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Element collaborated with Asana Partners, a real estate investor based in North Carolina, on leasing strategy in some of Minneapolis's hottest markets and have strategically acquired key properties in Minneapolis's thriving Northeast neighborhood. Asana now owns three of the four buildings at the intersection of E Hennepin Ave and SE University, positioning them at the heart of Northeast's dynamic commercial district.
The first major collaboration between Element and Asana Partners began with the purchase of a historic block of storefronts along E Hennepin Ave. This intact block, featuring ten unique storefronts, includes established anchors, Noodles & Co. and Masu Sushi, along with various local shops, fitness centers, and professional services. Element secured local Northeast businesses, Fletchers Ice Cream and Mill City Laser, enhancing the retail mix and contributing to the area's vibrant atmosphere.
Recognizing the growth and retail potential in the area, Asana Partners acquired the adjacent Fire Barn building, a prominent mixed-use property that spans a full block along University Avenue. Facing University, Hennepin, and 1st Avenue NE, this building has undergone significant upgrades under Asana's ownership. Element successfully brokered leases with restaurateur Kamal Mohamed, securing Parcelle, an organic clean-eating cafe that opened in Spring 2024 and quickly became a local favorite for smoothies and healthy breakfast and lunch options. Additionally, the cocktail bar WildChild is set to open in Summer 2024 next to its sister restaurant, StepChld.
To further solidify its presence, Asana purchased the block across from the Fire Barn building. This block is fully occupied with successful food and beverage tenants, including Bruegger's, All Saints, Punch Pizza, and Northeast Tea House.
Asana's strategic investments and Element's expert leasing strategy have created a vibrant commercial environment, offering businesses the opportunity to thrive in Northeast Minneapolis's flourishing market. The area now boasts over 2,000 apartment units, 40+ bars and restaurants, and has quick access to more than 30 major retailers, making it one of the fastest-growing neighborhoods in the Twin Cities.
Through strategic property acquisitions and expert leasing services, Element and Asana Partners continue working to revitalize Northeast Minneapolis, creating dynamic opportunities for local and national businesses alike. This ongoing partnership continues to enhance the neighborhood's appeal, attracting a diverse mix of tenants and contributing to the area's vibrant and growing commercial landscape.
Role
Element led retail leasing strategy and tenant curation.
Opportunity & Challenges
A prominent retail corridor required a more cohesive identity and stronger tenant mix to fully activate the block.
Approach
Element focused on recruiting local businesses and creating a balanced mix of uses to drive foot traffic and neighborhood relevance.
Results
→ 10,500 SF of retail leases signed
→ Introduced local small businesses
→ Increased foot traffic and activation
→ Strengthened corridor identity
