A reader in St. Paul, MN reports on STRS-owned (and empty) real estate in his city

Letter to the Toledo Blade

January 11, 2024 

STRS investment a problem in St. Paul 

One might wonder why a resident of St. Paul would have more than a passing interest in articles editorials, and complaints critical of STRS-Ohio. 

It’s because STRS-Ohio’s real estate holdings have been affecting the quality of life here on Grand Avenue in St. Paul, and not for the better.

Simply put, STRS-OHIO is an absentee landlord of the worst kind. 

Grand Avenue is a mixed residential and business neighborhood. Its goal is to be a destination for those looking for unique shopping experiences featuring small shops and dining that distinguishes it from suburban malls.

Recently two businesses on Grand Avenue closed. A restaurant, Salut, and the retail outlet Pottery Barn. What do they have common? 

STRS-Ohio hastened their demise by exorbitantly raising their rents. 

So now there will be two more empty spaces and storefronts which will join over five other empty properties on Grand Avenue.

Those buildings are all owned by STRS-Ohio.

Some of these spaces have been vacant for years. 

Perhaps STRS-Ohio should explain to its teacher members how creating empty storefronts in other states helps increase their pension fund?

But explanations from STRS-Ohio have been hard to get. Community organizations and Minnesota media have attempted to contact STRS-Ohio, but STRS-Ohio has arrogantly refused comment. 

I am not surprised to learn there are many teachers who are questioning the handling of their pension funds and why a group STRS Watchdogs Ohio is needed, per The Blade’s Dec. 20 editorial, “Keep public comment.” I urge members to tell STRS-Ohio to divest their Grand Avenue holdings. 

Teachers are community builders. Their money should not support hollowing them out. 

RICHARD MENSING

St. Paul 

Editor’s note: The Blade asked for and received a response from STRS: “STRS Ohio has maintained an ownership interest in four buildings located on Grand Avenue in St. Paul, Minnesota, since 2006. These buildings are professionally leased and managed by Minneapolis-based companies and have averaged high occupancy during this time. We are working to lease available space consistent with our 18 years of ownership history.” 

Dan Minnich

Chief Communication Officer, STRS Ohio