SIOUX FALLS, S.D. (KELO) — In just five years, a Sioux Falls investment group has purchased six prime Phillips Avenue properties downtown.
It started with the purchase of the historic Beach Pay building in 2017, now Cresten Capital owns the rest of block.
“We just closed within the last 60 days on the Pave/Lewis/Sanford building,” Cresten Capital Partner Erica Mullaly said.
From The Hello Hi to 10th Street, Cresten Capital is now the landlord for even more popular downtown destinations. Part of the company’s aggressive acquisitions along Phillips Avenue.
“We want to see downtown continue to thrive and I think by doing that you have to have good property owners so when the opportunity arises to purchase or expand our portfolio, we’re going to look really hard at it,” Mullaly said.
The Pave/Lewis building is just the latest Phillips Avenue purchase for Cresten Capital. The company has made several other significant investments downtown in just one year.
“Lucky’s was October 2021, Shivers was January 2022, now Pave/Lewis in July of 2022,” Mullaly said.
While their latest purchase is new enough to not require a lot of updates, the company’s other downtown purchases are already undergoing a major transformation.
“The Shriver Building has a lot of apartment units; 33 units that we’re now in the middle of completely remodeling,” Mullaly said.
And from Shriver’s Square, Cresten Capital owns all of the buildings up to Chelsea’s Boutique, and also now owns and operates Lucky’s bar where more renovations are underway.
“New brick is going up, we hope to have the front facade done within the next couple of weeks. Going to continue to revitalize the bar in the next couple of months,” Mullaly said.
Cresten Capital also owns other major developments in all four corners of the city but says the continued commercial and residential strength of downtown Phillips Avenue shows just how strong the Sioux Falls economy remains.
“We’ve been able to keep our portfolio 90 to 95 percent full, so we have a lot of great tenants downtown. A lot of great local tenants,” Mullaly said. “We have a great community; people are still moving here.”