March 26, 2020
JLL Capital Markets closed the sale of Rayette Lofts, an 88-unit, mid-rise adaptive reuse residential and retail property in downtown St. Paul, MN, for an undisclosed sum. A team of Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon marketed the property on behalf of Sherman Associates and procured the undisclosed buyer.
Built as a warehouse in 1909, Rayette Lofts was converted to a boutique rental apartment property in 2014. The residential portion of the property was 96% occupied at closing, and the ground-floor retail is fully leased to Saint Dinette, an American food restaurant that has occupied the space since Rayette Lofts.
Located at 261 E. 5th St. in St. Paul’s Lowtown neighborhood, the property is one block from Mears Park and offers a live-work-play lifestyle for its residents due to its proximity to leading employers, retailers and attractions as well as major thoroughfares and rapid transit options.
For comments, questions or concerns, please contact Paul Bubny