REBusinessOnline

Kraus-Anderson, Inland Break Ground on $53M Apartment Project in Richfield, Minnesota

RICHFIELD, MINN. — Kraus-Anderson and Inland Development Partners have broken ground on a $53 million apartment project in Richfield, about nine miles south of Minneapolis. The three-story, 316-unit property will be located at 6745 18th Ave. The project includes six buildings, three of which are new construction. Approximately 20 percent of the units will be designated as affordable housing. Dougherty Mortgage arranged HUD financing for the project. The City of Richfield sold the property to …

Opus Completes 246-Unit Apartment Project in Edina, Minnesota

EDINA, MINN. — The Opus Group has completed The Loden, a 246-unit apartment project in Edina. The site was formerly home to a vacant office building. Amenities include an outdoor pool deck and hot tub, fitness center, yoga studio, dog wash, bike storage and work-from-home space. From alcoves to two-bedroom units with dens, the floor plans range from 498 to 1,322 square feet. Opus Development Co. was the developer, Opus Design Build was the builder and Opus AE Group was the interior designer, …

Cushman & Wakefield Negotiates 134,000 SF Industrial Lease in Minneapolis

MINNEAPOLIS — Cushman & Wakefield has negotiated a 134,000-square-foot industrial lease on behalf of Canteen, a food service company. The property is located at 700 24th Ave. SE in Minneapolis. The landlord, Interstate Development, plans to demolish part of the property and reposition the remainder in order to meet Canteen’s needs. Significant landscaping and parking improvements will also be made to the property. Canteen, a division of Compass Group, is a vending, office coffee and …

Kraus-Anderson Constructs $2.1M Health Center Expansion in Hutchinson, Minnesota

HUTCHINSON, MINN. — Kraus-Anderson has completed a $2.1 million expansion for Hutchinson Health. The 9,600-square-foot project includes a new 5,103-square-foot cancer center as well as a cardiac rehab area and on-call suites. The property is located at 1095 Highway 15 South in Hutchinson, about 60 miles west of Minneapolis. Designed by Wold Architects and Engineers, the expansion triples the size of the existing center and integrates all of Hutchinson Health’s cancer services into one …

Marcus & Millichap Arranges $1.5M Sale of Apartment Property in North Saint Paul, Minnesota

NORTH SAINT PAUL, MINN. — Marcus & Millichap has arranged the sale of Division Street Apartments in North Saint Paul for $1.5 million. The three-building apartment property is located at 2633 Division St. All of the property’s 21 units are one-bedroom units averaging 400 square feet. Evan Miller of Marcus & Millichap marketed the property on behalf of the undisclosed seller. He also procured the

TH Real Estate Provides $83.2M Refinancing for Student Housing Property in Minneapolis

MINNEAPOLIS — TH Real Estate has provided an $83.2 million loan for the refinancing of The Marshall near the University of Minnesota in Minneapolis. The Class A student housing community features 994 beds within 316 units. The property was developed in 2004 and was 98.9 percent occupied as of March 31. A joint venture between Schenk Realty Group and EdR owns the property. The fixed-rate loan features a 10-year

Marcus & Millichap Negotiates $3.1M Sale of Building Net Leased to Preschool in Eden Prairie, Minnesota

EDEN PRAIRIE, MINN. — Marcus & Millichap has arranged the $3.1 million sale of a 10,816-square-foot building net leased to Prestige Preschool Academy in Eden Prairie, approximately 18 miles southwest of Minneapolis. The preschool, located on Mitchell Road, was constructed as a build-to-suit for Prestige this spring. Adam Prins, Matthew Hazelton, Sean Doyle and Cory Villaume of Marcus & Millichap marketed the property on behalf of the undisclosed seller. The team also procured the …

Scannell Properties Sells 335,400 SF Distribution Center in Rogers, Minnesota for $20.4M

ROGERS, MINN. — Scannell Properties has sold the Wilfred Distribution Center in Rogers, about 25 miles northwest of Minneapolis, for $20.4 million. The 335,400-square-foot Class A distribution center is fully leased. Originally built in 1999 and renovated in 2008 and 2018, the facility features a clear height of 32 feet and parking for 99 trailers. Approximately 4.6 percent of the total space is allocated for office use. The property features additional land for a 141,000-square-foot …

Doran Opens 257-Unit Apartment Development in Maple Grove, Minnesota

MAPLE GROVE, MINN. — Doran Cos. has opened The Reserve at Arbor Lakes, a 257-unit apartment development in Maple Grove, a northwestern suburb of Minneapolis. The luxury apartment community features more than 80,000 square feet of amenity space, including a 25,000-square-foot clubhouse and two terraces with an outdoor pool, spa, grilling stations, lounge areas, bocce ball courts and a putting green. In addition to 243 apartments, the four-story property features 12 townhomes and two guest …

Marcus & Millichap Arranges $4.5M Sale of Apartment Building in Savage, Minnesota

SAVAGE, MINN. — Marcus & Millichap has arranged the $4.5 million sale of Lynn Court Apartments in Savage, about 15 miles south of Minneapolis. The 45-unit apartment building is located at 4350 W. 124th St. All of the units are one-bedroom units. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller. Neither the name of the buyer nor the seller was

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