Tuesday, April 16, 2024
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AcquisitionsMidwestMinnesotaMultifamily

CBRE Brokers Sale of Granite Shores Multifamily Property in Suburban Minneapolis for $12.6M

by Kristin Harlow

ELK RIVER, MINN. — CBRE has brokered the sale of Granite Shores in the Minneapolis suburb of Elk River for $12.6 million. The 67-unit multifamily property is located at 633 Main St. NW. The asset was originally built as condominiums in 2008 and later converted into a rental property in 2011. Granite Shores features one- and two-bedroom floor plans averaging 996 square feet and an additional 9,803 square feet of ground-floor commercial space. Amenities include a fitness center, pet washing station, community room and outdoor deck. Keith Collins, Ted Abramson, Abe Appert and Drew Rafshol of CBRE represented the seller, Granite Shores LLC. Gary Hegenes was the buyer.

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Leasing ActivityMidwestMinnesotaOffice

Saint Paul & Minnesota Foundation Signs 10,700 SF Office Lease in Downtown St. Paul

by Kristin Harlow

ST. PAUL, MINN. — The Saint Paul & Minnesota Foundation has signed a 10,700-square-foot office lease at Osborn370 in downtown St. Paul. The foundation will occupy the entire third floor of the building and expects to take occupancy in early 2025. Osborn370 features ample outdoor space, shared common areas, onsite catering and locally owned Hepcat Coffee housed in the lobby. Transwestern Real Estate Services handled the lease negotiations.

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DevelopmentMidwestMinnesotaMultifamilySeniors Housing

Kraus-Anderson Begins $41.5M Expansion of Trillium Woods Retirement Community in Plymouth, Minnesota

by Kristin Harlow

PLYMOUTH, MINN. — Kraus-Anderson has begun a $41.5 million expansion of Trillium Woods, an independent retirement community in Plymouth, a western suburb of Minneapolis. Trillium Woods is a Life Plan Community that provides wellness services and levels of senior healthcare, including memory care, skilled nursing and rehabilitation. The 160,321-square-foot, five-story expansion calls for 18 assisted living units, 16 assisted living memory care units, 52 independent living units and 67 underground parking spaces. Construction is slated for completion in fall 2025. Pope Design Group was the architect.  

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LoansMidwestMinnesotaMultifamilySeniors Housing

Helios Arranges $7.5M in Acquisition Financing for Memory Care Community in Suburban St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Helios has arranged a $7.5 million loan and revolving line of credit on behalf of a Minnesota-based provider of specialty memory care services. Helios arranged the 18-month financing for the borrower’s acquisition of a specialty memory care community in suburban St. Paul. The community was stabilized at the time of acquisition and was originally developed by the borrower in partnership with a Chicago-based private equity firm. Prior to the financing, the borrower leased the community from the seller. A Minnesota-based community bank provided the financing.

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AcquisitionsBuild-to-RentMidwestMinnesotaSingle-Family Rental

CBRE Brokers Sale of 124-Unit Build-to-Rent Community in Suburban Minneapolis

by Kristin Harlow

MAPLE GROVE, MINN. — CBRE has brokered the sale of Avery Park, a 124-unit build-to-rent community in the Minneapolis suburb of Maple Grove. The sales price was undisclosed. The property consists of 42 detached homes averaging 2,262 square feet and 82 townhomes averaging 1,687 square feet. Avery Park was completed in 2023. Ted Abramson, Keith Collins and Abe Appert of CBRE represented the undisclosed seller. Curtis Capital Group was the buyer.

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DevelopmentIndustrialMidwestMinnesota

Opus Breaks Ground on $71M Recycling Facility Expansion for Spectro Alloys in Rosemount, Minnesota

by Kristin Harlow

ROSEMOUNT, MINN. — The Opus Group has broken ground on a $71 million expansion to add new aluminum recycling capabilities at the Spectro Alloys campus in Rosemount, a southern suburb of the Twin Cities. Spectro plans to recycle more end-of-life scrap aluminum to improve recycling rates in Minnesota. The project includes a new 90,000-square-foot building along Highway 55. The first phase of the project will result in nearly 120 million pounds per year of additional recycling capacity and create up to 50 new full-time jobs. The facility will include state-of-the-art equipment for sorting, melting, casting, sawing, homogenizing and packaging with automation and pollution control technology. Spectro’s plant will also provide energy use and carbon emission reductions of 95 percent when compared to new aluminum production. Aluminum billet is used as raw material for the extrusion process, and is turned into products such as railings, window and door trim, and structural components for cars, boats, airplanes, trailers and docks. Spectro will also have the ability to recycle used beverage containers into sheet ingot — slabs of aluminum weighing up to 60,000 pounds each. Construction of the new facility is slated for completion in mid-2025. Spectro has operated at its Rosemount campus …

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DevelopmentHealthcareLoansMidwestMinnesota

Ziegler Provides $20.5M in Bond Financing for Wadena Cancer Center Project in Minnesota

by Kristin Harlow

WADENA, MINN. — Ziegler has provided a bond issue totaling $20.5 million for the Wadena Cancer Center in Wadena, a city in central Minnesota. The Wadena Cancer Center is jointly operated by Astera Health CentraCare Health and is located on Astera Health’s main campus. In collaboration with CentraCare Health System, Astera Health has entered into a joint venture to establish the Central Minnesota Cancer Center LLC. This initiative aims to address the critical need for comprehensive oncology services in the region. The proceeds of the bond issue will be used to finance the construction and equipping of the 15,350-square-foot cancer center, which will include six clinic exam rooms and eight infusion bays. The facility will provide a full spectrum of cancer care services, including medical and radiation oncology visits, chemotherapy, infusion, radiation treatments and diagnostic imaging. Ziegler utilized a unique financing structure to fund the project through its relationship with a nonprofit entity, National Healthcare, Research and Education Finance Corp. (NHREFCO). NHREFCO works to support the charitable and educational purposes of hospitals, academic medical centers and medical research organizations by acting as the borrower for bond transaction and lessor to the tenant through a long-term assumable lease.

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Leasing ActivityMidwestMinnesotaRetail

Shear Bliss to Open at Eden Prairie Center in Suburban Twin Cities

by Kristin Harlow

EDEN PRAIRIE, MINN. — Shear Bliss, a family-run hair and beauty salon, will open at Eden Prairie Center in the Twin Cities suburb of Eden Prairie. The salon will fill a former MasterCuts location in suite 2168. Shear Bliss, which maintains an additional location in North Dakota, expects to open its Eden Prairie salon on Friday, April 5. Eden Prairie Center, opened in 1976, features more than 100 shops and restaurants. JLL manages the 1.4 million-square-foot retail property.

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IndustrialLoansMidwestMinnesota

JLL Arranges $10.4M Loan for Refinancing of 137,179 SF Distribution Center in Blaine, Minnesota

by Kristin Harlow

BLAINE, MINN. — JLL Capital Markets has arranged a $10.4 million loan for the refinancing of Sanctuary Business Center, a distribution center totaling 137,179 square feet in the Minneapolis suburb of Blaine. Completed in December 2022, the property features a clear height of 32 feet, 31 loading docks, two drive-in doors, 20 trailer stalls and 157 parking stalls. Bill Mork of JLL arranged the five-year loan on behalf of the borrower, Capital Partners. A regional bank provided the loan, which features a loan-to-value ratio of 65 percent and interest-only payments.

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AcquisitionsHealthcareMidwestMinnesota

Transwestern Brokers $8M Sale of Medical Office Building in Maple Grove, Minnesota

by Kristin Harlow

MAPLE GROVE, MINN. — Transwestern Real Estate Services has brokered the $8 million sale of Maple Grove Executive Plaza, a 58,000-square-foot medical office building in the Minneapolis suburb of Maple Grove. The property at 7767 Elm Creek Blvd. is home to Children’s Minnesota Specialty Center, iSpine Clinics and Edina Realty. The building is 92 percent occupied, and 66 percent of the tenants are in the medical field. Mike Salmen, Erik Coglianese and Bryan Beltrand of Transwestern represented the seller, Merchant Development LLC. The buyer was an entity linked to MSP Commercial, a real estate firm focused on developing, acquiring and managing healthcare properties in the Twin Cities. MSP is planning capital improvements and extensive renovations to the building, including updating the common areas. The firm plans to prioritize bringing additional medical tenants to the building.

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