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Inland Acquires Minnesota Office Tower for Multifamily Redevelopment

Skyscrapers from a low angle view in modern city of China

Inland Real Estate Acquisitions LLC, the purchasing arm for various Inland-sponsored programs including Delaware statutory trust and opportunity zone funds, announced the purchase of a 16-story high rise, formerly known as the Ecolab University office tower, located at 386 Wabasha Street North in St. Paul, Minnesota on behalf of an Inland-related entity.

“The primary draw to this acquisition is the property’s ideal location in downtown St. Paul and connection to the pedestrian skyway bridge, providing future residents with access to restaurants, pharmacies, convenience stores, an ice rink and more,” Joe Cosenza, vice chairman of The Inland Real Estate Group LLC and president of Inland Acquisitions, said. “The property will be redeveloped into upscale multifamily units, making it the only residential community connected to other buildings by the skyway in St. Paul.”

The multifamily community will include approximately 178 units consisting of studios, one-bedroom, two-bedroom and three-bedrooms in a 16-story building. The property will feature a rooftop sky deck, access to the parking garage and other various amenities.

Inland Real Estate said Kaeding Development Group LLC will serve as the developer of the community.

“This location is second to none providing future residents with an experience and offerings unlike any other in St. Paul,” Carl Kaeding, founder and chief executive officer of Kaeding, said. “We look forward to beginning construction on the property with an estimated completion of mid-year 2024.”

To date, Inland Acquisitions has facilitated more than $54 billion of purchases including single-tenant properties, medical office buildings, self-storage, apartments and retail properties.

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