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Element showcased its expertise in project management and disposition services through a collaborative effort with the local nonprofit Project for Pride in Living (PPL). This collaboration played a key role in coordinating the relocation and construction of Loring Nicollet Alternative School (LNAS) to a new location outside Minneapolis's Phillips neighborhood, while concurrently managing the disposition of their current building.
While Element conducted a space search for a new home for LNAS, the team simultaneously leveraged their expertise in disposition services. By gathering comprehensive property information, including floorplans, building expenses, lease copies, and surveys, Element carefully assessed the property's value and actively marketed the building to potential buyers.
The 21,948 SF two-story brick building, well maintained by PPL, offered a prime location in the Philips neighborhood, with convenient access to major highways and downtown. With three street-level retail spaces and a renovated classroom space on the second floor featuring its own secured entrance, Element positioned the property as a strong investment opportunity for growing businesses or small real estate investors. Notably, two of the three retail spaces were already leased, with LNAS occupying the entire second floor, which featured ample windows, private offices, and tasteful decor, making it suitable for various office uses or therapeutic and childcare facilities.
Through careful market analysis and targeted outreach to neighborhood associations and small business advocates, Element attracted a pool of interested buyers. By February 2024, a nonprofit buyer was secured, facilitating a smooth transition for LNAS as they moved to their new school environment in Loring Park.
Element's strategic partnerships and market expertise demonstrate our dedication to providing customized real estate solutions that benefit communities and clients alike. By collaborating with LNAS and PPL, Element not only ensured a smooth transition but also set the stage for ongoing success and impact, empowering both nonprofits to foster safe, resilient, and equitable communities throughout the Twin Cities.
