A group including First Avenue CEO Dayna Frank has purchased the downtown Minneapolis property containing the Fine Line music venue.
The purchase was led by JoAnna Hicks of Element Commercial Real Estate, Frank confirmed. The property includes not just the Fine Line but also the adjoining six-story Consortium Building, which includes offices and Gidi Bar & Lounge.
The 650-capacity venue, which typically hosts indie artists, opened in 1987. Entrepreneur and former state politician Dario Anselmo bought the property and the venue in 1993 and has continued to own the property since then, though he sold the venue itself in 2013 to Entourage Events Group. First Avenue took over the venue in 2018.
In addition to owning or managing other venues, including St. Paul spots like the Turf Club and Palace Theatre, First Avenue also runs a pair of restaurants: The Depot, adjacent to the flagship venue and 7th Street Entry in Minneapolis, and the new Palace Pub downtown.
Frank did not address an emailed question regarding the future of the Gidi Bar & Lounge or whether First Avenue plans to open a restaurant of its own near the Fine Line.
Hicks also did not respond to a request for comment Monday afternoon.
The property was purchased for $3.2 million, according to the Minneapolis/St. Paul Business Journal, which first reported the sale.
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