March 23, 2020 – JLL Capital Markets announced today that it has closed the sale of Rayette Lofts, an 88-unit, mid-rise adaptive reuse residential and retail property located in downtown St. Paul, Minnesota’s vibrant Lowertown neighborhood.
JLL marketed the property exclusively on behalf of Sherman Associates, and procured the undisclosed buyer.
Rayette Lofts was originally constructed in 1909 and was later converted to a boutique multi-housing property with ground-floor retail totaling more than 2,500 square feet in 2014. Units include a mix of one-bedroom, one-bedroom plus loft and two-bedroom units averaging 1,029 square feet. The seven-story building has retained some of its historic architectural elements, such as exposed brick, 17-foot ceilings, large warehouse-style windows and concrete floors, blended with modern finishes, including stainless steel appliances, contemporary cabinetry, cultured marble countertops in the bathrooms and full-size washers and dryers. Common area amenities include a community room with full kitchen and bar, fitness center, spin studio, rooftop deck and outdoor kitchen.
Located at 261 E. 5th Street, the property is one block from Mears Park and offers a live-work-play lifestyle for its residents due to its proximity to top employers, retailers and attractions as well as major thoroughfares and rapid transit options. The residential portion of the property was 96% occupied at closing and the retail is fully leased to Saint Dinette, an American food restaurant that has occupied the space since Rayette Lofts opened in 2014.
The JLL Capital Markets investment advisory team representing the seller included Senior Directors Mox Gunderson, Dan Linnell and Josh Talberg and Director Adam Haydon.