Minnesota

Investcorp Acquires Two Industrial Portfolios in Minneapolis, Baltimore Totaling $335M

by Hayden Spiess February 25, 2025

MINNEAPOLIS AND BALTIMORE — Global alternative investment firm Investcorp has acquired two industrial portfolios for a total of more than $335 million. Located in the Minneapolis and Baltimore markets, the portfolios feature a combined 2.7 million square feet across 27 properties. The 17-building Minneapolis portfolio totals 1.9 million square feet, and the Baltimore portfolio comprises 10 buildings with 881,000 square feet. The seller and specific addresses of the properties were not disclosed. “The Minneapolis and Baltimore portfolio acquisitions offer us a unique opportunity to scale our presence in two markets with highly diversified tenancies,” says Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties making up each of these portfolios feature favorable characteristics, such as high average clear heights, ample loading docks, plentiful parking and convenient locations.” According to a press release issued by Investcorp, industrial market rent growth in Baltimore and Minneapolis has averaged 13.4 percent and 11.4 percent, respectively, over the past three years. Fortune 500 companies with a presence in Minneapolis include Target Corp., Best Buy Co. Inc., 3M Co. and General Mills Inc. Baltimore hosts corporations including Optum Inc., JLL, Under Armour Inc. and Morgan Stanley & Co., among others. Founded in …

February 25, 2025

Acquisitions Midwest Minnesota Multifamily

JLL Arranges Sale of 283-Unit Rafter Apartments in Minneapolis

by Kristin Harlow February 18, 2025

MINNEAPOLIS — JLL Capital Markets has arranged the sale and financing of Rafter Apartments in Minneapolis. Located at 333 E. Hennepin Ave. and built in 2019, the 26-story property features 283 luxury units. Amenities include a rooftop pool and sundeck, fitness center, clubroom, coworking spaces and a maker’s room. Josh Talberg, Matthew Lawton, Joseph Peris and Kevin Girard of JLL represented the seller, a joint venture between Mortenson, The Excelsior Group and an institutional partner. Brandon Smith, Annie Rice and Scott Loving of JLL originated a Fannie Mae acquisition loan on behalf of the buyer, Roundhouse.

February 18, 2025

Loans Midwest Minnesota Multifamily Seniors Housing

BWE Arranges $20M in Permanent Financing for Active Adult Community in Metro Minneapolis

by Kristin Harlow February 14, 2025

CHANHASSEN, MINN. — BWE has arranged a $20 million loan to provide permanent financing for Lake Place, a 110-unit luxury active adult community in Chanhassen within metro Minneapolis. Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower, Silver Creek Equity, a Minnesota-based developer. The 10-year loan features a 35-year amortization period and five years of interest-only payments. The loan replaces a high-interest rate, floating-rate construction loan. Lake Place was built in 2023 and completed lease-up during the loan underwriting. The property is reserved for residents age 55 or older, and 50 of the units are set aside for those who earn 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, pickleball court, pet wash, bike room, library, creative arts studio and storage units.

February 14, 2025

Acquisitions Healthcare Midwest Minnesota

Marcus & Millichap Negotiates $2.8M Sale of Veterinary Office Portfolio in Minnesota

by Kristin Harlow February 14, 2025

NEW ULM AND MANKATO, MINN. — Marcus & Millichap has negotiated the sale of two single-tenant animal hospital properties in Minnesota for $2.8 million. The portfolio includes New Ulm Regional Vet Center at 401 20th St. in New Ulm and River Hills Pet Care Hospital at 340 St. Andrews Drive in Mankato. The New Ulm property was built in 1998, and the Mankato facility was constructed in 2017. Both are fully leased to PetVet Care Centers, which has operated at both locations since 2019. PetVet was founded in 2012 and currently has more than 450 veterinary locations nationwide. William Skoch and Christopher Mitchel of Marcus & Millichap represented the seller, a group of six veterinarians who had owned the buildings for more than 27 years, and procured the buyer, a real estate investment trust focused exclusively on acquiring veterinarian-centric real estate nationwide.

February 14, 2025

Industrial Leasing Activity Midwest Minnesota

Bibliotheca Consolidates Operations with 32,000 SF Industrial Lease in Metro Twin Cities

by Kristin Harlow February 11, 2025

LAKE ELMO, MINN. — Bibliotheca, a library technology service company, has signed a long-term lease for 32,000 square feet at I-94 Logistics Center, a new development at 11190 Hudson Blvd. in Lake Elmo near St. Paul. Bibliotheca is the first tenant to move into the 150,000-square-foot property. The lease enables the company to consolidate its shipping and operations into one location. Bibliotheca’s space comprises 10,000 square feet of office space and 22,000 square feet of industrial space. Kevin Salmen and Danny Callahan of Transwestern Real Estate Services represented the tenant. Colliers represented the landlord, Launch Properties.

February 11, 2025

Loans Midwest Minnesota Multifamily Seniors Housing

Thorofare Capital Provides $42.9M Loan for Refinancing of Active Adult Community Near Minneapolis

by Kristin Harlow February 7, 2025

ST. LOUIS PARK, MINN. — Thorofare Capital, an affiliate of asset management platform Callodine Group LLC, has provided a $42.9 million bridge loan to refinance Risor of St. Louis Park, a 170-unit active adult community in the Minneapolis suburb of St. Louis Park. The borrower, Roers Cos., will use the financing primarily to retire an existing construction loan on the Class A property at 3510 Beltline Blvd. Completed in November 2023, the community is 78 percent leased. The six-story building features an interior courtyard and 4,000 square feet of ground-floor retail space. Amenities include a coffee bar, golf simulator, pet wash, fitness center, movie theater, library lounge, clubroom, pool, spa and pickleball court. Scott Loving, William Hintz, Scott Streiff and Gary Marchiori of JLL arranged the loan.

February 7, 2025

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $7.3M Sale of Crest Oak Apartments in Coon Rapids, Minnesota

by Kristin Harlow February 7, 2025

COON RAPIDS, MINN. — Marcus & Millichap has arranged the $7.3 million sale of Crest Oak Apartments in Coon Rapids, a northern suburb of Minneapolis. The 60-unit multifamily property, built in 1972, features a mix of one-, two- and three-bedroom floor plans across 47,150 rentable square feet. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller, which was disposing of a four-building portfolio. The asset sold to a 1031 exchange buyer.

February 7, 2025

Loans Midwest Minnesota Office

Cushman & Wakefield Arranges $11.3M Refinancing for Office Building in Edina, Minnesota

by Kristin Harlow February 6, 2025

EDINA, MINN. — Cushman & Wakefield has arranged an $11.3 million take-out refinancing package for The E, a boutique office building in the Minneapolis suburb of Edina. Located at 7201 Metro East Blvd., The E totals 108,000 square feet. Constructed in 1981 and fully renovated and rebranded in 2021, the property is 94 percent occupied by 11 tenants. More than 97,000 square feet of new tenancy followed a $6.7 million renovation of the asset. Adam Hoffman, Jeff Altenau, Zach Yarnoff and Avery Ticer of Cushman & Wakefield represented the owner, City Center Realty Partners/Contrarian Capital Management, in securing the bank financing.

February 6, 2025

Civic Development Midwest Minnesota

Kraus-Anderson Completes $226M Addition, Renovation at White Bear Lake High School in Minnesota

by Kristin Harlow February 5, 2025

WHITE BEAR LAKE, MINN. — Kraus-Anderson has completed a $226 million renovation and addition at White Bear Lake Area High School – North Campus in White Bear Lake, a northern suburb of St. Paul. The project allowed for the former North Campus site to become the single high school site serving grades 9-12 for the White Bear Lake Area School District. Designed by Wold Architects and Engineers, the three-story, 595,000-square-foot high school features a 250,000-square-foot addition with new classrooms, a 37,000-square-foot performing arts center and a 92,000-square-foot athletic facility with track and field house. Kraus-Anderson also completed 216,000 square feet of renovations to existing classrooms, the media center, gym and union space. Construction began in June 2021. The high school project is part of a long-range facilities plan that in total includes 16 district projects, all funded by a 2019 $326 million school bond referendum. The former White Bear Lake Area High School – South Campus has been converted into Mariner Middle School.

February 5, 2025

Ameriprise Financial Center in Minneapolis

Acquisitions Midwest Minnesota Office Top Stories

Onward Investors Purchases Downtown Minneapolis Office Tower at Massive Discount, Mulls Repositioning

by Channing Hamilton January 31, 2025

MINNEAPOLIS — Onward Investors has acquired Ameriprise Financial Center, a 31-story office tower located at 707 2nd Ave. S in downtown Minneapolis. The 960,000-square-foot building has served as the corporate headquarters of Ameriprise Financial since its construction in 2000. Ameriprise Financial announced in 2022 that the company would be vacating the property in order to consolidate its headquarters at another building in downtown Minneapolis. Ameriprise Financial Center is soon to be vacant, according to Onward Investors. A sales price was not disclosed. However, locally based newspaper The Minnesota Star Tribune reported that the property sold for $6.3 million, a steep discount from the last time the building traded hands. Most recently in September 2016, a joint venture between Axar Capital Management and Morning Calm Management acquired the building for $200 million. Ameriprise Financial Center is located within the Minneapolis skyway system, a network of enclosed pedestrian bridges that provide direct access to buildings including the Minneapolis Club, Capella Tower, SPS Tower and Baker Center. The property also includes a four-story parking ramp that offers below-grade parking for roughly 300 vehicles. Onward Investors stated that it is exploring variety of options for the property, including converting portions of the building to uses other than …

January 31, 2025

Newer Posts

Older Posts