Rare opportunity to buy boutique creative North Loop building

MINNEAPOLIS, May 13, 2024 – JLL Capital Markets announced today that it has been retained by Saturday Properties to market for sale The Maytag, a four-story, creative office building totalling 36,501 square feet in Minneapolis, Minnesota.

Originally built in 1916 for the Maytag Company of Iowa, the boutique office property was fully renovated in 2017 and features creative tenant build-outs with high ceilings and cool brick and concrete space. It’s highly coveted, as in addition to its central location in the heart of the North Loop, it’s one of the few buildings with on-site parking. In addition, it offers one of the North Loop’s only roof decks and is home to NOLO’s Kitchen and Bar and The Basement Bar – two of the most popular North Loop destinations. Other tenants at the fully leased property include Modern Climate, Rokos Real Estate Advisors and WD Design.

Located at 515 N Washington Ave., the Maytag Building is just blocks from Target Field, the Fillmore, the light rail station and walking distance to several other innovative restaurants, fashionable boutiques and lively nightlife. The North Loop district continues to attract more and more foot traffic, with year-over-year figures increasing 10% two years in a row.

The JLL Capital Markets Investment Sales and Advisory team representing the seller is led by Senior Director Erin Fitzgerald and Senior Managing Director Colin Ryan.

“The Maytag presents an outstanding opportunity to acquire a highly accessible creative office asset in the heart of one of Minneapolis’ most desirable neighbourhoods,” Fitzgerald said. “While office assets have been challenged more so than other property types, this is an incredible time to invest given the growth of the North Loop and the value-add opportunity presented with The Maytag property.”

“The Maytag Building presents a unique opportunity because its size makes it more attainable. It’s rare to be able to find such a well-located building that’s been completely renovated inside and out with no additional investment needed. While it’s fully leased today, there is an opportunity for an owner-user to buy this building and move their business in,” Fitzgerald added.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Founded in 2015 by Brent Rogers, Saturday Properties is a real estate development and property management company based in the Twin Cities. New project developments include ground-up construction as well as adaptive-reuse of existing buildings. Saturday Currently manages 2,000 units and 100K SF of Commercial along with 14 new project lease ups. Saturday was formed around the philosophy that the most successful properties incorporate a creative approach to project design, operations, staffing, and marketing. By continually pushing industry boundaries and focusing on measured performance, Saturday increases the value of each asset in its portfolio. From initial concept to stabilized operations, the Saturday team is dedicated to delivering an exceptional experience for its employees, partners, clients, and residents. For more information, visit saturdayproperties.com.