Sherman Associates has sold the Rayette Building in Lowertown St. Paul that it
redeveloped into lofts in 2014.
Minneapolis-based Sherman sold the 88-unit building to Seattle-based Goodman Real
Estate Inc. for $21.2 million, according to a certificate of real estate value that was made
public this week. The sale closed on March 21.
JLL’s Capital Markets team represented Sherman Associates on the sale.
The seven-story Rayette building, at 261 E. 5 Street, was constructed in 1909. The
Sherman conversion included a community room with a full kitchen, fitness center and
rooftop deck. It also has 2,500 square feet of retail space on the first floor, occupied by
St. Dinette restaurant.
