MINNEAPOLIS AND ST. PAUL, MINN. — A portfolio of 283 single-family rental homes, dispersed across the Minneapolis-St. Paul region, is now under nonprofit control following a joint acquisition by Grounded Solutions Network’s Homes for the Future (HFTF) initiative and five other nonprofit organizations. HFTF invested $2 million in the $61 million purchase and leads the ownership group’s efforts to transition the homes and expand the number of community-controlled assets stewarded by nonprofit shared equity housing organizations. “By bringing this previously for-profit, private equity investor-owned portfolio under nonprofit control, we have an opportunity to transition current tenants into homeownership and to rehab and sell the vacant homes at an affordable price to future families,” says Devin Culbertson, vice president of innovative finance at Grounded Solutions Network. Properties in the portfolio are concentrated in historically low-income communities of color, many of which are the fastest-appreciating neighborhoods in the region. Homes in the portfolio may continue to be maintained as rentals or sold to the current tenants. When current tenants choose to move out, the homes will be sold, with priority given to nonprofit shared equity housing programs. The use of the shared equity housing model, such as a Community Land Trust, ensures …
LAKEVILLE, MINN. — CBRE has arranged the sale of the Jacquard Distribution Center, a 168,000-square-foot industrial property in Lakeville, for $22 million. Advanced Exhaust Solutions purchased the facility from Lakeville Jacquard 32 LLC. Built in 2023, the property features a clear height of 36 feet, 32 dock doors, an ESFR sprinkler system, 101 parking spaces and 48 trailer stalls. It is situated on a 14.3-acre site just east of I-35 and minutes from Airlake Airport. Jeff Przytarski, Bryan Van Hoof, Sam Manke, Kyle Ferderer and Chance Lindsey of CBRE represented the seller.
NEW HOPE, BLOOMINGTON AND ST. PAUL, MINN. — BWE has arranged $39 million in loans to refinance a portfolio of six affordable housing properties in New Hope, Bloomington and St. Paul. The properties total 529 units, with 100 percent of the units reserved for tenants earning up to 60 percent of the area median income. Victor Agusta Jr. of BWE originated the Freddie Mac loans on behalf of Aeon, a Twin Cities-based nonprofit that builds affordable housing. The communities include Bass Lake Crossing and Kings Manor in New Hope; Cedar Gate, Cedar Glen and Metropolitan Towers in Bloomington; and Larpenteur Villa in St. Paul.
MINNESOTA AND NORTH DAKOTA — Cushman & Wakefield has brokered the sale of a portfolio of 601 recently developed build-to-rent homes located throughout the Fargo/West Fargo/Moorhead metro areas in the bordering states of North Dakota and Minnesota. The sales price was undisclosed, but the price is the highest valued multifamily sale in North Dakota’s history, according to Cushman & Wakefield. Units range from three to five bedrooms, and the homes average 7.2 years old. Kevin Phelan, Pat Knowlton and Jeff Dimmen of Cushman & Wakefield, along with Jennifer Stein Real Estate Inc., represented the seller, Meridian Mortgage LLC. An affiliate of Christianson Cos. was the buyer.
MANKATO, MINN. — Colliers Mortgage has provided a $24 million HUD-insured loan for the refinancing of The Pillars of Mankato, a 118-unit senior living community in southern Minnesota’s Mankato. The property, situated on nearly 4 acres, provides assisted living and memory care. Amenities and services include 24-hour care, full-service dining, housekeeping, community and activity rooms, a library, beauty salon and fully landscaped outdoor space with putting green. Sam Butler of Colliers Mortgage originated the 35-year loan on behalf of the borrower, Tunbridge Peak LLC.
EDEN PRAIRIE, MINN. — JLL Capital Markets has brokered the sale of Cascade at Town Center, a 204-unit multifamily community in the Minneapolis suburb of Eden Prairie. The property was built in 2001 with 18 additional units added in 2018. Units average 1,158 square feet. Amenities include a gym, clubroom, indoor pool, courtyard and garage parking. Josh Talberg, Joseph Peris and Mark Stern of JLL represented both the seller, a joint venture between Harbert Management and Magellan Investment Partners, and the buyer, FPA Multifamily. Elliott Throne and Scott Loving of JLL originated acquisition financing through Freddie Mac.
COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has brokered the $8.2 million sale of two newly constructed retail buildings in the Minneapolis suburb of Coon Rapids. The transaction included a 3,893-square-foot, single-tenant property occupied by Café Zupas and a 6,297-square-foot, two-tenant building home to Dave’s Hot Chicken and Chapter Aesthetic Studio. Both properties feature drive-thrus and are located at the signalized entrance to Riverdale Commons, a shopping center anchored by Target and Home Depot. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with Robert Wise and Jeff Jiovanazzo of CBRE, represented the seller, TOLD Development Co. Curbline Properties was the buyer.
BLOOMINGTON, MINN. — Transwestern Real Estate Services has arranged the sale of the Bethany Global University campus in the Minneapolis suburb of Bloomington. Substance Church purchased the 32.7-acre campus, which features 341,036 square feet across 16 buildings, for an undisclosed price. Owner-user Substance Church is a mission-driven organization that intends to use the property for purposes similar to Bethany Global University. The land is zoned for institutional and religious purposes, and Substance Church plans to repurpose many of the existing apartment, dormitory, educational and support services buildings. The property, which had been under Bethany’s ownership since the 1940s, was made available for sale as part of a strategic restructuring initiative. The university recently shifted from an in-person learning environment to an online platform. Mike Salmen and Erik Coglianese of Transwestern represented Bethany Fellowship.
MINNEAPOLIS — Meyer Borgman Johnson has signed a long-term office lease to occupy the 20th floor of RSM Plaza in Minneapolis. The multi-specialty structural design practice plans to move its corporate headquarters into the 12,277-square-foot space on June 1. Trinette Wacker and Reed Christianson of Transwestern Real Estate Services represented the owner, Golub & Co. Jeffrey LaFavre and Zach Synstegaard of IAG Commercial represented the tenant, which maintains seven offices across the U.S. and is relocating from 510 Marquette Ave. RSM Plaza, a 416,000-square-foot office tower, underwent a $10 million renovation in 2018 that revitalized the lobby and added amenities such has The Perch Lounge, The Pocket Park and conferencing and collaborative meeting spaces. The property is home to 801 Chophouse and 8th Street Grill & Taphouse.
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 …
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