What Paster Properties does

Paster Properties (operating as Paster Enterprises LLC) is a third-generation, family-owned real estate development and management firm headquartered in Minneapolis, Minnesota. Founded in 1953 and led since 2012 by Howard Paster, the firm develops, owns, leases, and manages a portfolio of 15+ commercial, mixed-use, and multifamily properties concentrated in the Twin Cities metropolitan area. The portfolio spans grocery-anchored neighborhood shopping centers (Texa Tonka, Sibley Plaza, Phalen Village), street-front creative office and retail (606 Washington, Porter Electric, 50th Street Plaza, Icehouse Plaza, The Broadway), and recently developed multifamily housing (Midline Apartments at 154 units, Volo Apartments at 112 units, Tyler Street Stacks at 129 units).

The company's operating model combines long-term asset ownership with active ground-up development and adaptive reuse, frequently employing historic tax credits to redevelop older urban buildings. Revenue is generated through commercial rental income, residential rental income on approximately 395 apartment units, property management fees, and development fees on joint venture projects with partners such as Yellow Tree and Bader Development. Distribution relies on direct sales and broker relationships for commercial leasing, property-specific self-serve websites for residential leasing, and an AppFolio-powered investor portal for limited partners. The firm maintains a small, senior in-house team of approximately nine people — including CEO Howard Paster, CFO Chad Shaw, and Chief Development Officer Mike Sturdivant (CCIM, $250M+ in completed transactions) — supplemented by external architecture, engineering, and construction partners. Tenant mix is intentionally curated to combine national anchors (ALDI, Lululemon, Caribou Coffee) with local startups and food-and-beverage operators as part of a stated community-placemaking strategy.

Name

Paster Properties

Legal name

Paster Enterprises LLC

Website

https://pasterprop.com

Company type

Private

Founded year

1953

Operating status

Operating

Headcount range

11–50 employees

Short description

Paster Properties is a third-generation, family-owned real estate development and management firm in Minneapolis that owns, leases, develops, and manages 15+ retail, mixed-use, and multifamily properties across the Twin Cities metro area, serving commercial tenants, residential renters, and joint venture investors.

Ownership category

akta.pro rank

Headquarters

HQ city

St Louis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Commercial Retail Leasing: Leasing of retail and office space in shopping centers and mixed-use properties to local and national tenants
2. Multi-Family Residential: Development and operation of apartment communities including luxury units and townhomes
3. Property Management: Ongoing property management services for owned and managed portfolio
4. Development Partnerships: Joint venture partnerships with investors and developers for new development projects

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Paster Properties is a third-generation, family-owned real estate development and management firm that develops, owns, leases, and manages commercial retail shopping centers, mixed-use creative office properties, grocery-anchored neighborhood centers, and multi-family apartment communities across the Twin Cities metropolitan area. The company also forms joint venture development partnerships with outside investors for larger projects and provides ongoing property management services for its owned portfolio.

Product overview

Paster Properties is a third-generation real estate development company that has owned and developed properties in the Twin Cities for over 70 years. The company's portfolio consists of multiple distinct commercial and residential properties rather than a unified software product. The portfolio includes retail shopping centers (Texa Tonka, Sibley Plaza, 50th Street Plaza, 7/41 Crossings, Crystal Town Center, Lexington Plaza Shoppes, Doddway Shopping Center, Lakeville Crossing, and others), mixed-use creative office properties (606 Washington, Porter Electric, The Broadway, Icehouse Plaza), multifamily apartment developments (Midline Apartments with 154 units, Volo Apartments with 112 units, Tyler Street Stacks with 129 units), and grocery-anchored retail centers (Phalen Village, Mendota Plaza). The company also maintains historical sold properties in its portfolio records. Additionally, an Investor Portal is available via AppFolio for investor access.

Differentiator

Problem solved

Functional benefit

Products and services

• Texa Tonka A 50,000 SF retail shopping center in St. Louis Park, originally built in 1951 and one of the first grocery-anchored neighborhood centers in the Twin Cities. Paster Properties acquired it in 2019 and restored it to its mid-century design, leasing space to local retailers.
• 606 Washington A 27,000 SF mixed-use and creative office property in the North Loop neighborhood of Minneapolis, originally built in 1901 as a four-story brick warehouse and renovated by Paster in 2019-2020 for retail and creative office tenants.
• Porter Electric 20,000 SF of retail and creative office space in two historic warehouse buildings originally constructed in the late 1800s in the North Loop, renovated in 2018 using historic tax credits to serve as a catalyst for the walkable retail node.
• Shops/Residences at 1700 A six-story mixed-use development in Minnetonka completed in 2015 featuring 115 luxury apartment units and 16,000 SF of retail, the first dense mixed-use development in the City of Minnetonka's Ridgedale re-development district, developed in partnership with Bader Development.
• 50th Street Plaza A 26,000 SF mixed-use retail and office building in the heart of the 50th & France high-street retail district in Edina, built in 1998 and renovated in 2019/2020.
• Sibley Plaza A 90,000 SF shopping center on West 7th Street in St. Paul, renovated in 2019, anchored by tenants including ALDI, Starbucks, Planet Fitness, Wandering Leaf Brewing, and Soul Lao Restaurant.
• Midline Apartments A 154-unit multi-family development completed in 2022 in the Creative Enterprise Zone on the Minneapolis-St. Paul border, developed in partnership with Yellow Tree with a $28M Opportunity Zone Fund investment.
• Volo Apartments A 112-unit apartment and townhome development completed in 2022 in St. Louis Park near the Texa Tonka shopping center, featuring 101 apartments and 11 townhouses with amenities including a fitness center, club room, outdoor deck, dog run, and pet washing station.
• Tyler Street Stacks A 129-unit mixed-use development in the NE Minneapolis Arts District near Interstate 35W offering studio, one-bedroom, and two-bedroom units plus 4,700 SF of commercial space, with amenities including a fitness center, co-working space, coffee bar, skydeck, and dog run.
• Ford & Cleveland Street front retail properties at Ford Parkway and Cleveland Avenue in St. Paul's Highland Park area, featuring 21,500 SF of high street retail in a walkable neighborhood.
• 7/41 Crossings A retail strip center in Chanhassen built in 1989 at a heavily trafficked intersection in one of the metro area's highest income areas.
• Crystal Town Center A retail center at a retail-centric intersection in Crystal, MN offering area residents ease, accessibility, and a sought-after array of retailer selections.
• Mendota Plaza A 51,000 SF retail center in Mendota Heights built in 1970, serving the community for over 52 years and currently undergoing potential redevelopment to create greater connectivity and a 'new downtown' for the area.
• Doddway Shopping Center A high-visibility retail complex in West St. Paul located on three heavily traveled streets, featuring national and regional tenants including Morelos Mexican Restaurant, Oxendale's Market, and Domino's.
• Lakeville Crossing A 90,000 SF retail center with solid anchor tenants and well-known accent tenants, featuring three access points serving the growing communities of Apple Valley and Lakeville.
• Lexington Plaza Shoppes A retail center at the intersection of Lexington Avenue and Larpenteur Avenue in Roseville, serving as an ideal location for local, regional, and national brand retailers with ample parking.
• The Broadway A creative office and boutique retail building in the Northeast Minneapolis arts district at the intersection of Broadway Street and Central Avenue, a renovated historic factory with classic architectural detailing.
• Icehouse Plaza A 31,000 SF mixed-use commercial site at 26th Street and Nicollet Avenue in Minneapolis' Whittier neighborhood, built at the turn of the 20th century with historic details and modern amenities including a green space with sculpture garden.
• Phalen Village A grocery-anchored retail development completed in 2019 in St. Paul, featuring 34,112 SF of retail space anchored by ALDI.
• Investor Portal (AppFolio) An investor login portal powered by AppFolio providing existing investors with access to their investment information for Paster Properties joint venture projects.

Named customers13 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Bader DevelopmentcoreStrategic or Co-development PartnerJoint development partner on Shops/Residences at 1700 project - a complex mixed-use development in Minnetonka's Ridderdale re-development district completed in 2015
• Yellow TreecoreStrategic or Co-development PartnerDevelopment partner on Midline Apartments - 154-unit multi-family project in Minneapolis Creative Enterprise Zone, completed 2022 for $28M
• DJR ArchitectureminorImplementation/ SI/ Consulting PartnerArchitecture partner for Midline Apartments development
• Yellow Tree Construction ServicesminorImplementation/ SI/ Consulting PartnerGeneral contractor for Midline Apartments construction
• Kimley HornminorImplementation/ SI/ Consulting PartnerEngineering and consulting partner for Midline Apartments development
• Studio BVminorImplementation/ SI/ Consulting PartnerInterior design partner for Midline Apartments
• Riverton Community HousingminorOthersMike Sturdivant serves on Board of Directors
• Minnesota Shopping Center Association (MSCA)minorOthersMike Sturdivant serves on committees
• Innovating Commerce Serving Communities (ICSC)minorOthersMike Sturdivant serves on committees
• Urban Land Institute (ULI)minorOthersMike Sturdivant serves on committees

Scale indicators5 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Mid-America Asset Management: Chicago-based third-party property manager and leasing firm specializing in grocery-anchored retail; Howard Paster worked there pre-Paster. Directly comparable in property type focus (grocery-anchored retail leasing) although Paster operates as an owner/developer rather than third-party manager.
• Bader Development: Twin Cities mixed-use development partner; co-developed Shops/Residences at 1700 with Paster in 2015. Direct peer in scale and product type, with a similar focus on community-oriented mixed-use projects.
• HJ Development: Minneapolis-area real estate development firm focused on retail, mixed-use, and commercial properties. Comparable to Paster in scale and Twin Cities focus; Mike Sturdivant worked at HJ prior to Paster.
• Yellow Tree: Minneapolis-based multifamily and mixed-use developer; JV partner with Paster on the $28M Midline Apartments project. Highly comparable in scale, product type, and regional focus.
• CSM Corporation: Minneapolis-based real estate developer and investor with a similar multi-product platform spanning retail, multifamily, mixed-use, and office. Direct competitor for talent and deals in the Twin Cities (Mike Sturdivant worked at CSM before joining Paster).
• United Properties: Minneapolis-based commercial real estate developer and investor with a portfolio spanning office, retail, industrial, and multifamily. Comparable in geographic focus and product breadth to Paster, with greater institutional capital access.

Broad incumbents

• Opus Development Corporation: Large, established Twin Cities-based developer of office, industrial, multifamily, and mixed-use real estate. Operates at significantly greater scale than Paster across national markets but competes for similar institutional capital and development opportunities in the Twin Cities.
• Kraus-Anderson: Established Twin Cities real estate developer, builder, and property manager with a broad portfolio including multifamily, commercial, healthcare, and educational facilities. Overlaps with Paster in multifamily development and property management but operates at much larger scale as a vertically integrated firm.

Regional players

• Roers Companies: Midwest-based multifamily and mixed-use developer with growing presence in the Twin Cities. Comparable in product type (multifamily ground-up) but operates on a larger scale and across multiple states.

Others

• Hope Real Estate / Naterra Land: Twin Cities-area real estate company; CFO Chad Shaw previously worked as Director of Finance at Naterra Land. Adjacent/ecosystem link via management-team prior affiliation, but operates in adjacent product niches.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/paster-enterprises-llc
• Instagraminstagram.com/pasterproperties
• Facebookfacebook.com/PasterProperties

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Paster Properties