketplace and below market-in-place rent structures. Both are well positioned for future success in today’s industrial/office/flex leasing environment. Strong historical occupancy and successful re-purposing of these assets make this a stable and attractive investment opportunity.

The Everest property is best known in the Twin Cities Metro Area as the Former Stroh’s Brewery (which closed in 1997) and is eligible to be included in the list of Heritage Preservation Sites by the Heritage Preservation Commission. “The Theodore Hamm Brewing Company was established in 1865 when German immigrant Theodore Hamm (1825–1903) inherited the Excelsior Brewery from his friend and business associate, A. F. Keller, who had perished in California seeking his fortune in the gold fields. Unable to finance the venture himself, Keller had entered into a partnership with Hamm to secure funding. Upon Keller’s death, Hamm inherited the small brewery and flour mill in the east side wilderness of Saint Paul, Minnesota. Keller had constructed his brewery in 1860 over artesian wells in a section of the Phalen Creek valley in Saint Paul then known as Swede Hollow.”* Meticulous repositioning of this neighborhood icon as an art and science incubator campus has resulted in a home for 90+ diverse local and national businesses. The occupancy rate has averaged 98% across the past 5+ years.

The Ariel/Ivy Place property is the result of the amazing and meticulous transformation of the historic Flour City Iron Works plant. “Flour City Ornamental Iron Works Company was founded by Eugene Tetzlaff in 1893 in Minneapolis, Minnesota. The company was originally a blacksmith shop, but later, it became a manufacturer of wrought and cast iron. In 1945, Henry J. Neils, first president of the Flour City Ornamental Iron Works Company, began production of aluminum boats. The first aluminum boat produced by Flour City subsidiary, Alumacraft, came off the production line in 1946.”* This exquisite campus is a neighborhood treasure and home to 110+ local and national businesses, including the Vine Arts Center, which is dedicated to the memory of Howard Gelb, the re-developer and is an asset to the community. The occupancy rate has averaged 98% across the past 5+ years.

The Twin Cities Arts & Science Studios Portfolio represents an irreplaceable investment opportunity to acquire a highly stable, well-positioned, historically significant industrial/office/flex portfolio at well below replacement cost. This portfolio is located in MSP Metro Area (#16 MSA in USA), which currently has a 3.2% unemployment rate and has enjoyed a 24% rent increase over the past three years.