Maurices Luxurious Headquarters Is Surprisingly For Sale In Duluth
Another entire building has been listed for sale in downtown Duluth and this one is even more surprising because not only was it recently constructed, but the building was just purchased three years ago by ASNA PropCo for $15 million.
The 11-story building, located at 425 W. Superior Street, serves as the corporate headquarters of Maurices, an apparel retailer with $1.2B of sales and over 900 stores throughout the Midwest.
According to the updated listing on LoopNet, the 187,613-square-foot office building is a top-tier, LEED-certified, Class A office building.
Area Development Magazine says that a Class A office building represents the newest and highest quality buildings in their market. They are generally "the best-looking buildings with the best construction and possess high-quality building infrastructure."
Class A buildings also are well located, have good access, and are professionally managed.
The listing states that the building is expected to be 81% leased before the closing date, with select available retail space on the first and second floors.
Besides Maurices, the other primary tenants in the office building are Premium Brands (Ann Taylor & LOFT), two iconic women’s apparel businesses.
According to a report by FOX 21, Maurices Chief Administrative Officer Sue Ross said that while she's aware that the building is for sale, the company has a long-term lease with the building and Maurices isn't going anywhere.
As for the value of the property, in 2023 county records show the value of the property and building amounting to $28,521,500.
This marks the second downtown Duluth office building to be listed for sale this year, with Duluth's Wells Fargo Center hitting the market earlier.
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Whoever the owner is, they'll certainly own one of the finest corporate HQ office buildings in the country with quality tenants already in place.
The property also has great views of Lake Superior and lots of retail, restaurants, and hotels nearby.
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