Another North Loop warehouse has changed hands, and once again, the buyer is coming in from out of town. The Copham, a seven-story converted warehouse at 607 Washington Ave. N. in Minneapolis’ North Loop has been sold to Fargo-based Great States Development. The 120-unit apartment building, which includes ground-floor tenants such as Smack Shack, is the latest sign that historic conversions in the neighborhood are still pulling in outside investors.
As reported by the Minneapolis/St. Paul Business Journal, Great States Development is the buyer of the property at 607 Washington Ave. N. The Business Journal details the parties involved and places the deal alongside other recent North Loop transactions.
A Fargo Buyer Already on the Block
This is not Great States’ first play in the neighborhood. In January 2025, the firm paid roughly $40.25 million for the ElseWarehouse at 730 Washington Ave. N., according to Finance & Commerce. That earlier purchase, also an adaptive-reuse apartment building, signaled the company’s clear appetite for North Loop warehouse conversions.
Building Amenities and Street-Level Retail
The Copham’s leasing materials play up a rooftop deck, fitness center, indoor dog run, and the street-level Smack Shack restaurant as part of the amenity package. That mix has helped market the early-20th-century structure as a sought-after rental option in the neighborhood, according to The Copham’s official site.
Why Investors Keep Circling the North Loop
Brokers who have taken similar properties to market describe the North Loop as one of the metro area’s most coveted neighborhoods, citing rent growth and strong retail demand that keep outside capital interested. Coverage that summarized Colliers’ marketing materials notes that the pocket has drawn steady investor attention over the last two years, per Finance & Commerce.
Seller Background and What’s Next
Greco Properties converted The Copham and has kept it in its North Loop portfolio since the early 2010s, according to Greco’s own site. Industry observers say prior sales in the area have often been driven by market timing and financing cycles. Brokers who have worked on comparable neighborhood deals expect the new ownership at The Copham to emphasize steady operations and modest upgrades rather than a sweeping repositioning.
For additional details on the transaction and the parties involved, see reporting from the Minneapolis/St. Paul Business Journal, which first covered the sale.
