Investment sales activity fell throughout 2024. That doesn’t mean, though, that commercial real estate sales activity came to a halt. A recent large-scale sale in a Minnesota community offers proof of that.
In the deal, JLL Capital Markets completed the $17.5 million sale of 401 Lake Street, a Class-A, mixed-use development of retail and office space in Wayzata, Minnesota.
JLL represented the seller, Lothenbach Properties, LLC, and procured the buyer. The sale was a significant one: It 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, wraparound balconies on each floor and underground parking for 40 vehicles.
The property is 45.8% occupied. Key tenants include Brick + Linen and Compass.
401 Lake Street sits 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.
