JLL Capital Markets recently closed the $8.5 million sale of Canal Park Square, a historic mixed-use redevelopment in Duluth, Minnesota. The property consists of 29 homes and six retail bays located in the Canal Park neighborhood. Representing the seller Sherman Associates was JLL’s Investment Sales and Advisory team led by Director Devon Dvorak, Managing Directors Mox Gunderson, Dan Linnell and Josh Talberg as well as Senior Director Adam Haydon.
Originally built in 1886, Canal Park Square underwent a redevelopment project to convert its second-story office space into luxury apartments with expansive studio units averaging 835 square feet along with one-bedroom and two-bedroom options available for residents. Situated at 302 South Lake Ave., this high traffic location offers great visibility for investors looking to capitalize on its potentials benefits from being close to local attractions such as restaurants or shops nearby that attract visitors from all over town year round .
“Canal Park Square presented an incredible opportunity for investors seeking ownership of both apartment community plus six well performing retail bays within this popular district,” said Dvorak.”
