Press

Recent Press

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.

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.

CLICK HERE TO LISTEN

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 - MINNEAPOLIS, MN

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.

A Milwaukee gallery will draw art patrons and new commercial tenants

February 23, 2023 - MILWAUKEE, WI MIAD art gallery is coming to downtown's The Avenue. The developer hopes it attracts more tenants.

Milwaukee Institute of Art & Design's gallery coming to The Avenue mixed-use development in downtown Milwaukee will provide a high-profile place for the college's students, faculty and staff to display their work.

West End fills long-vacant Toby Keith spot with fitness gym The Firm

February 21, 2023 - ST. LOUIS PARK, MN West End fills long-vacant Toby Keith spot with fitness gym The Firm.

Boutique fitness club The Firm said it will move from Minneapolis to St. Louis Park in March to fill the long-vacant West End Toby Keith space.

BBQ vendor Smokin' Jack's to open at 3rd St. Market Hall

January 27, 2023 - MILWAUKEE, WI 3rd Street Market Hall announces a new tenant for its food hall.

The Avenue lands another tenant for offices above 3rd St. Market Hall

January 26, 2023 - MILWAUKEE, WI The American Heart Association is moving its Milwaukee offices to The Avenue and will be one floor above the 3rd St. Market Hall.

Hempel CEO Josh Krsnak named to Milwaukee Business Journal's 2023 Power Brokers List

January 11, 2023 - MILWAUKEE, WI Josh Krsnak was named a Milwaukee Area Power Broker by the Milwaukee Business Journal. According to the Milwaukee Business Journal, Power Brokers are the people who others turn to when they need to get something done, whether it's a business deal, community project or raising money for a great cause. This is the third time Josh has been named to the Power Broker list.

West End retail complex in St. Louis Park sold for steep discount to local buyer

December 22, 2022 - ST. LOUIS PARK, MN Hempel Real Estate has acquired the Shops at West End in St. Louis Park at nearly a 45% discount from the previous owner's purchase price.

Eden Prairie-based Hempel closed on the deal Wednesday for $64.75 million, far below the $117 million price paid by New York-based American Realty Capital — now known as New York-based Necessity Retail REIT — when it purchased the retail property in 2015.

Hempel Real Estate buys Shops at West End in St. Louis Park for almost $65 million

December 22, 2022 - ST. LOUIS PARK, MN St. Louis Park's Shops at West End retail center has sold for nearly $65 million.

Eden Prairie-based firm Hempel Real Estate said it acquired the 382,000-square-foot shopping center from The Necessity Retail REIT (NASDAQ:RTL), headquartered in New York, in a Dec. 21 deal.

Hempel sells office for double what it paid in 2018

December 6, 2022 - BROOKLYN CENTER, MN After a series of upgrades and a few years, Hempel Cos. sold a Brooklyn Center office building for more than double what it once paid for the property.

Maple Grove retail center sells for $16 million to CenterSquare

October 5, 2022 - MINNEAPOLIS, CenterSquare made its first investment in Minnesota late last month with its acquisition of several properties in Maple Grove's Grove Village retail center.

Best Western in Bloomington Sold to New Owners

August 30, 2022 - MINNEAPOLIS, MN The hotel is located in one of the state's better performing hospitality markets.

Hempel Purchases Best Western Plus Hotel Near the Mall of America.

August 22, 2022 - MINNEAPOLIS, MN A Best Western Plus hotel near the Mall of America in Bloomington is under new ownership after a $13.2 million sale.

Some in business community excited to potentially have RNC in Milwaukee.

July 17, 2022 - MILWAUKEE, WI Vendors at the 3rd St. Market Hall see the potential opportunity of hosting the RNC in Milwaukee as a way to showcase the city and Wisconsin to the world.

Some in business community excited to potentially have RNC in Milwaukee.

July 17, 2022 - MILWAUKEE, WI Vendors at the 3rd St. Market Hall see the potential opportunity of hosting the RNC in Milwaukee as a way to showcase the city and Wisconsin to the world.

The Avenue developers buy parking structure attached to Hyatt Regency

July 7, 2022 - MILWAUKEE, WI The developers of The Avenue bought the nearby parking structure connected to the Hyatt Regency Milwaukee that is an important asset to their property, the hotel and expanding downtown convention center.

CREATING THE AVENUE FROM THE GRAND AVENUE

May 20, 2022 - MILWAUKEE, WI Josh Krsnak spoke with editor-in-chief Mark Kass about that $150 million redevelopment, and upcoming plans for another $40 million in investments in the surrounding area during the Milwaukee Business Journal’s Real Estate Awards event on May 12.

CEO of Hempel Real Estate, Milwaukee's Marcus family team up to buy Rochester shopping center

May 18, 2022 - ROCHESTER, MN The real estate investment arm of Milwaukee’s Marcus family teamed with Josh Krsnak, CEO of Eden Prairie-based Hempel Real Estate, to buy a Rochester shopping center that includes a Marcus movie theater.

Marcus Investments Partners with Hempel Real Estate and Announces the Acquisition of The Shoppes on Maine, Rochester, MN

May 18, 2022 - ROCHESTER, MN Berengaria Development, a portfolio company of Marcus Investments, announced that it has partnered with Rochester native, Joshua Krsnak, CEO of Minneapolis-based Hempel Real Estate to complete the acquisition of The Shoppes on Maine, Rochester, MN. This asset is the third property to be placed into Marcus Investments’ Fund, Marcus Real Estate Fund I, LP after closing on the Fund in August 2020.

The Avenue owners plan $40 million investment in two nearby downtown sites

May 12, 2022 - MILWAUKEE, WI After already investing about $150 million into the redevelopment of The Avenue and its 3rd Street Market Hall, developers are seeking to acquire more properties in that downtown Milwaukee neighborhood for housing, hotel rooms, or other projects.

Anytime Arepa brings arepas, empanadas & more to 3rd Street Market Hall

May 11, 2022 - MILWAUKEE, WI There’s yet another delicious option to enjoy at the 3rd Street Market Hall, 275 W. Wisconsin Ave. That’s because Anytime Arepa is officially serving up a menu featuring not only their delicious arepas, but a number of new items as well (with more on the way).

Founded by Maria Salas and Leo Farfan in 2018, Anytime Arepa got its start with a small stall at the Kenosha Harbor Market, but has grown to include both a food truck at Zócalo Food Park and now a brick and mortar location at the Downtown food hall.

Aquaponic food grower opening in 3rd Street Market Hall Friday

March 24, 2022 - MILWAUKEE, WI Friday marks the debut of the latest vendor in downtown Milwaukee’s 3rd Street Market Hall as indoor organic farmer Valor Aquaponics is set to start selling its herbs, spices, fruits and produce.

A company based on Milwaukee's far northwest side is moving its offices to downtown's The Avenue mixed-use development.

February 17, 2022 - MILWAUKEE, WI Marking Services Inc. is leasing around 5,500 square feet at The Avenue, 275 W. Wisconsin Ave., according to a new building permit application filed with the city Department of Neighborhood Services.

The Avenue secures another office tenant, prepares to open renovated apartments

February 17, 2022 - MILWAUKEE, WI The third floor space that formerly was The Shops of Grand Avenue’s food court is now completely refilled with offices after a new lease with a tenant that sells tags and labels for pipes and electrical equipment.

Two sky-high murals headed to downtown Milwaukee

January 26, 2022 - MILWAUKEE, WI Artwork from two Milwaukee natives will be on display in two downtown skywalks this winter. Alex Couto of the Couto Brothers, based out of Los Angeles, will transform the 2nd Street skywalk that connects Plankinton Arcade to 3rd Street Market Hall. Dave Watkins will makeover the Plankinton Avenue skywalk bridge that connects Plankinton Arcade to ASQ Center.

Each mural will span the length of its respective skywalk, ranging between 75 and 100 feet long and 10 to 12 feet tall. Work started January 24th and will continue for about two weeks.

Skywalks at The Avenue are getting colorful new murals

January 26, 2022 - MILWAUKEE, WI The old Grand Avenue Mall skywalks spanning Plankinton Avenue and North 2nd Street are getting a new look in the form of brightly colored murals, thanks to a partnership between The Avenue, the ASQ Center and Milwaukee Downtown, BID #21.

The BID commissioned Los Angeles-based Alex Couto – of the Couto Brothers – is painting the 2nd Street skywalk, which most recently had been home to a Stone Creek Coffee kiosk and in the early days of the mall housed vendor carts, including the classic Pride of Milwaukee.

3rd Street Market Hall opens to the public Friday

January 13, 2022 - MILWAUKEE, WI 3rd Street Market Hall will finally open its doors to the public this Friday, Jan. 14.

The opening of the food hall, announced Wednesday over social media, comes after months of delay due to the COVID-19 pandemic and recent supply chain disruption. Downtown Milwaukee’s newest food attraction is located on the ground floor of The Avenue development at the former Grand Avenue Mall on West Wisconsin Avenue.

3rd Street Market Hall features a 50-seat central bar and entertainment amenities including Top Golf Swing Suites, shuffleboard courts, snookball, Photoverse selfie museum (a creation of the Milwaukee Institute of Art & Design), old-school arcade games, and a turf area with yard games and seating. It will eventually house 19 food and retail businesses.

3rd Street Market Hall sets opening date

January 12, 2022 - MILWAUKEE, WI — Operators of the food hall in the former Shops of Grand Avenue announced the news in a tweet Wednesday.

3rd Street Market Hall opens Friday in downtown Milwaukee

January 12, 2022 - MILWAUKEE, WI — The long-delayed 3rd Street Market Hall in downtown Milwaukee now has a firm opening date: The food hall debuts Friday with food vendors, a full bar and activities. "It's been a long road," said restaurateur Omar Shaikh, a primary owner along with real estate developers Joshua Krsnak and Tony Janowiec. "It's quite emotional, but we are very excited to finally open to the public. We want Milwaukee to be proud of the 3rd Street Market Hall." For its opening weekend, the hall will be open 11 a.m. to 9 p.m. Friday and Saturday and 11 a.m. to 7 p.m. Sunday.

Assisted living & memory care development coming to Bellevue in 2022

December 10, 2021 - GREEN BAY, WI — The village of Bellevue will be welcoming a new assisted living and memory care development facility in 2022. According to Baylands Building Inc., they have partnered with Galahad Development, Hempel Real Estate, and Great Lakes Management (GLM) to start the construction of a new 72-unit assisted living and memory care community that will be located at 1780 Servant Way in Bellevue.

3rd Street Market co-owner on opening date: 'It will be this year, 100 percent'

October 26, 2021 - MILWAUKEE, WI — Inside 3rd Street Market Hall, amid the sounds of construction, Omar Shaikh sits alone at his brand new 360 bar, sending a text message and preparing for a meeting.

He promises it won't be long before other Milwaukeeans are sitting there, too.

"I'm not setting a date. I'm not doing that. I'm not even setting a month. But I'll say here — it will be this year. 100 percent," said Shaikh.

Christian Yelich & Randall Cobb named among investors in 3rd Street Market Hall

October 25, 2021 - MILWAUKEE, WI — As plans for 3rd Street Market Hall continue to move forward, the Market Hall has announced that it will do so with backing from Milwaukee Brewers left fielder and 2018 NL MVP Christian Yelich along with returning Green Bay Packers star wide receiver Randall Cobb, both of whom say that they are happy to join dozens of other local investors in supporting a project that promises to be a catalyst for Downtown Milwaukee.

Hempel Real Estate buys The BLOC Office Building in Bloomington

October 20, 2021 - BLOOMINGTON, MN — Hempel Real Estate purchased The BLOC Office Building in Bloomington, MN for $25 Million. The BLOC is a 154,552 square foot Class A office building located along I-494. The building was constructed in 1985 and recently underwent a $5 million renovation in 2019.

MIAD Gallery Will be Part of Downtown's The Avenue Development.

October 6, 2021 - MILWAUKEE —A gallery displaying work from Milwaukee Institute of Art and Design students and others will be part of downtown's The Avenue mixed-use development.

Known as MIAD Gallery at The Ave, it will open in November at 301 W. Wisconsin Ave., the college has announced.

The 2,500-square-foot space will be near The Avenue’s main entrance into the development's 3rd Street Market Hall, a food hall which opens Oct. 18.

3rd Street Market Hall targets mid-October opening

August 31, 2021 - MILWAUKEE —The long-awaited opening of 3rd Street Market Hall in downtown Milwaukee is almost here.

The food hall and entertainment venue, located inside The Avenue development on West Wisconsin Ave., is slated to open to the public on Oct. 18, said co-developer and restaurateur Omar Shaikh, in an interview with BizTimes Milwaukee.

3rd Street Market Hall Opening in October

August 26, 2021 - MILWAUKEE —“The hangout of Downtown” will open in just under two months.

Delayed because of the COVID-19 pandemic, restaurateur Omar Shaikh and real estate developer Josh Krsnak have spent the past year refining the concept for the 3rd Street Market Hall.

“We wanted to create something that is a little more experiential,” said Shaikh during a tour Wednesday. “We want this to appeal to everyone.” The public will get to check it out for the first time on Oct. 18.

Herzing University to move its HQ to The Avenue in downtown Milwaukee

August 23, 2021 - MILWAUKEE —Herzing University will move its headquarters to The Avenue in downtown Milwaukee.

Herzing, a private nonprofit university, will move its administrative offices from Lilly Road in Menomonee Falls to the redeveloped former Grand Avenue mall at 275 W. Wisconsin Ave.

It will occupy almost 22,000 square feet on the second floor, which also includes a private balcony, according to a news release. Herzing will be moved in by the first quarter of next year.

Herzing University to move headquarters, 180 workers to The Avenue downtown

August 23, 2021 - MILWAUKEE —Herzing University plans to move its headquarters operations from Menomonee Falls to office space in the second floor of the former Shops of Grand Avenue in downtown Milwaukee.

Tempo women's business group moving offices to The Avenue this fall

August 2, 2021 - MILWAUKEE —The Avenue redevelopment in downtown Milwaukee picked up its third lease with a local business organization, signing professional women’s group Tempo to move there in early fall.

Downtown Milwaukee's The Avenue lands another office tenant. Tempo, Wisconsin's largest professional women's organization, is moving there

July 31, 2021 - MILWAUKEE —The Avenue has landed another office tenant at the downtown Milwaukee mixed-use development. Tempo, Wisconsin’s largest professional women’s organization, is moving its headquarters to The Avenue, formerly the Grand Avenue mall, 275 W. Wisconsin Ave. Tempo will move into 2,500 square feet on the second floor, the group announced Friday. It will use space now occupied by Hempel Cos., one of The Avenue's developers. The organization left its offices at Schlitz Park in May 2020, with its staff working remotely. Tempo plans to move to its new space by early fall.

3rd Street Market Hall, the food hall coming to The Avenue in September, just got a key $2 million loan for its financing package

June 23, 2021 - MILWAUKEE —The food hall coming to downtown Milwaukee's The Avenue mixed-use development has obtained an important piece of its financing package. 3rd Street Market Hall is receiving a $2 million loan from the Milwaukee Economic Development Corp., a nonprofit business lender affiliated with the City of Milwaukee. That loan will help pay for the buildout of the food hall, which is to open in September at 275 W. Wisconsin Ave.

The Avenue's food hall secures $2 million loan to help chefs build their booths

June 23, 2021 - MILWAUKEE —The owners of the 3rd Street Market Hall secured a $2 million loan from a city of Milwaukee affiliate to help chefs build their future vendor booths in the downtown food hall.

WTMJ-AM owner moving offices, radio stations to The Avenue

June 2, 2021 - MILWAUKEE —Good Karma Brands is moving its offices and about 130 employees to The Avenue redevelopment in downtown Milwaukee, and will have its radio station studios visible from the project’s food hall.

3rd St. Market Hall sign to change Milwaukee Skyline

June 1, 2021 - MILWAUKEE —Downtown Milwaukee's skyline is set to change, after 3rd St. Market Hall announced its plans to install a new rooftop sign that's expected to be complete by Thursday.

The massive sign will display 652 feet of LED neon that officials from Sign Art Studio say gives it a retro feel.

New 3rd St. Market Hall sign will be installed and lit this week

June 1, 2021 - MILWAUKEE —The installation of the sign for the new 3rd St. Market Hall is slated to begin sign Tuesday, June 1 and be complete by Thursday, June 3.

The sign – 29 feet tall and 17 feet wide – is made by Mount Horeb's Sign Art Studio and will tower above the glass front of the hall and will rise 81 feet above Wisconsin Avenue.

Dairyland to bring burgers, custard to 3rd Street Market Hall

May 12, 2021 - MILWAUKEE —A burger and custard concept with locations in Oak Creek and Milwaukee will join the 3rd Street Market Hall, the food hall that's part of the redevelopment of the former Shops of Grand Avenue in downtown Milwaukee. Dairyland Old-Fashioned Frozen Custard and Hamburgers signed a license agreement to operate as a vendor at the food hall.

GRAEF - The Avenue Office Renovation: A reincarnation west of the river

April 29, 2021 - MILWAUKEE — Presiding over The Avenue from its third-floor perch is the new headquarters of Milwaukee-based GRAEF USA Inc., a national engineering, planning and design firm founded 60 years ago. The firm occupies 35,000 square feet, providing amenity-rich work space for about 175 employees.

40 Under 40: Courtney Morris, Hempel Real Estate

March 22, 2021 - MILWAUKEE — Courtney Morris has been influential in the lease-up and development of Hempel’s Milwaukee-area projects, also overseeing the property management team. She joined Hempel in 2015 with the acquisition of The Avenue and has made it her passion project. Her role has been instrumental in the $90 million redevelopment project at The Avenue complex in downtown Milwaukee.

The Avenue targets summer opening for food hall, part of total transformation of old mall space

March 16, 2021 - MILWAUKEE — Is this the time it’s finally going to work? Anyone who’s lived in Milwaukee for any length of time knows the decades-long tale of promise and disappointment following the Grand Avenue Mall property. The signature piece of the years-long redevelopment is set to open this summer, and with it, a formula the investors and partners believe will finally be the one that works.

“There’s so much nostalgia for this place. So much early childhood memories,” the current property owner Josh Krsnak began, detailing conversations he has had with long-time Milwaukeeans. He wouldn’t otherwise know. He’s from Minneapolis. “And then there’s almost this like, sadness,” he continues, “…that the building was let go.”

The Avenue's food hall takes new approach to attract vendors, plans summer opening

February 1, 2021 - Restaurateur Omar Shaikh’s businesses may be built around good eats, but he’s excited about the experiences that will be created for The Avenue’s new food hall in downtown Milwaukee.

Activities will include kids running around an indoor turf area or revving up miniature hotrods on a slot racing track, corporations renting out TopGolf simulator suites, visitors sitting on a cushy couch to enjoy a charcuterie board, and children of all ages doing TikTok videos and pics in a selfie museum with a variety of funky backdrops.

WTMJ-AM, other radio stations close to signing lease to relocate to downtown Milwaukee's former Grand Avenue mall

January 27, 2021 -The company that owns WTMJ-AM and other Milwaukee radio stations is close to signing a lease that would move those operations to downtown's former Grand Avenue mall.

Good Karma Brands plans to operate on the ground floor of The Avenue, the new name for the former mall, said restaurateur Omar Shaikh, who's overseeing development of its 3rd Street Market Hall food hall.

Hempel's Courtney Morris named one of the Milwaukee Business Journal's 40 under 40 for 2021

January 14, 2021 - The Milwaukee Business Journal has announced the second round of our 2021 40 Under 40 honorees, a list that includes young business and community leaders from throughout southeastern Wisconsin. We'll continue releasing more honoree names in the coming days on our website.

Josh Krsnak named to 2020 Milwaukee Area Power Broker list

December 3, 2020 - Josh Krsnak has been spending a lot of time in Milwaukee since becoming co-developer on The Avenue project. Based in the Twin Cities, he brings a combination of creativity, determination and serious financial resources to getting projects done. While a relatively new face to Milwaukee, Krsnak is one of the Twin Cities’ biggest developers through Hempel Cos., which he helped found with Jon Hempel.

Treasure Island Center getting new office and fitness tenants, now nearly full

November 4, 2020 - Treasure Island Center, the home of the Minnesota Wild's rooftop practice hockey rink and assorted government, nonprofit and retail tenants, will soon welcome a bevvy of newcomers - including two gyms, a sports chiropractor and the offices of the St. Paul Port Authority itself.

The Avenue aiming to drive business with Topgolf simulator suites

November 4, 2020 - A Topgolf Swing Suite is the big name among The Avenue‘s planned attractions. It will include at least two golf simulator areas as part of the 35,000-square-foot food hall, known as 3rd Street Market Hall.

Topgolf among uncommon amenities coming to The Avenue as remake progresses

November 3, 2020 - A Topgolf simulator offering virtual driving range and zombie dodgeball games joins new pickleball courts and an indoor dog walking park as uncommon amenities for people living and working in The Avenue redevelopment in downtown Milwaukee.

University of Minnesota Buys Nine-Story Minneapolis Office Building
for Over $20 Million

May 28, 2020 -The University of Minnesota has purchased University Park Plaza, a nine-story office building in Minneapolis, for $20.71 million.

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.

MMAC moving offices to The Avenue as redeveloped former mall, and downtown's west side, mark another win

May 27, 2020 - The Metropolitan Milwaukee Association of Commerce is moving its offices to The Avenue, marking another win for the redeveloping former Grand Avenue mall.

Hempel clears hurdle for business park building

May 27, 2020 - Minneapolis-based Hempel Real Estate plans to break ground this spring on a 75,000 square foot business park project in Brooklyn Park.

The Avenue Wins Milwaukee Business Journal Award for Best Deal of the Year

May 7, 2020 - The Beatles once sang about taking a sad song and making it better. They might have been singing about the erstwhile Grand Avenue Mall.

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.

Brewers stars Christian Yelich, Ryan Braun donate to help feed front-line health care workers

April 10, 2020 - The 3rd Street Market Hall announced a partnership Friday with Braun and Yelich as well as several local companies to provide meals for front-line healthcare workers at four major hospital networks . . .

Hempel to develop hot St. Louis Park corner

March 5, 2020 - Vacant land in the southwest quadrant of Highway 169 and Interstate 394 in St. Louis Park will be developed now that the state has sold the land after owning it for about a century . . .

New restaurants set to open in St. Paul's Treasure Island Center

February 24, 2020 - The operators of the Treasure Island Center in downtown St. Paul are welcoming the arrival of three new businesses in the city-funded redevelopment. The Pillbox Tavern and Red's Savoy Pizza will open next month in the building that housed the former Dayton's / Macy's department stores. The St. Paul Event Center opened last week.

Walker's Point building sold to mall's redevelopers

February 22, 2020 - A Walker's Point building anchored by a vacant restaurant space has been sold to investors who are redeveloping the former Grand Avenue mall.

Coming soon to Treasure Island Center: St. Paul Event Center, Pillbox Tavern, and Red's Savoy Pizza

February 17, 2020 - . . . Within a once-storied business corridor now short on retail options, bringing vitality back downtown has been a slow but important climb for Treasure Island Center. "We've got something for everyone, from hockey to pizza," said Andrea Novak, a vice president of marketing and public relations for the Port Authority. "Obviously, things took a little longer than we anticipated. But 2020 is going to be a nother big year . . . When you see three different tenants who are all doing build-outs at the same time, that's a big deal. They all fit so well.

Brewers stars Ryan Braun, Christian Yelich team up to give back to their L.A. and Milwaukee communities

January 7, 2020 - . . . Brewers stars Ryan Braun and Christian Yelich happen to live in Malibu, California, work in Milwaukee, and are not only investing into their two communities with their checkbooks, but much more precious, their heart and commitment . . . When the two former National League MVPs attend the Brewers On Deck Fan Fest in Milwaukee, they'll stop by The Avenue project on the west side of downtown. This is where they invested money, time, and their hearts into helping renovate and develop a desolated three-block urban mall into offices, apartments, and a 40,000 square foot food hall with 24 vendors.

With an eye to changes from the SW Light Rail, Hempel Real Estate buys Golden Triangle properties

January 3, 2020 - A regional real estate firm bought a 180,00 square foot property in Eden Prairie's Golden Triangle in late December and plans to develop the area in anticipation of changes brought by the Southwest Light Rail Transit line, according to the company's vice president. Hempel Real Estate, which owns and operates office and retail property in Minnesota and Milwaukee, finalized its purchase of the Crosstown Preserve office building at 10050 Crosstown Circle on Dec. 18, Hempel's vice president Ben Krsnak told Eden Prairie News. Hempel also bought the site of a closed restaurant at 11528 Leona Road and a parking lot, which are adjacent to the Crosstown Preserve building, a news release from Hempel says.

Graef opens new headquarters office in The Avenue in Milwaukee

December 30, 2019 - About 175 Graef workers who packed their stuff into bankers boxes before the holiday break spent Monday morning settling into a new headquarters office in the top floor of The Avenue in downtown Milwaukee. The move opens a new chapter for the engineering firm and for the former Shops of Grand Avenue. Graef is the first new tenant to move into the former West Wisconsin Avenue mall's west arcade, which is being converted into offices and a first-floor food hall.

Hempel bets on Eden Prairie office building once used by Best Buy

December 30, 2019 - A joint venture led by Hempel Properties has purchased a 181,000 square foot office building near the intersection of highways 62 and 169 in Eden Prairie. The building, formerly known as Crosstown Center, was developed in 1999 and was a Best Buy Co. Inc. data center before the retailer moved all of its Eden Prairie operations into its current Richfield complex.

Hempel to renovate NE Minneapolis factory

December 18, 2019 - Hempel Cos. is taking a step into the past with a new project that will convert a millwork and furniture factory in Northeast Minneapolis into multi-use commercial space. Minneapolis-based Hempel is no stranger to modifying old buildings into new purposes. The developer completed work in 2017 that converted a 1960s-era, former downtown St. Paul Macy's store into the 212,590-square foot Treasure Island Center. But Hempel's newest project will take the company even further into the past.

Grand Avenue owners buying nearby properties, attracting more office tenants

November 11, 2019 - The owners of the former Shops of Grand Avenue in Milwaukee are finalizing agreements to bring in more office tenants, while also acquiring more property around the former downtown Milwaukee shopping mall. The mall's ongoing renovation into The Avenue will be complete in May, said co-owner Josh Krsnak, CEO of Hempel Cos. That includes turning the top two floors of the mall's western arcarde into offices, and creating a food hall on its ground floor.

The Avenue taking form, see inside the ongoing construction work: Slideshow

October 9, 2019 - The transformation of the former Shops of Grand Avenue in downtown Milwaukee is becoming reality in steel and concrete as its interior begins to look like the future modern offices and food hall it will become. See the attached slideshow for a tour through the West Wisconsin Avenue mall's former west arcade, where builders are busy at work on the $53 million redevelopment to create The Avenue.

Braun, Yelich Team Up For Investment In Major Downtown Milwaukee Development Project

August 31, 2019 - One of the most high-profile development projects in the city of Milwaukee has attracted two of the city's highest-profile citizens as investors. Milwaukee Brewers outfielders Ryan Braun and Christian Yelich have put their names - and their wallets - behind development of The Avenue, which will turn the former Grand Avenue Mall in Downtown Milwaukee into a multi-purpose facility including a food hall, office space and apartment units.

Milwaukee Brewers Ryan Braun and Christian Yelich are new investors in downtown's The Avenue redevelopment

August 13, 2019 - One of downtown Milwaukee's biggest redevelopment projects has landed two well-known investors: Ryan Braun and Christian Yelich. The two Milwaukee Brewer outfielders "are making significant investments" in The Avenue, the new name for the former Grand Avenue mall, it was announced Tuesday.

Brewers stars Braun, Yelich investing in Grand Avenue redevelopment

August 13, 2019 - Milwaukee Brewers stars Ryan Braun and Christian Yelich are making "significant" investments into the ongoing redevelopment of the former Shops of Grand Avenue in downtown Milwaukee.

A Grand Update on The Avenue

July 14, 2019 - Work is steadily progressing on the transformation of the former Shops of Grand Avenue mall into a mixed-use development known as The Avenue. Engineering firm Graef will move its headquarters and 170 jobs to a new space on the mall's third floor.

Project would redevelop part of Apple Valley church property

July 3, 2019 - Proposed plans to develop a piece of Hope Church's property in Apple Valley are headed to the City Council for consideration. Hempel is seeking to subdivide a 35,910-square-foot parcel from the 7.2-acre Hope Church to construct the building.

Hempel buys former Dairy Queen headquarters for $7M

April 11, 2019 - If the former Dairy Queen headquarters in Edina can't be turned into apartments, Hempel Cos. is more than happy to keep it as offices. Minneapolis-based Hempel is buying the IDQ Building at 7505 Metro Blvd. in Edina for $7 million . . .

$9M in city financing for Grand Avenue remake wins unanimous endorsement

March 21, 2019 - A proposed $9 million Milwaukee financing package for the ongoing redevelopment of the Shops of Grand Avenue gained its first city approval vote Thursday.

Goodbye, Grand Avenue - See inside the ongoing demolition: Slideshow

March 20, 2019 - The Avenue developer Tony Janowiec declared mission accomplished on the first step of the ongoing downtown Milwaukee renovation: The former Shops of Grand Avenue looks nothing like a mall anymore.

Milwaukee to consider $9M in aid for Grand Avenue redevelopment

March 7, 2019 - The ongoing redevelopment of The Shops of Grand Avenue could receive $9 million in city financing under a proposal up for review this month. That money would support the renovation of the former mall, which is renamed The Avenue.

The Avenue is drawing office prospects, new apartment residents and a possible child care center to downtown

February 12, 2019 - The redeveloping former Grand Avenue continues to draw prospective office tenants, has just opened its new apartments - and might be landing a child care center. Those new details were revealed by one of the downtown Milwaukee . . .

Milwaukee Downtown BID moving to former Grand Avenue

January 21, 2019 - The office being built in the former Shops of Grand Avenue secured a second tenant: the Milwaukee Downtown Business Improvement District No. 21. The 10-year lease, while filling 5,000 square feet, also serves as a symbolic . . .

Graef moving HQ offices, 170 jobs to Grand Avenue

December 7, 2018 - Graef in late 2019 will move its headquarters and 170 jobs to new office space in The Shops of Grand Avenue in a move the president said will provide the urban environment his employees want.

Food hall with places to stay and an anchor business tenant making Milwaukee's Grand Avenue mall a destination

December 7, 2018 - The transformation of Milwaukee's Grand Avenue mall from a sad shell to a cutting edge development takes a huge step forward Thursday with the announcement of plans for a food hall featuring more than 20 local vendors and an anchor tenant bringing 170 employees downtown.

See the transformed Grand Avenue; food hall tenants named

December 7, 2018 - The long-planned transformation of the Shops of Grand Avenue is moving forward as the owners create a food hall in its first floor, upper-floor office space and prepare to open new apartments.

Hempel weighs options for Marcy-Holmes site

November 7, 2018 - Hempel Cos. plans to convert a former printing plant at 801 Ninth St. SE in Minneapolis into 50,000 square feet or more of creative office space.

Hempel giving office building 'full amenity package'

October 18, 2018 - Minneapolis-based Hempel Cos. has targeted the underperforming Concorde Executive Center in Brooklyn Center for a makeover, and it's not wasting any time getting started.

Behind the scenes at the new Minnesota Wild practice facility and locker room (gallery)

October 5, 2018 - After years of traveling around the Twin Cities to find ice time, the Minnesota Wild will enjoy its first season with a dedicated practice facility and locker room just a few blocks from Xcel Energy Center.

Downtown Milwaukee Grand Avenue mall buys neighboring office/retail space, parking ramp

July 2, 2018 - The operators of downtown Milwaukee's redeveloping Grand Avenue mall have bought some neighboring office and retail space, and another parking structure.

Hempel, Reuter Walton partner on downtown apartments

June 11, 2018 - Hempel Cos. has long specialized in redevelopment projects, but the developer is jumping into multifamily construction on a site next to the Thrivent Financial headquarters in downtown Minneapolis.

Apartment building behind Thrivent breaks ground; Reuter Walton named lead contractor

June 8, 2018 - A long-awaited apartment complex behind Thrivent Financial's current headquarters broke ground, and Reuter Walton Cos. joined the project as the contractor.

Developer Jon Hempel remade a block in Minneapolis and buildings throughout Twin Cities

April 16, 2018 - When Jon Hempel got his real estate license, he went vertical right away. His first purchase was a St. Paul office building, and they just kept getting bigger.

Remembering the Unsinkable Jon Hempel

April 16, 2018 - When Josh Krsnak met the late Jon Hempel, he had some modest hopes of owning a duplex. Little did he know that Hempel would draw him into a real estate investment empire with $750 million in completed transactions to its credit.

Developer Jon Hempel remembered for his tenacity

April 9, 2018 - Jon Hempel, a prolific real estate developer who acquired and developed scores of properties in the Twin Cities and beyond, was remembered by his longtime business partner Monday as a tenacious visionary with a great mind for numbers.

Jon Hempel, founder of Minneapolis real estate firm, dies at age 47

April 9, 2018 - Jon Hempel, who founded Minneapolis real estate company Hempel Cos., died Thursday at age 47 after a three-year battle with brain cancer. Hempel founded the company in 2001, over the years acquiring and developing more than $750 million worth of property . . .

Jon Hempel, founder of Hempel Cos. real estate firm, dies

April 9, 2018 - Jon Hempel, founder of Minneapolis development company Hempel Cos., has died. Hempel, 47, passed away Thursday after a three-year battle with brain cancer . . .

Rock Elm Tavern restaurant expanding to Maple Grove

February 12, 2018 - Restaurateur Troy Reding, who just opened Holman's Table restaurant at Holman Field airport in downtown St. Paul, has lined up another deal to open a second Rock Elm Tavern.

Wild get their first look at their new St. Paul practice facility with a view

January 24, 2018 - "I hear we got a good view here." Minnesota Wild goaltender Alex Stalock wasn't wrong with his first impression of TRIA Rink, Minnesota's shiny new practice facility, located roughly four blocks from Xcel Energy Center in the old Macy's building.

Treasure Island Center, former Macy's, has its grand opening and ribbon cutting in

St. Paul

January 17, 2018 - Five years after Macy's closed in downtown St. Paul, city officials and business leaders on Tuesday celebrated that building's reopening as Treasure Island Center, a mixed-use project with offices, a brewery and a practice ice rink for the Minnesota Wild.

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.

North St. Paul's early jump dooms St. Paul Johnson in first high school game at

Tria Rink

January 4, 2018 - For St. Paul Johnson forward AJ Austin and North St. Paul defensemen Kearby Larson, Thursday's game was more than six months in the making.

Governors, Polars christen new ice

January 5, 2018 - The smell of fresh paint permeated from the creamcolored walls. A sign warning of dust greeted anyone who entered the arena through the automatic doors. Orange scaffolding almost touched the ceiling atop the bleachers.

Milwaukee Historical Society turns a popular beer exhibit into a permanent one

October 2, 2017 - The Milwaukee County Historical Society is moving a popular brewing exhibit into The Shops of Grand Avenue - where you'll be able to get a beer with your history lesson.

New Parking Meters Will Help Homeless

September 14, 2017 - Your next trip up or down Wisconsin Avenue might look a little different. A recently unveiled program might seem small at first glance, but it is serving a big purpose.

Grand Avenue apartments to feature historic, upscale touches as redevelopment plans surge

September 7, 2017 - The 50 apartments coming to downtown Milwaukee's Grand Avenue mall will feature upscale touches in the mall's Plankinton Arcade, including private entrances that pay homage to restored historic storefronts.

Developers update plan for a bigger residential, parking complex on Thrivent lot in downtown Minneapolis

August 24, 2017 - Developers now see something larger than they did last month for the parking lot next to Thrivent Financial's offices in downtown Minneapolis.

Chicago poke bowl restaurant opening in downtown Minneapolis

August 16, 2017 - Minneapolis diners will soon have another option for poke bowls. Chicago-based Aloha Poke Co. will open a skyway restaurant in downtown Minneapolis at 811 LaSalle Ave. by the end of the year.

Champlin's biggest retail center to get a Tim Horton's

August 11, 2017 - Minneapolis-based Hempel Cos. is continuing to develop vacant land parcels purchased from Ryan Cos. with a new project for a Tim Horton's restaurant in Champlin.

Thrivent lot in downtown Minneapolis to possibly be redeveloped as ramp and apartments

July 21, 2017 - Thrivent Financial is in talks to sell some of its downtown Minneapolis surface parking to make room for a ramp and apartments. While details of the development are still preliminary, the plan could shake up one of the largest remaining surface lots near U.S. Bank Stadium.

Minnesota Wild staff get a sneak peek of the progress at Treasure Island Center

July 20, 2017 - Treasure Island Center is the new practice facility home of the Minnesota Wild, and members of their organization were allowed a sneak peek of the construction progress at their new facility.

Thrivent land sale could shake up downtown's parking picture

July 17, 2017 - One of the largest plots of surface parking remaining in downtown Minneapolis is in line for a major development that would reshape the neighborhood near U.S. Bank Stadium.

Former Macy's in downtown St. Paul to be renamed Treasure Island Center

February 27, 2017 - Treasure Island will have a new location in downtown St. Paul, though it won't be a casino. On Monday, Treasure Island Resort and Casino announced it signed a multiyear agreement for naming and sponsorship rights for the former Macy's under redevelopment in St. Paul.

Tria will sponsor Wild practice rink in downtown St. Paul

February 20, 2017 - Tria Orthopaedic Center has signed on as the newest tenant of the former Macy's building in downtown St. Paul and the title sponsor of the ice rink being built there for the Minnesota Wild.

St. Paul Police to lease space in former Macy's building downtown

February 16, 2017 - The St. Paul Police Department plans to join the Minnesota Wild as one of the tenants of the former Macy's building downtown.

Grand Avenue's transformation to start this year; food hall concept in the works

January 29, 2017 - This year, restaurants in The Shops of Grand Avenue's food court will move to the downtown Milwaukee mall's first floor, making way for contractors to start building office space.

New owners have Grand visions for Matthews Building

December 30, 2016 - The owners of the Shops of Grand Avenue have acquired the upper floors of the adjacent Matthews Building as part of their plan to renovate the mall and create more downtown office space.

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.