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Popular commercial property sold in Downtown Minneapolis

When you look for commercial properties, you may have to move quickly, especially if the property available is one that many people find familiar. One such property, Renaissance Square, has sold in downtown Minneapolis.

The news reports that the building sold for $20.3 million by an entity that is associated with the Davis Companies. This is a company that focuses on real estate investment, management and development. The building was built in 1898 and was recently renovated. The renovations included a new lobby design, common areas and an underground parking lot.

The office building, which is located on the corner of Nicollet Mall and Fifth Street, has a 10-story atrium as one of its primary features. The skylight allows natural light indoors.

In the commercial property market, a purchase like this can be a goldmine of opportunity. With many individual properties to lease out, a person could lease and make an income from a rental property. When a commercial property is located in such a prime location, it's a good choice because many businessmen and women are in the area looking for office space.

When you're in the market for commercial real estate, there are many things to mull over before you make your purchase. You need to decide on a location, your budget and other factors you want to see in the property. On top of that, you need to know that your contracts are secure and that no one will leave you with less than you were supposed to be receiving. Commercial real estate is a fast-paced market, but choosing the right property is key to success.

Source: StarTribune, "Renaissance Square in downtown Minneapolis has sold," Nicole Norfleet, Sep. 25, 2017

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