REBusinessOnline

NKF Brokers $12.8M Sale of Office Building in Edina, Minnesota

EDINA, MINN. — Newmark Knight Frank (NKF) has brokered the $12.8 million sale of Edina Business Plaza, an 84,380-square-foot office building in Edina. The three-story property is located at 7550 France Ave. South and was built in 1981. It is approximately 97 percent occupied. The anchor tenant is Coldwell Banker Burnet. Peter Tanis and John McCarthy of NKF represented the sellers, Edina Business Plaza LLC and SH Commercial Real Estate Services. Minneapolis-based Ackerberg Group purchased the …

Dougherty Mortgage Provides $1.8M Refinancing for Senior Apartments in Duluth, Minnesota

DULUTH, MINN. — Dougherty Mortgage LLC has provided a $1.8 million HUD-insured loan for the refinancing of Lakeland Shores Apartments in Duluth, which is located along Lake Superior. The 46-unit community is restricted to disabled persons and residents age 62 and above. The property was originally constructed in 1987 and expanded in 2004. Units will be renovated as part of the refinancing, which features a 35-year term. St. Francis of Assisi Inc. was the borrower. Ecumen manages the

RSM to Expand, Renovate Its Office Space in Downtown Minneapolis

MINNEAPOLIS — RSM, a provider of audit, tax and consulting services, has unveiled plans to expand and renovate its office space at RSM Plaza in downtown Minneapolis. RSM currently occupies 115,000 square feet across five floors and will increase its footprint to just over 125,000 square feet. The firm will fully renovate its space, with completion of the upgrades slated for late 2020. RSM’s new lease coincides with the recent completion of a $10 million renovation to RSM Plaza, which is …

Kraus-Anderson Completes $52M Expansion of Hospital in Mora, Minnesota

MORA, MINN. — Kraus-Anderson Construction Co. has completed a $52 million expansion of FirstLight Health System in Mora, about 75 miles north of Minneapolis. Designed by DSGW Architects, the renovation includes a new main entry and common area, eye clinic, lab, chemotherapy and radiology spaces, IT facilities, administration offices and gift shop. A two-story addition features a new rehabilitation area with a therapy pool, food-service kitchen, cafeteria and inpatient pharmacy. It also …

Kraus-Anderson Breaks Ground on 341-Unit Apartment Building With Wells Fargo Bank Branch in Minneapolis

MINNEAPOLIS — Kraus-Anderson has broken ground on a 16-story, 341-unit apartment building in Minneapolis that will house a new Wells Fargo bank branch. The existing bank branch will remain in operation throughout construction, but will eventually be demolished in order to make way for the apartment project, known as The Larking. The new bank, slated for completion in spring 2020, will span 3,500 square feet. The apartments are expected to open in early 2022. Amenities at The Larking will …

Lingerfelt CommonWealth Acquires 42-Story Office Tower in Minneapolis

MINNEAPOLIS — Lingerfelt CommonWealth Partners LLC has acquired 222 South Ninth Street, a 42-story office tower in downtown Minneapolis. The purchase price was $81 million, according to the Minneapolis/St. Paul Business Journal. Principal Real Estate Investors sold the 727,170-square-foot tower, which will be rebranded as Two22. The new name stems from the property’s street address. Built in 1985, the building was originally known as the Piper Jaffray Tower and most recently the Campbell …

Cooper Group Brokers $5.6M Sale of Shopping Center in Hutchinson, Minnesota

HUTCHINSON, MINN. — The Cooper Commercial Investment Group has brokered the sale of County Fair Marketplace in Hutchinson, located 61 miles west of Minneapolis, for $5.6 million. The Aldi-anchored shopping center spans 60,208 square feet. Other tenants include PetSmart and Pizza Ranch. Dan Cooper of Cooper Commercial represented the Illinois-based institutional seller. A California-based private investor purchased the asset. The cap rate was 7.68

139-Unit Senior Living Community Opens in Stillwater, Minnesota

STILLWATER, MINN. — The Lodge, a 139-unit senior living community, has opened in Stillwater, about 30 miles east of Minneapolis. The Lodge is the first phase of three planned phases at The Lakes at Stillwater, a $70 million senior campus near Long Lake managed by The Goodman Group. The Lodge offers independent living, assisted living, memory care and care suites for rent. The Goodman Family Operating Foundation and Intergenerational Living & Health Care Inc. are co-owners of ILHC of …

Kraus-Anderson Completes Construction of $100M Ironclad Project in Minneapolis

MINNEAPOLIS — Kraus-Anderson has completed construction of Ironclad, a new $100 million mixed-use development located at Chicago and Washington avenues in the historic Mills District near U.S. Bank Stadium in downtown Minneapolis. Owned and developed by Kharbanda Management, the 418,864-square-foot project includes residential, hospitality and retail space within the East Town district and the Downtown East neighborhood. Designed by Minneapolis-based Collage Architects, the project features a …

KW Commercial Brokers $3.2M Sale of Office Building in White Bear Lake, Minnesota

WHITE BEAR LAKE, MINN. — KW Commercial has brokered the sale of the Birch Lake Professional Building for $3.2 million. The two-story, 29,000-square-foot office building is located at 1310 Highway 96 in White Bear Lake, about 20 miles northeast of Minneapolis. The property is home to 28 tenants. David Lund and Andy Manthei of KW Commercial represented the buyer, Lenny Enterprises II LLP, in the 1031 tax-deferred exchange transaction. The seller was not

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