Posted on 02/01/2025 8:36:19 AM PST by Rummyfan
From the world of commercial real estate, this shocking news:
Minnetonka-based Onward Investors purchased the 31-story Ameriprise Financial Center at a big discount, adding to its growing portfolio of downtown Minneapolis office buildings.
The firm paid $6.25 million in cash for the property at 707 S. Second Av., according to sources familiar with the deal. The building last sold in 2016 for $200 million.
So that represents a 97% decline in market value since 2016. The prior owners handed the keys back to their lender in 2023. This is a nice, new building in the heart of downtown Minneapolis, but it is now vacant...
In related news, Minneapolis Mayor Jacob Frey has announced that he will run for a third term. I am not sure why: Frey presided over the disastrous George Floyd riots, although, to be fair, he didn’t perform as badly as Governor Tim Walz. Now the commercial tax base in Minneapolis has dried up–that’s what happens when the value of commercial real estate declines by 97%–and it is hard to see how the city will finance itself going forward.
(Excerpt) Read more at powerlineblog.com ...
“I am not sure why: Frey presided over the disastrous George Floyd riot...”
🤣🤣
Lizzo may get her wish that all the US look like Detroit, one dem city at a time.
I’m so glad I no longer live in Minnesota!
Did you actually take the time to post all this nonsense? What’s wrong with you?
I’d much rather be in Detroit than Minneapolis, Detroit is improving, still a long way to go, but it is headed in the right direction.
My problem is I’m a genius patriot.
An unrelenting God fearing believer who knows right from wrong.
We were built to be free.
The framers got it right.
Have you considered listening to Frank Zappa’s entire catalog.
You make my case.
Failure.
and MI voted for Trump as opposed to MN.
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