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As we bid farewell to 2024, Element Commercial Real Estate celebrates a year filled with remarkable accomplishments and transformative growth, all as we proudly enter our 10th anniversary year. Our steadfast commitment to community and creativity has driven our success across various facets of commercial real estate, and we’re excited to share some of the highlights from this incredible year.
Development & Community Initiatives
This year, we deepened our collaboration with Project for Pride in Living (PPL). We successfully facilitated the sale of their property at E Franklin Avenue while securing a new location for Loring Nicollet Alternative School in Loring Park, completing a seamless and swift buildout turnaround. Looking into the new year, we are thrilled to assist PPL in their Opportunity Crossing project, a six-story building with 110 units of affordable housing at 3030 Nicollet Avenue, where Element will be providing guidance on commercial condo sales, construction project management and project turnover.
This year, we welcomed eight new development clients and achieved key milestones, including Avenues for Youth’s land acquisition, groundbreakings for Pillsbury Creative Commons Phase 1 and the Unity Project, and nearly 400 hours of support for five emerging developers through partnerships with the City of Minneapolis DTAP and Hennepin County TOD Consulting. We also assisted Francis Burger Joint in securing a building for their second location on Eat Street, which opened in the fall to the delight of plant-based burger fans in the community. Element welcomed Chris Maina to our team in June as Development Associate. Chris has been instrumental in supporting new client onboarding, managing due diligence, proformas, and construction draw processes. His contributions have enhanced our capacity to take on complex development projects.
In 2024, we proudly completed the $7 million renovation of the historic Prince Street Building on St. Anthony Main. This ~45,000-square-foot property was revitalized through a combination of Federal and State Historic Tax Credits, bank financing, and owner equity. The newly renovated third and fifth floors offer stunning views in a unique blend of modern and historic design, driving leasing success and ensuring the building's long-term stability.
Our years of work on the Juxtaposition Arts campus earned multiple Twin Cities building and environmental awards, including the Minnesota Real Estate Journal Award in the Education Category, the CoStar Impact Award, Finance & Commerce Top Projects Award, and the ReScape Award for Environmental Impact.
Leasing Success & Nationwide Expansions
This year, Element achieved significant leasing milestones, particularly in the Northeast retail landscape. In collaboration with Asana Partners, we secured leases for a dynamic group of tenants on the prominent block of East Hennepin Ave and University Ave, including Parcelle Organic Cafe, WildChld cocktail bar, Power Blocks fitness studio, and Chromatic, bringing fresh energy to the area. Additionally, we celebrated the arrival of new tenants such as Saturday Dumpling at the Red20 Apartment building and the upcoming Rosalia Pizza at Rafter Apartments this summer.
Just across the river in the Warehouse District, Element assisted our tenant advisory client, Shinebox, in relocating to a sleek new space on a prominent corner. We also facilitated the opening of Hermine, a new vintage clothing store, at 323 First Ave, adding vibrancy to the First Avenue corridor.
On a broader scale, Element executed 55 landlord transactions across 177,000 square feet, with leases ranging from 225 to 25,000 square feet. Our tenant advisory services also helped Discover Strength franchises expand nationwide, securing new locations in Colorado, Texas, Georgia, Iowa, Wisconsin, and Arizona. We take great pride in partnering with entrepreneurs searching for the perfect space and property owners with a clear vision for their neighborhoods, helping to breathe new life into properties while witnessing the dreams of entrepreneurs come to fruition.
In St. Paul, we began representing several exciting listings, including charming historic offices at Ivy League Place, a beautifully designed standalone office at 4009 E Lake St, and an accessible industrial property at 692 Glendale. We also introduced retail opportunities at The Archive in the North Loop and an exciting second-generation restaurant opportunity on Eat Street. We eagerly anticipate how these properties will evolve into vibrant community hubs with new businesses.
As we reflect on a year of achievements, we are filled with gratitude for our clients, partners, and dedicated team members who have been integral to our success. Here’s to continued growth, collaboration, and possibility in the years to come!
