THE FALL OF MINNEAPOLIS CONTINUES

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Posted on 02/01/2025 8:36:19 AM PST by Rummyfan

From the world of commercial real estate, this shocking news:

Minnetonka-based Onward Investors purchased the 31-story Ameriprise Financial Center at a big discount, adding to its growing portfolio of downtown Minneapolis office buildings.

The firm paid $6.25 million in cash for the property at 707 S. Second Av., according to sources familiar with the deal. The building last sold in 2016 for $200 million.

So that represents a 97% decline in market value since 2016. The prior owners handed the keys back to their lender in 2023. This is a nice, new building in the heart of downtown Minneapolis, but it is now vacant...

In related news, Minneapolis Mayor Jacob Frey has announced that he will run for a third term. I am not sure why: Frey presided over the disastrous George Floyd riots, although, to be fair, he didn’t perform as badly as Governor Tim Walz. Now the commercial tax base in Minneapolis has dried up–that’s what happens when the value of commercial real estate declines by 97%–and it is hard to see how the city will finance itself going forward.

(Excerpt) Read more at powerlineblog.com ...

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Wow.

1 posted on 02/01/2025 8:36:19 AM PST by Rummyfan

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