Another North Loop building changes hands
The Jacobson Building has been sold. Photo by Jim Buchta
By Nicole Norfleet : Star Tribune : September 10, 2018
Paster Properties has bought the Jacobson building at 606 Washington Av. N. for $4.3 million, according to an electronic certificate of real estate value available late last week.
The 27,000-square-foot building is home to the Loop bar and restaurant, which is going to stay.
Paster Properties plans to do some minor renovations to the top three floors, which are currently vacant, and market them for office users, said Mike Sturdivant, Paster’s director of real estate development.
“It’s got really good bones, and we like the neighborhood,” Sturdivant said.
There is about 21,000 square feet of office space available on the three levels. Potentially there could also be retail on the second floor, Sturdivant said.
Paster Properties bought the building from the First & First, which has been working since 2016 to sell a block of 17 buildings from its real estate portfolio.
Last year, Paster Properties along with the Urban Anthology commercial real estate firm bought the Hillman building near the intersection of N. 2nd Street and N. 3rd Avenue. It finished renovations of the building earlier this year and Fairgrounds Coffee & Tea has recently opened a location there.
The North Loop continues to be an attractive location for developers. Other projects currently under construction include United Properties’ the Nordic and a 10-story office building being developed by Swervo Development.