JLL Capital Markets closed the $8.5 million sale of Canal Park Square, a historic mixed-use redevelopment consisting of 29 homes and six retail bays in the Canal Park neighborhood of Duluth, Minnesota. The Investment Sales and Advisory team representing the seller, Sherman Associates was led by Director Devon Dvorak, Managing Directors Mox Gunderson, Dan Linnell and Josh Talberg as well as Senior Director Adam Haydon.
Originally constructed in 1886 with second-story office space that was later converted to luxury apartments during a 2015 redevelopment project; Canal Park Square offers expansive studio units along with one-bedroom and two bedroom options averaging 835 square feet each. Situated at 302 South Lake Ave., this property is located along high traffic Lake Avenue providing investors an opportunity to own both apartment community and six well performing retail bays within Canal Park according to Dvorak who stated “Canal Park Square presented a once-in-a lifetime opportunity” for such an investment purchase.
