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Recent Press
This downtown apartment building is adding more units
October 18th, 2024 - MILWAUKEE, WI
Playbill Flats, 231 W. Wisconsin Ave., will create four one-bedroom apartments within the second floor space that was last used as a Radio Shack store.
Twin Cities seeing office market ‘reset’
September 10th, 2024 - MINNEAPOLIS, MN
The Twin Cities office market may be evolving into a bargain hunter’s market, according to some local commercial real estate stakeholders.
With occupancy rates still lower than normal in some sub-markets — such as downtown Minneapolis — and higher interest rates making deals more challenging, the market is in the early stages of a “reset,” with some under-performing properties being re-valued to reflect those lower occupancies, market participants say.
“We’re seeing office buildings trading at significant discounts to the values we saw three to five years ago,” said Brian McCool, chair of the real estate department and shareholder at Fredrikson & Byron.
Office complexes are adding golf simulators, pickleball, puppies to help get workers back
August 15th, 2024 - MINNEAPOLIS, MN
That fitness center, fireplace area and outdoor deck? And the free lunches?
They are not enough anymore.
Twin Cities office buildings and their tenants are finding that workers want even more if they have to commute and spend the day at the office — and that includes both events and more upscale amenities to inject a bit of luxury into the workday.
Enter concerts and puppy days, pickleball courts, golf simulators and putt-putt.
Hempel plans 223 apartments, possible grocery in St. Louis Park's West End
August 15th, 2024 - ST. LOUIS PARK, MN
Hempel Real Estate is proposing a mixed-use building in St. Louis Park’s West End with 223 apartment units and commercial space, which could include a grocer, restaurant and coffee shop.
The Eden Prairie-based commercial real estate firm has a purchase agreement for the 3.3-acre site at 5401 Gamble Drive, which currently houses the West End One office building, part of the larger West End Office Park complex, according to city documents.
It’s located across the street from the Shops at West End, which Hempel purchased for nearly $65 million in 2022.
Hempel to manage Lumber Exchange redevelopment
July 31st, 2024 - MINNEAPOLIS, MN
Hempel Real Estate plans to redevelop the historic Lumber Exchange in Minneapolis, a project that could include a residential conversion for at least part of one of downtown's oldest buildings.
Eden Prairie-based Hempel, which took over management of the property earlier this month, announced plans to explore opportunities to reposition the office building, including with a potential residential use. “Hempel plans to honor its historic character while exploring opportunities for a mixed-use development that could include retail, office, and residential spaces,” the company said in a statement.
Hempel to manage Lumber Exchange redevelopment
July 31st, 2024 - MINNEAPOLIS, MN
Hempel Real Estate plans to redevelop the historic Lumber Exchange in Minneapolis, a project that could include a residential conversion for at least part of one of downtown's oldest buildings.
Eden Prairie-based Hempel, which took over management of the property earlier this month, announced plans to explore opportunities to reposition the office building, including with a potential residential use. “Hempel plans to honor its historic character while exploring opportunities for a mixed-use development that could include retail, office, and residential spaces,” the company said in a statement.
Former Eagan Kowalski’s poised to become a place of worship
The building that housed the south metro’s last remaining Kowalski’s grocery store, which closed earlier this year, is poised to become a place of worship despite concerns from some Eagan residents.
River Valley Church intends to move its operations to 1646 Diffley Road, where it will provide worship services, Sunday School programs and weekly Bible studies after a conditional use permit was approved by the Eagan City Council earlier this month.
The nearly 39,000-square-foot building is to be owned and managed by commercial real estate firm Hempel Real Estate, with River Valley Church acting as the tenant.
Eagan grants permit for church's move to former Kowalski's space
July 11th, 2024 - EAGAN, MN
River Valley Church has received the necessary permit to occupy a former Kowalski's grocery store in Eagan, despite objection from neighbors related to parking, traffic and other issues.
The area is zoned for "neighborhood business" but the conditional use permit allows the church to use the building. A renovation of the space is planned.
Kowalski's closed in February "after seeing disappointing sales" due to several other grocery stores moving into the area, according to a letter to Eagan officials from Hempel Real Estate. Hempel owns the 39,000-square-foot property and it will remain privately owned "for the foreseeable future", the letter said. The church, part of the Assemblies of God denomination, will accommodate 400 people, with services on Sundays and weekday Bible study classes.
Marcus Theatres to take over ShowPlace Icon theater at St. Louis Park's West End
June 27th, 2024 - ST. LOUIS PARK, MN
Marcus Theatres will take over operations at the ShowPlace Icon Theatre & Kitchen at the Shops at West End in St. Louis Park.
The theater group, a division of Milwaukee-based The Marcus Corp. (NYSE: MCS), announced the deal Thursday. The current theater's operations will close at the end of June, with Marcus reopening the location on July 8 as Marcus West End Cinema.
As part of the transition, Marcus plans to retain the staff of the current theater operator. The theater is located at 1625 West End Blvd.
River Valley Church plans to relocate Eagan campus to former Kowalski's
June 6th, 2024 - EAGAN, MN
Eagan officials are reviewing a proposal from River Valley Church to relocate the organization's Eagan campus to the former Kowalski's grocery store.
The Eagan City Council is scheduled to vote Tuesday, June 4 on a conditional use permit application related to the project.
The question before the council is whether or not the proposed church is allowable under the Neighborhood Business zoning ordinance, which does not specifically list churches as either a permitted or conditional use, but does broadly recognize "uses deemed similar by the council."
River Valley Church plans to relocate Eagan campus to former Kowalski's
June 6th, 2024 - EAGAN, MN
Eagan officials are reviewing a proposal from River Valley Church to relocate the organization's Eagan campus to the former Kowalski's grocery store.
The Eagan City Council is scheduled to vote Tuesday, June 4 on a conditional use permit application related to the project.
The question before the council is whether or not the proposed church is allowable under the Neighborhood Business zoning ordinance, which does not specifically list churches as either a permitted or conditional use, but does broadly recognize "uses deemed similar by the council."
Burlington to open its first discount store in Rochester in early May
Burlington, the first of a pair of national discount retailers to bring new-to-Rochester names to the Med City, has moved up the opening date of its store to early May.
The New Jersey-based Burlington, formerly known as the Burlington Coat Factory, will open its doors at 4603 Maine Ave. at 9 a.m. on May 10 to kick off its grand opening weekend. This is earlier than the May 24 opening that Burlington previously scheduled.
The 25,500-square-foot store occupies half of theformer Dick's Sporting Goods Big Box building.
Hempel hires ex-United Properties executive Brandon Champeau
May 1st, 2024 - MINNEAPOLIS, MN
Hempel Real Estate has hired Brandon Champeau, a former top leader for commercial projects at United Properties.
Joining Eden Prairie-based Hempel as its executive vice president of development, Champeau is leading the company's development and investment activities for commercial and multifamily properties, according to an announcement this week. He started in the role last month.
Why Marcus, Hempel, Robinson Park bought Loews hotel in downtown Minneapolis
March 20th, 2024 - MINNEAPOLIS, MN
The deal to acquire Loews Minneapolis Hotel – now known as The Lofton Hotel – took familiarity among the partners, a bargain price and belief in a revival of downtown Minneapolis.
Connected through past real estate deals, the leaders behind the joint venture between Marcus Hotels & Resorts, Hempel Real Estate and Robinson Park shared a vision for the future of the 251-room hotel, achievable due to the property’s low purchase price.
Together, the entities bought the hotel for $21.15 million, plus $2.35 million for furniture in the hotel, according to a public filing with the Minnesota Department of Revenue. And they’re planning to reposition the hotel, making it a destination for locals as downtown Minneapolis seeks a comeback following the Covid-19 pandemic.
Loews Minneapolis Hotel rebranded to The Lofton Hotel
March 4th, 2024 - MINNEAPOLIS, MN
Loews Minneapolis Hotel has been rebranded to The Lofton Hotel following the close of its acquisition by a joint venture between Marcus Hotels & Resorts, Hempel Real Estate and Robinson Park. The property is now managed by Marcus Hotels & Resorts and is the first Tapestry Collection by Hilton hotel in Minnesota. The terms of the transaction were not disclosed.
Josh Krsnak, CEO, Hempel Real Estate, said, “As long-time investors in the Twin Cities area, we are thrilled to invest in a major downtown landmark at the heart of the city’s sports and entertainment districts. This investment aligns closely with Hempel’s commitment to real estate projects that add meaningful value to cities and their communities.”
Loews Minneapolis Hotel rebranded to the Lofton Hotel, now under Hilton name
March 4th, 2024 - MINNEAPOLIS, MN
The Loews Minneapolis Hotel will be rebranded as The Lofton Hotel, falling under the Tapestry Collection by Hilton flag.
The Monday announcement comes as a joint venture between Marcus Hotels & Resorts, Hempel Real Estate and Robinson Park has closed on the acquisition of the full-service hotel in downtown Minneapolis.
The joint venture partnership announced in February that it had reached an agreement to buy the hotel for an undisclosed amount. A source close to the deal said the transaction closed for $21.15 million.
New Corporate Headquarters, 130 jobs for Downtown
February 25th, 2024 - MILWAUKEE, WI
Despite national concern about the future of cities amid a surge in work-from-home arrangements, downtown Milwaukee continues to lure new companies and more jobs.
Enerpac Tool Group Corp. will relocate its corporate headquarters from its longtime home in Menomonee Falls to the ASQ Center, 648 N. Plankinton Ave. in Westown. The company is leasing 56,000 square feet of space, encompassing the entire fourth floor, for 130 employees.
How a downtown Milwaukee landlord made space for Enerpac's headquarters move
February 22nd, 2024 - MILWAUKEE, WI
Josh Krsnak is no stranger to knotty real estate deals, but he said the office lease for Enerpac Tool Group Corp.’s headquarters might be his most complicated one yet.
Krsnak is a co-developer on The Avenue project in downtown Milwaukee that transformed the former Shops of Grand Avenue mall into offices and retail space. He doesn’t shy away from projects with a lot of moving parts.
About a year of work was needed to complete Enerpac’s 55,000-square-foot, 11-year lease on the ASQ Center’s fourth floor, said Krsnak, CEO of Hempel Milwaukee. Enerpac Tool Group on Feb. 21 confirmed plans to move its headquarters and about 130 employees from Menomonee Falls to downtown Milwaukee by the end of this year.
ASQ Center to be renamed Enerpac Center following HQ move
February 21st, 2024 - MILWAUKEE, WI
The ASQ Center building in downtown Milwaukee will be renamed the Enerpac Center as Menomonee Falls-based Enerpac Tool Group prepares to move its global headquarters there.
BizTimes Milwaukee first reported Tuesday that the global manufacturing company is planning to move its headquarters from Menomonee Falls to the ASQ Center, and the company officially announced the move in a press release Wednesday.
Downtown lands a corporate headquarters with 130 jobs. Enerpac moving from Menomonee Falls
February 21st, 2024 - MILWAUKEE, WI
Enerpac Tool Group Corp. will move its headquarters, with around 130 employees, from Menomonee Falls to downtown Milwaukee − the latest in a series of similar office relocations.
Enerpac, which makes industrial tools and equipment, is leasing 56,000 square feet at ASQ Center, 648 N. Plankinton Ave.
Menomonee Falls manufacturing firm moving headquarters to downtown Milwaukee
February 20th, 2024 - MILWAUKEE, WI
Global manufacturer Enerpac Tool Group Corp. is to move its headquarters from Menomonee Falls to downtown Milwaukee next year, bringing with it hundreds of workers, according to a real estate source.
Enerpac had more than 2,100 employees globally, counting almost $600 million of revenue for its 2023 fiscal year. The company’s headquarters is moving to a space it leased in the ASQ Center office building on the west side of the Milwaukee River downtown near The Avenue, according to a real estate source.
Sneak peek at LaSalle's planned renovations, including pickleball, golf simulators
February 18th, 2024 - MINNEAPOLIS, MN
Renovations now underway at LaSalle Plaza will add a pickleball court, golf simulators and more to the downtown Minneapolis office building.
After Hempel Real Estate purchased the 30-story office building last summer, the Eden Prairie commercial real estate firm has been busy signing on new tenants, acquiring neighboring properties and planning a future in and around LaSalle.
Sneak peek at LaSalle's planned renovations, including pickleball, golf simulators
February 18th, 2024 - MINNEAPOLIS, MN
Renovations now underway at LaSalle Plaza will add a pickleball court, golf simulators and more to the downtown Minneapolis office building.
After Hempel Real Estate purchased the 30-story office building last summer, the Eden Prairie commercial real estate firm has been busy signing on new tenants, acquiring neighboring properties and planning a future in and around LaSalle.
Hempel buying another well-known downtown Minneapolis building
February 14th, 2024 - MINNEAPOLIS, MN
A joint venture of three investors plans to buy the Loews Minneapolis Hotel in downtown, one of which is Eden Prairie-based Hempel Real Estate that has recently bought several prominent buildings in the area.
Milwaukee-based Marcus Hotels & Resorts and Oklahoma City-based Robinson Park Investments are the other investors. The sale should close in early March, though no parties have disclosed terms of the deal.
The hotel, across North First Avenue from the Target Center arena between North Sixth and North Seventh streets, is Hempel's third major purchase in the past year. This past summer, it bought the LaSalle Plaza office building for $46 million, a steep discount. And in the fall, it bought the older, smaller Pence Building, which connects to LaSalle Plaza by skyway. Both of those building are about two blocks away from the Loews Hotel.
Marcus, Hempel, Robinson Park to buy Loews Minneapolis Hotel by Target Center
February 14th, 2024 - MINNEAPOLIS, MN
A joint venture between Marcus Hotels & Resorts, Hempel Real Estate and Robinson Park Investments plans to acquire the Loews Minneapolis Hotel.
The partnership announced Wednesday morning that it had reached an agreement to buy the hotel for an undisclosed amount. Once it closes, Marcus Hotels & Resorts, the lodging division of Milwaukee-based Marcus Corp. (NYSE: MCS), will manage the hotel.
The hotel will be rebranded under another major global hotel system, which was left unnamed in the news release. The deal is expected to close at the beginning of March.
3rd St. Market Hall will soon showcase national comedians
January 30th, 2024 - MILWAUKEE, WI
Laughs are coming to the 3rd St. Market Hall.
Beginning this February, the 3rd St. Market Hall in downtown Milwaukee will present a new national touring comedian series called "Standup in the Starlight Room."
“Being on Wisconsin Avenue in this iconic downtown location, among some of the city’s best theaters and venues, stand-up comedy just fits here. It feels great to bring a comedy club experience back to downtown,” the 3rd St. Market Hall general manager Eric Kaye said in a press release.
LaSalle Plaza lands 5 new leases under new owner Hempel
January 23rd, 2024 - MINNEAPOLIS, MN
Hempel Real Estate has secured a handful of new leases at LaSalle Plaza in downtown Minneapolis since it acquired the 30-story office tower last summer.
Combined, the leases total over 30,000 square feet in the over 620,000-square-foot office building, located at 800 LaSalle Ave. The Eden Prairie-based real estate firm purchased the property in late June for $46 million in one of the most notable deals of the year.
LaSalle currently has an occupancy rate of 72%, said Hempel CEO Josh Krsnak.
2024 Projects to Watch
January 19th, 2024 - MINNEAPOLIS, MN
When Eden Prairie-based Hempel Real Estate purchased the 30-story LaSalle Plaza in downtown Minneapolis, the real estate firm said it would make about $20 million in improvements to the office tower.
Now, "it's time to put the rubber on the road," said Josh Krsnak, CEO of Hempel.
Those improvements include adding indoor pickleball courts, a fourth-floor amenity space with a rooftop deck, bar and golf simulator, as well as five speculative suites and a concierge service that allows tenants to use the building's two Cadillac Escalades to travel to meetings.
2024 People to Watch: Who will make business news in Minneapolis/St. Paul this year?
January 4th, 2024 - MINNEAPOLIS, MN
When Eden Prairie-based Hempel Real Estate purchased LaSalle Plaza in downtown Minneapolis, it was a big deal.
Experts weigh trends and sales in office market
December 25, 2023 - MINNEAPOLIS, MN
The next largest sale was the LaSalle building, which sold to Hempel Cos. for a bargain, around $50 million for over 651,000 square feet. Krosschell said the building owners now have an opportunity to create a “beautiful asset” because of the “advantageous price” it was purchased for.
“That is going to allow them to completely transform and add some really cool amenities and just completely reposition that building,” she said. “Much like we saw six or seven years ago with Fifth Street Towers, how that owner got them very cheap and it’s a really cool kind of groundbreaking thing.”
Office market sluggish in 2023
December 25, 2023 - MINNEAPOLIS, MN
“Flight to quality” continues to be the term to define the 2023 office market, with many companies scrambling to reduce their footprint, but to do so in buildings with the best amenities available. Ben Krsnak said that planned upgrades include turning part of the LaSalle Plaza's old Rock Bottom Brewery space into a pickleball court. The idea is to retain the front half of the space for a restaurant or retail.
MSP’s Top Commercial Real Estate Sales of 2023
December 21, 2023 - MINNEAPOLIS, MN
LaSalle Plaza – the Cities metro’s second largest sale of the year – sold for $46 million in June. This sale price was below the building’s estimated market value, which was at $76.4 million at the time of the sale, according to Hennepin County property records. The building’s market value had dipped from its peak of $103 million in 2021.
MSP’s Commercial Real Estate Market Witnesses a Reshuffle in Sales
December 21, 2023 - MINNEAPOLIS, MN
Contrasting with the RBC Gateway sale, the sale of LaSalle Plaza, the second-largest in the metro area, took place for $46 million. This priced the building below its estimated market value of $76.4 million at the time of the sale. The building, which hosts approximately 40 tenants occupying 70% of its total space, also boasted Class A office space. Hempel Real Estate, based in Eden Prairie, acquired the building opportunistically based on its lowered price tag and marked their reentry into Downtown Minneapolis after a six-year hiatus.
Hempel CEO Josh Krsnak named Twin Cities Business Top 100 - 2024
December 6, 2023 - MINNEAPOLIS, MN
The TCB 100 is the "little black book" of people in and around Minnesota business likely to make news and drive change in the year ahead.
Community banks see more CRE lending as big banks take a back seat
November 30, 2023 - MINNEAPOLIS, MN
When Hempel Real Estate needed $45 million in financing to purchase LaSalle Plaza in downtown Minneapolis, it had to turn to three smaller banks — Premier Bank in Maplewood, Edina-based Tradition Capital Bank and Minnetonka-based Luminate Bank.
And when the Eden Prairie-based real estate company needed $6.5 million in financing for the parking ramp at LaSalle, it went to Rochester-based ONB Bank, a bank with only $230 million in assets as of Sept. 30.
“The first issue was all the big banks … they're not lending on office right now, not high-rise offices,” Hempel CEO Josh Krsnak said. “The only ones I could get to look at this thing were local banks.”
With expiring leases and scarce financing, angst grows for Twin Cities office building owners
November 17, 2023 - MINNEAPOLIS, MN
Josh Krsnak, a Twin Cities-based real estate investor and developer, said that during the Great Recession, he learned the hard way what happens when banks tighten the purse strings and values fall. So early during the pandemic, he proactively refinanced his office holdings.
"We don't have any of these challenges right now," he said. "Because I had to live through this in '08."
The developers betting big money on a downtown Minneapolis rebound
November 13, 2023 - MINNEAPOLIS, MN
A local developer has turned heads after buying two downtown Minneapolis office buildings and a parking ramp in the past four months. And it might not be done yet.
What do Office Tenants Want?
November 2, 2023 - MINNEAPOLIS, MN
“When you walk into one of our projects, we want you to feel like you've entered someplace different,” Krsnak said, noting that the real estate firm typically adds music and machines that boost the space with a hotel-like scent.
Minneapolis Downtown Summit: Challenges and hope in the Twin Cities’ urban core
October 30, 2023 - MINNEAPOLIS, MN
Hempel Properties has been an active local investor making big bets downtown. Josh Krsnak shared more details about the recent purchase of LaSalle Plaza, a 650,000-square-foot, 30-story office building.
2023 Fast 50: PACE Loan Group is a first-time honoree, debuting on The List at No. 3
October 26, 2023 - MINNEAPOLIS, MN
[Rafi Golberstein, CEO PACE Loan Group] "We admire Hempel Cos. They’ve charted a new path after the untimely death of their founder, Jon Hempel, in 2018. Under the leadership of Josh Krsnak, the company has built a portfolio of more than $750 million in new and adaptive re-use office and retail properties. They are out-of-the-box thinkers who come up with creative solutions for structuring deals and bringing back to life major local assets, such as their recently acquired Shops at West End and LaSalle Plaza in downtown Minneapolis."
Discount retailers working on side-by-side Rochester stores
October 26, 2023 - ROCHESTER, MN
California-based off-price apparel and home fashion chain Ross Dress For Less and Burlington plan to divide the 50,000-square-foot former Dick's Sporting Goods in southeast Rochester into two stores.
Kohl's To Test Smaller, Urban Concept in Headquarters' Hometown
October 24, 2023 - MILWAUKEE, WI
The new Kohl's store will also open directly into the 3rd St. Market Hall, a ground-floor food hall located within The Avenue, completing the total redevelopment of a former downtown mall.
Hempel buys downtown Minneapolis' Pence Building near LaSalle Plaza
October 13, 2023 - MINNEAPOLIS, MN
"When you can control enough real estate in one area, you can start changing the narrative for that area," said Hempel CEO Josh Krsnak. "... We really want to do the best we can to add value to the city of Minneapolis."
Real estate execs speak out on possible American Family Field parking lot development
October 12, 2023 - MILWAUKEE, WI
To gauge the development potential of the parking lots at American Family Field, the Milwaukee Business Journal asked a group of prominent Milwaukee-area real estate executives if development of the site is feasible and what would be its best use. Find out what they had to say.
The Avenue's development started in 2017. Here's 6 things to know as work winds down
September 21, 2023 - MILWAUKEE, WI
It's been nearly eight years since downtown Milwaukee's former Grand Avenue Mall was sold, and six years since renovations started to convert it to new uses.
Now, the final pieces to that $140 million development, known as The Avenue, are falling into place. Those include former retail space converted into ground-floor offices as well as a new events venue.
A look inside The Avenue as commercial space is nearly complete
September 20, 2023 - MILWAUKEE, WI
The future City Fountain bar area at The Avenue on West Wisconsin Avenue in Milwaukee on Wednesday, Sept. 13, 2023. The area, in The Avenue, a mixed-use development which replaced the failed Grand Avenue Mall and includes 3rd Street Market Hall food hall, is one of the final projects to be completed.
Hempel buys another LaSalle Avenue property. This time, it's a parking ramp
August 4, 2023 - MINNEAPOLIS, MN
The deal will bring Hempel to a total of 1,200 parking spaces that can be used by tenants in LaSalle Plaza, which it also owns. “We have more parking than any other Class A tower in downtown,” Hempel’s CEO said.
Milwaukee area desperately needs workforce housing, real estate execs say
July 20, 2023 - MILWAUKEE, WI
At the Milwaukee Business Journal's Commercial Real Estate CEO Roundtable event on July 11, local real estate leaders and executives discussed the demand for workforce housing, specific efforts to build more of it, and how to overcome the challenges of developing it.
160 workforce apartments planned near The Avenue in downtown Milwaukee
July 11, 2023 - MILWAUKEE, WI
The developers of The Avenue in downtown Milwaukee could build 160 apartments in a vertical addition to the nearby former Gimbels parking structure.
How Hempel's deal to buy LaSalle Plaza in Minneapolis came together
June 28, 2023 - MINNEAPOLIS, MN
Hempel's paying a bargain price for LaSalle Plaza, the 30-story Minneapolis office tower. But that doesn't mean getting the deal done was easy.
Is the LaSalle Plaza Purchase the Start of Downtown’s ‘Reset?’
June 28, 2023 - MINNEAPOLIS, MN
Eden Prairie-based Hempel Real Estate reenters the downtown Minneapolis market for the first time in nearly a decade and says this is only the beginning.
New Owners of LaSalle Plaza in Minneapolis
June 28, 2023 - MINNEAPOLIS, MN
Hempel COO Nick Monson joins the Drivetime with DeRusha WCCO radio show to discuss Hempel's new acquisition of LaSalle Plaza.
Hempel Real Estate Purchases LaSalle Plaza
June 28, 2023 - MINNEAPOLIS, MN
Twin Cities-based Hempel Real Estate bought the tower and plans to add many amenities, including an indoor pickleball court and a private car service.
Downtown Minneapolis' LaSalle Plaza trades at a steep discount
June 28, 2023 - MINNEAPOLIS, MN
Distressed downtown Minneapolis office tower LaSalle Plaza has been acquired by a local developer at a steep discount from the previous sale price.
Hempel sees bargain in downtown’s LaSalle Plaza
June 28, 2023 - MINNEAPOLIS, MN
Hempel Cos. has acquired LaSalle Plaza, a 30-story downtown Minneapolis office-retail tower that was put on the auction block last year, for a discounted price. Hempel’s Ben Krsnak confirmed to Finance & Commerce that the sale closed Monday.
The Avenue's co-developer purchases 30-story office tower
June 27, 2023 - MILWAUKEE, WI
The sale of a 30-story office tower in downtown Minneapolis was negotiated partially in Milwaukee . . .
Hempel buys LaSalle Plaza in downtown Minneapolis
June 27, 2023 - MILWAUKEE, WI
Hempel Real Estate has purchased the distressed 30-story LaSalle Plaza in downtown Minneapolis. It plans to make additional improvements, including indoor pickleball courts and a pair of Cadillac Escalades available through a concierge service.
Two Blocks of Brewers Hill Slated For Development
June 18, 2023 - MILWAUKEE, WI
A partnership of Hempel Cos. and ICAP Development purchased a two-block development site this week on the eastern edge of Brewers Hill. The properties, which overlook Downtown from just northwest of the Holton Street Viaduct, are largely vacant and span 3.3 acres.
The Avenue Developer Buys Brewer's Hill Housing Development Site
June 13, 2023 - MILWAUKEE, WI
The company that redeveloped the former Shops of Grand Avenue in downtown Milwaukee has picked a large site in the Brewer’s Hill neighborhood for its next major project in the city.
3rd Street Market Hall named Best Renovation - Retail by Milwaukee Business Journal
May 17, 2023 - MILWAUKEE, WI
Marketed as an all-ages space, the hall includes entertainment like Topgolf Swing Suites, Photoverse Selfie Museum and a 50-seat central bar. Free attractions include shuffleboard, a gaming lounge, and backyard games such as giant Jenga and bags.
Hempel Real Estate’s West End Play
May 5, 2023 - ST. LOUIS PARK, MN
In the 13 years since the Shops at West End’s recession-era opening, the south end of the west suburban lifestyle center has never filled. Ben Krsnak believes he can get it done, and soon.
Krsnak is executive vice president at Eden Prairie-based Hempel Real Estate, which acquired the St. Louis Park center for $64.75 million in December—a deal of Black Friday proportions, compared to the $117 million New York-based American Realty Capital paid in 2015 from original developer Duke Realty.
“The initial vision for West End was to build the next Galleria. [But] we’re not leaning into apparel,” Krsnak says. “We see this as more entertainment [and] services that have done well there.”
Ribbon cutting ceremony for Holmen's newest senior living community
May 4, 2023 - HOLMEN, WI
Community members gathered for a ribbon cutting ceremony for Caretta Senior Living on Thursday.
Caretta Senior Living is located at the intersection of SR 35 and HWY 53.
It has 46 apartments in its assisted living wing and 26 apartments in its specialty care unit.
Old Milwaukee mall is transformed into stunning apartment complex, and TikTok is obsessed: ‘This is so dope’
April 11, 2023 - MILWAUKEE, WI
The old Grand Avenue Mall in Downtown Milwaukee received an extensive makeover before opening up rental units to the public. Now, former storefronts are the entrances to roomy apartments and a shared pickleball court has been set up where shoppers used to stroll.
Now called the Plankinton Clover, TikToker named Sarita (@saritalatasha) recently shared a glimpse of the complex, where it quickly went viral.
Apple Valley Planning Commission OKs new conditional use permit for developer
March 23, 2023 - APPLE VALLEY, MN
The Apple Valley Planning Commission recommended approval of a new conditional use permit on March 15 for Cider Ridge Marketplace. The original plans approved in 2020 called for constructing a 7,130-square-foot building and subdividing a 35,910-square-foot parcel from the 7.2-acre Hope Church property. The new lot was to share the use of the existing driveway off 145th Street West, with the new building parallel to Cedar Avenue and having a front entrance facing east.
Defying Doomsday - As work-from-home continues, downtown Milwaukee buildings holding their own.
March 3, 2023 - MILWAUKEE, WI Downtown defies doomsday: Milwaukee offices hold their own in WFH era.
Captal First Trust is doing its best to keep employees happy, and this year plans to leave its current Walker's Point office space.
Maple Grove retail center sells for $16 million to CenterSquare
Some in business community excited to potentially have RNC in Milwaukee.
Some in business community excited to potentially have RNC in Milwaukee.
Christian Yelich & Randall Cobb named among investors in 3rd Street Market Hall
Hempel Real Estate buys The BLOC Office Building in Bloomington
MMAC moving offices to The Avenue in downtown Milwaukee
May 27, 2020 - The Metropolitan Milwaukee Association of Commerce and Milwaukee 7 are moving their offices to The Avenue redevelopment in downtown Milwaukee by early fall.
Milwaukee's Coolest Offices: Graef converts downtown mall food court into unique space
April 13, 2020 - What for more than three decades was a popular downtown Milwaukee food court has now become home to one of Milwaukee's most prominent engineering firms, complete with skylights, open space and its own cafe named after the former Grand Avenue Mall. Check out this winner in our annual Milwaukee's Coolest Office contest.
St. Paul Dept. Store Transformed Into Wild Facility, Shopping Center
January 16, 2018 - "It's definitely one of the more challenging projects we've ever had," said Josh Krsnak, president of Hempel Companies. In just 12 months, Hempel's contractors transformed the building, putting walls of glass where before there was only artificial lighting . . . What had at one time been a rooftop surface parking lot is now a sparkling sheet of ice.
Minnesota Wild staff get a sneak peek of the progress at Treasure Island Center
Minnesota Wild signs lease for new practice facility at Wabasha Center in Downtown St. Paul
December 22, 2016 - The partners of Go Wild, LLC, the joint venture between Hempel Companies and the Saint Paul Port Authority, today announced that the Minnesota Wild has executed a lease for a practice facility at Wabasha Center in downtown Saint Paul.
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