Hempel Companies Acquires Historic Mixed-Use Building On Hennepin Avenue In Minneapolis For $3.6M

The historic office building located at 800 Hennepin Avenue in Minneapolis, MN, has been sold in a transaction. Represented by CBRE's Minneapolis-based Institutional Properties team, the seller, Rialto Capital Management, successfully procured the buyer, Hempel Companies. The property, a mixed-use asset, was sold for a price of $3,605,011. It spans 89,656 square feet, with a price per square foot of $40.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $3,605,011
• Address: 800 Hennepin Avenue, Minneapolis, MN
• Market: Minneapolis, MN

CBRE's Harrison Wagenseil, Ryan Watts, Tom Holtz, and Thomas Williams acted as brokers for the deal. The property, built in 1909 and later renovated in 2007 and 2020, is a skyway-connected office building situated in the Minneapolis CBD office submarket. It consists of eight stories on 0.27 acres of land. The property is currently 45% leased to a diverse tenant roster, with a weighted average remaining lease term of 3.74 years. Notably, the property also holds conversion potential for mixed-use space.