SHAKOPEE, MINN. — Meritex has acquired 1080 Park Place, a 299,600-square-foot industrial property in Shakopee, about 25 miles southwest of Minneapolis. The class A property is 100 percent leased to two tenants. The building features 38-foot clear heights, an ESFR sprinkler system and trailer parking with convenient access from Minnesota State Highways 169 and 101. Steve Dorff of Meritex will manage the property. The sales price was not disclosed.
ST. PAUL, MINN. — Dougherty Funding LLC has provided a $15.1 million loan for the construction of a Residence Inn by Marriott in St. Paul. The 102-room hotel will be located on Grand Avenue adjacent to the Children’s Hospital and Allina’s United Hospital, with close proximity to the St. Paul Convention Center and Xcel Energy Center. Included in the project is the preservation of a firehouse that is the City of St. Paul’s oldest remaining municipal building, constructed in 1871...
ROGERS, MINN. — Marcus & Millichap has arranged the sale of a retail property net leased to KinderCare in Rogers, about 25 miles northwest of Minneapolis, for $2.9 million. The 9,500-square-foot childcare center is located at 14080 Northdale Blvd. The property was built in 2007 and is located near elementary schools, parks and residential areas. Tammy A. Saia and Joseph Mirante of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Dominic..
OHIO, MINNESOTA, MISSOURI AND WISCONSIN — KeyBank Real Estate Capital has arranged a $12.7 million loan for the refinancing of the MVP Portfolio, which consists of six surface parking lots and garages across the Midwest and in Colorado. Totaling 994 parking spaces, the properties are located in Cleveland, Ohio; St. Paul, Minn.; St. Louis; Milwaukee; and Denver. Randy Martin of KeyBank arranged the 10-year loan, which includes a 25-year amortization schedule. A CMBS lender provided the loan.
MINNEAPOLIS — Catholic Eldercare has unveiled plans to develop a 65-unit seniors housing property in Minneapolis. Construction will begin this August with occupancy slated for summer 2018. In addition to one- and two-bedroom units, the community will feature food and concierge services. Apartment sizes will range from 800 to1,300 square feet. Catholic Eldercare has owned the land site, located at 2nd Street and Broadway Avenue, since 1994. Miller Hansen Partners is designing the new..
MINNEAPOLIS — Doran Cos. and CSM Corp. have joined forces to acquire the General Mills Riverside Technical Center in Minneapolis for $15.8 million. The 8.7-acre site is located at 330 University Ave. The partnership expects to begin developing concepts for a multifamily housing project this year and to break ground next year. The partnership also negotiated a lease with General Mills for continued use of the space in the Riverside Technical Center building. The construction and architecture..
BROOKLYN PARK, MINN. — The Opus Group has signed the first tenants at its 169 Business Center in Brooklyn Park, about 11 miles north of Minneapolis. Staging Concepts and its sister company SC Railing Co. will occupy 65,000 square feet within the 145,800-square-foot industrial development. The building is located at the intersection of 85th and Wyoming avenues, and features 24-foot clear heights and access to U.S. Highway 169. Staging Concepts, which produces portable staging equipment for..
Dougherty Mortgage Provides $4.6M HUD Loan for Refinancing of Multifamily Property in Northfield, Minnesota
NORTHFIELD, MINN. — Dougherty Mortgage LLC has provided a $4.6 million HUD loan for the refinancing of Summerfield Apartments in Northfield, about 40 miles south of Minneapolis. Per a land use restriction agreement, 20 percent of the 112 units at the property are designated for affordable housing. The property was built in 1980 and renovated in 2003. Dougherty’s Minneapolis office arranged the 35-year loan for the borrower, Summerfield Investments LLC.
MINNETONKA, MINN. — Venture Mortgage has provided a $5.5 million loan for the refinancing of a mixed-use building in Minnetonka. The 55,095-square-foot building includes tenants such as Edina Realty and Snap Fitness. The 10-year loan includes a 25-year amortization schedule. Erik Johnson of Venture Mortgage originated the loan for the undisclosed borrower.
ST. PAUL, MINN. — A new 134-unit apartment community, 333 on the Park, has opened in St. Paul. The eight-story building is located at 333 Sibley St. in the Lowertown neighborhood. Formerly known as the Gordon & Ferguson building, the building was constructed in 1913. Several players from the St. Paul Saints baseball team will live in the apartments. The team, part of the North Division of the American Association of Independent Professional Baseball, plays at nearby CHS Field. The..