JLL Capital Markets announced today that it has closed the $8.5 million sale of Canal Park Square, a historic mixed-use redevelopment, consisting of 29 homes and six retail bays in Canal Park.
Originally constructed in 1886, Canal Park Square went through a redevelopment in 2015 to convert the second story office space to luxury apartments. The community includes expansive studio, one- and two-bedroom units, averaging 835 square feet in size. The apartments also feature over 12-foot ceilings, exposed brick, stone accents, beautiful kitchens, walk-in closets and large windows overlooking Lake Superior. The community offers a clubroom, fitness center, and includes some of the best retail options in the city with 310 Pub, Green Mill, Love Creamery, Cloud 9 Bistro, Canal Park Liquor and Rue 48 Salon.
Situated at 302 South Lake Ave, the property is uniquely situated along the bustling Lake Avenue. The widely recognized Aerial Lift Bridge and DeWitt-Seitz building sit to the south of the property, with an array of retailers located directly to the east, offices to the north and the Suites Hotel at Waterfront Plaza to the west. In addition to the endless retail opportunities directly in Canal Park, residents enjoy the William A. Irvin Museum, Duluth Convention Center, Amsoil Arena, Great Lakes Aquarium, immediate access to downtown and much more.
The JLL Capital Markets Investment Sales and Advisory team representing the seller, Sherman Associates, was led by Director Devon Dvorak, Managing Directors Mox Gunderson, Dan Linnell, Josh Talberg and Senior Director Adam Haydon.
“Canal Park Square presented a once-in-a-lifetime opportunity for investors to own the only apartment community and six well-performing retail bays in Canal Park,” said Dvorak. “It’s extremely difficult to develop in Canal Park, properties rarely ever change hands here and the property’s location isolates it from the rest of the competition in the city. This led to a lot of interest from groups who planned to buy and hold the property for years to come.”