R2 Companies And Peter Remes Of First & First Acquire Mixed-Use Property In Saint Paul For $12.3M

A mixed-use property located at 755 North Prior Avenue in Saint Paul, MN, was sold for $12.3 million. This asset encompasses a total of 500,000 square feet, translating to a price per square foot of $25.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $12,300,000
• Address: 755 North Prior Avenue
• Market: Saint Paul, MN
• Square Footage: 500,000
• Price Per Square Foot: $25
• Buyer: R2 Companies & Peter Remes - First & First
• Seller: Orton Development

R2 Companies, a Minneapolis developer, and Chicago-based investment firm First & First, are planning to lease out 70,000 square feet of vacant space as part of their strategy to revitalize the Prior Works campus. Their goal is to attract creative tenants and enhance the identity of the location within the Midway neighborhood.