HEMPEL acquires, develops, and redevelops commercial real estate throughout the Midwest. Our expertise in turnaround projects adds value for tenants, neighborhoods, and cities. We provide more than just commercial real estate services: we breathe new life into properties.
What we do
Hempel is a commercial real estate firm based in the Midwest. We have experience on every level of a real estate transaction, and we specialize in new and adaptive re-use projects.
By combining strategic partnerships, a value-add focus, and a diverse portfolio, Hempel aims to offer well-rounded investment opportunities that generate strong returns while effectively managing risk in the dynamic world of real estate.
We think full buildings are better than empty ones. Our experienced brokers know how to get the deal done.
Who we are
We are a team of innovative problem-solvers with experience on every level of commercial real estate.
Since 2001, Hempel has acquired and developed more than $1 billion worth of office, retail, multi-family, residential, and parking assets.
Hempel has a solid track record of acquiring and developing commercial real estate. We also act as asset and property managers on all of our properties.
Trusted, innovative, effective – all foundational qualities to Hempel’s success and at the heart of every transaction.
Canadian Pacific Plaza
A recapitalization project in downtown Minneapolis transformed an entire city block.
When Hempel Real Estate needed $45 million in financing to purchase LaSalle Plaza in downtown Minneapolis, it had to turn to three smaller banks — Premier Bank in Maplewood, Edina-based Tradition Capital Bank and Minnetonka-based Luminate Bank.
And when the Eden Prairie-based real estate company needed $6.5 million in financing for the parking ramp at LaSalle, it went to Rochester-based ONB Bank, a bank with only $230 million in assets as of Sept. 30.
“The first issue was all the big banks … they're not lending on office right now, not high-rise offices,” Hempel CEO Josh Krsnak said. “The only ones I could get to look at this thing were local banks.”
Josh Krsnak, a Twin Cities-based real estate investor and developer, said that during the Great Recession, he learned the hard way what happens when banks tighten the purse strings and values fall. So early during the pandemic, he proactively refinanced his office holdings.