JLL Capital Markets led the sales efforts for 401 Lake Street, which represents the highest price PSF for office sales in Minnesota history
News release
30 December 2024
New sales record set for office space in Minnesota
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MINNEAPOLIS, Dec. 30, 2024 – JLL Capital Markets announced today that it has completed the $17.5 million sale of 401 Lake Street, a Class A, mixed-use development offering retail and office space in Wayzata, Minnesota.
JLL represented the seller, Lothenbach Properties, LLC, and procured the buyer. The sale represents the highest price per square foot for office sales in Minnesota history.
Completed in 2022, 401 Lake Street is a trophy asset offering 19,014 square feet of high-end retail and office space. The three-story modern building features natural lighting, views of Lake Minnetonka, a 4,600-square-foot roof deck, wrap around balconies on each floor and underground parking for 40 vehicles. Currently 45.8% occupied, tenants include Brick + Linen and Compass.
401 Lake Street is positioned 12 miles west of downtown Minneapolis in the heart of Wayzata’s Lake Street Parkway. The asset fronts Lake Minnetonka and is walkable to nearly all the retail and leisure amenities in downtown Wayzata. In addition, 401 Lake Street is less than one mile from U.S. Route 12, which is a primary thoroughfare linking the Twin Cities to the western suburbs.
JLL’s Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Colin Ryan and Dave Berglund.
“The sale of 401 Lake Street is a significant transaction for the Minneapolis office market,” said Ryan. “This price point is not only the highest in Minnesota's history but also positions the Wayzata submarket competitively among top-tier office markets nationwide. The exceptional per-square-foot value demonstrates the strong demand and premium placed on high-quality office space in the Twin Cities market and provides a much-needed basis reset to kickstart office sales in 2025.”
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 group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.