Ordean Building Sold for $1.2 Million, No Change for Tenants
Foundation Sells Building to Keep Focusing on Addressing Poverty
DULUTH, Minn.- The Ordean Building on Superior Street in Downtown Duluth is changing owners. The Ordean Foundation has sold the building to local professional real estate company Titanium Partners LLC.
Officials with the Ordean Foundation say they sold the West Superior Street building because managing it was keeping them from their mission of addressing poverty issues in the area.
The Foundation sold the building for $1.2 million to Titanium Partners.
Executive Director Don Ness said it was a good move for the foundation, and for the nonprofit organizations which use the building for their offices.
“We felt this was a win win for our tenants and for the Ordean foundation and that we are selling to a trusted local owner who will invest in the building and I think bring better service to our tenants,” Ness said.
The new owners say they right now they plan on making a few infrastructure improvements.
“We’re gonna get a handle on the inner workings of the building to begin with: the heating and cooling systems and some of the things that maybe aren’t quite as visual to the normal user,” said Brian Forcier, President of Titanium Partners LLC.
Other than that, they aren’t changing much, Forcier said.
“We really intend to not change anything for the tenants of the building and for the services that they provide,” he said. “If anything I think this is a very, very much a positive thing for the tenants.”
“The mission of the building hasn’t change and in fact we hope to enhance what the building offers for them.”
Forcier added that the below market value rent that the tenants of the building pay will also not change.
The $1.2 million paid for the building will go directly to the Ordean Endowment, which they will use for their charitable giving to local nonprofits.