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Minnesota

AcquisitionsHealthcareMidwestMinnesota

CBRE Brokers Sale of 89,052 SF Medical Outpatient Building in Maple Grove, Minnesota

by Kristin Harlow

MAPLE GROVE, MINN. — CBRE has brokered the sale of Arbor Lakes Medical Building, an 89,052-square-foot medical outpatient building located at 12000 Elm Creek Blvd. in Maple Grove. The property is 97 percent leased to tenants such as M Health Fairview, North Memorial Health, Reproductive Medicine and Infertility Associates, Northstar Neurological Clinic, Midwest Radiology and South Lake Pediatrics Clinic. Services offered at the building include imaging, oral surgery, dentistry, physical therapy, reproductive medicine/fertility care and ophthalmology. Chris Bodnar, Brannan Knott, Mindy Berman, Zack Holderman, Cole Reethof, Jesse Greshin and Trent Jemmett of CBRE partnered with Ryan Watts of CBRE and Steve Brown of Forte Real Estate Partners to represent the seller, Minnesota-based Olympus Ventures. The buyer and sales price were undisclosed.

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DevelopmentMidwestMinnesotaMixed-Use

Ryan Cos. Breaks Ground on $68M Housing, Retail Components of Highland Bridge Mixed-Use Project in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Ryan Cos. US Inc., in partnership with the Housing and Redevelopment Authority (HRA) for the City of St. Paul, has broken ground on new housing and retail components of Highland Bridge, a 122-acre mixed-use development at the former site of Ford Motor Co.’s Twin Cities assembly plant. The $68 million project is expected to be substantially completed by November 2026. The nearly 3-acre site at the intersection of Cretin Avenue and Ford Parkway in the city’s Highland Park neighborhood will feature five buildings. Plans call for a 97-unit multifamily building with 8,500 square feet of ground-floor retail space, three standalone retail buildings totaling 14,000 square feet and a 13,000-square-foot daycare center. The project also includes a two-level parking ramp and pedestrian access. Amenities of the apartment building will include a clubroom, outdoor patio, fitness room, coworking enclaves, a roof deck patio and secured package room. The initiative is a public-private partnership supported by the City of St. Paul and the HRA, which provided tax-increment financing (TIF) from existing TIF district budget savings. Ryan is serving as developer, builder and designer. Completed developments at Highland Bridge include The Collection, a 230-unit apartment building with a flagship Lunds …

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AcquisitionsIndustrialMidwestMinnesota

Brisky Net Lease Brokers $5.7M Sale-Leaseback of Industrial Property in Metro Twin Cities

by Kristin Harlow

EDEN PRAIRIE, MINN. — Brisky Net Lease has brokered the $5.7 million sale-leaseback of an industrial property located at 7975 Wallace Road in the Twin Cities suburb of Eden Prairie. Max Mantey of Brisky represented the seller, 360 Wall Systems. The tenant has a new 10-year triple-net lease with zero landlord responsivities and annual rent increases. The primary tenant, 360 Wall Systems, occupies the majority of the building, complemented by Hagen Automotive, a subtenant that has occupied space for more than 30 years. 360 Wall Systems is a specialty contractor that has worked on apartment buildings, medical offices and industrial buildings in the Twin Cities.

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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Breaks Ground on $81.3M City Hall, Police Department Expansion in Burnsville, Minnesota

by Kristin Harlow

BURNSVILLE, MINN. — Kraus-Anderson has broken ground on an $81.3 million expansion of the Burnsville City Hall and police department. The property is located at 100 Civic Center Parkway in Burnsville, about six miles south of downtown Minneapolis. The facility will remain occupied and operational throughout construction, which is slated for completion in spring 2028. The 35-year-old complex will receive 110,000 square feet of additional space to better serve the city hall and police department. Designed by CNH Architects, the two-story, 212,000-square-foot project will feature state-of-the-art technology throughout; a 120,483-square-foot addition with an expanded city hall, police department, squad garage and gun range; and a 91,550-square-foot renovation of existing spaces. The complex occupies 8 acres of land that will undergo civil construction and infrastructure enhancements. Construction will be completed in three phases: the city hall addition, police department addition and city hall remodel and sitework.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $8M Sale of Apartment Building in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Marcus & Millichap has brokered the $8 million sale of The Jax, a 48-unit apartment building in St. Paul. The 49,082-square-foot property features loft-style units and is situated in the city’s Lowertown neighborhood. Built in 1909 and renovated in 2019, the asset features one- and two-bedroom floor plans. Amenities include a fitness center, community room and yoga studio. Chris Collins, Evan Miller, Eric Wagner and Matt Shide of Marcus & Millichap represented the seller, a local limited liability company, and procured the buyer, a Chicago-based investor.

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LoansMidwestMinnesotaMultifamily

Dwight Mortgage Trust Provides $49.2M Bridge Loan for Moment Apartments in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $49.2 million bridge loan to refinance Moment Apartments in downtown Minneapolis. The 222-unit luxury apartment complex rises 10 stories with 14,713 square feet of ground-floor retail space that is leased to Starbucks and New Horizon Academy. There are seven studios, 159 one-bedroom units and 56 two-bedroom apartments. Amenities include a fitness center, pet play area, business center, golf simulator, coworking space, sauna, pet spa, swimming pool, conference rooms, grilling stations and outdoor terraces. Loan proceeds will be used to retire existing debt, fund reserves and cover transaction-related costs. Daniel Malka and Jonathan Pomper of Dwight originated the financing on behalf of the borrower, Sherman Associates.

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IllinoisMichiganMidwestMinnesotaOhio

Census: Midwest Shows Modest Year-Over-Year Population Growth

by Kristin Harlow

WASHINGTON, D.C. — The Midwest showed modest population growth from 2023 to 2024 with average rates varying by population size, according to the U.S. Census Bureau’s Vintage 2024 estimates released May 15. Places with fewer than 5,000 residents saw an average growth of 0.1 percent. Those with populations between 5,000 and 9,999 recorded a 0.6 percent average increase, while cities and towns with 10,000 to 49,999 residents grew by an average of 0.7 percent — the same rate observed in places with populations of 50,000 or more. Nationally, cities with populations fewer than 5,000 grew by 0.3 percent on average, compared with average growth rates of 1 percent for those with populations of 5,000 to 9,999; 1.1 percent for populations of 10,000 to 49,999; and 1 percent for populations of 50,000 or more. Between 2023 and 2024, 22 cities and towns in 16 states nationwide crossed the 20,000-population threshold. Four were in the Midwest. Rosemount, Minnesota, was ranked as one of the top 10 fastest-growing cities and towns with populations of 20,000 or more. The population grew 10.6 percent to 30,581. Rosemount was the only city in the Midwest to make the top 15 list. Chicago was ranked No. 7 …

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Leasing ActivityMidwestMinnesotaRetail

CrossBat Cricket Arena Opens 18,000 SF Location in Burnsville, Minnesota

by Kristin Harlow

BURNSVILLE, MINN. — CrossBat, a Cricket sports brand, has opened an 18,000-square-foot location at 3150 W. County Road 42 in Burnsville, just south of Minneapolis. The location marks the launch of CrossBat’s flagship cricket facility. The company has plans to expand nationally. Jake Kelly of Cushman & Wakefield represented CrossBat in the lease, while Andrew Manthai of KW Commercial represented the owner, Metro Center LLC. The indoor cricket venue offers box cricket leagues, nine full-length lanes for practice, cricket events, corporate team-building experiences and a coaching network. Cricket is the world’s second-most popular sport and is experiencing rapid growth in the U.S., according to Cushman & Wakefield. Minnesota is home to 100-plus teams and multiple leagues.

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DevelopmentMidwestMinnesotaRetail

Kraus-Anderson Completes Redevelopment Project at Galleria Mall in Edina, Minnesota

by Kristin Harlow

EDINA, MINN. — Kraus-Anderson Construction (KA) has completed a redevelopment project at Galleria in Edina, transforming a key section of the mall into a new retail area anchored by an expanded space for lifestyle and home furnishings brand Arhaus. Designed by Cuningham Architects, the two-story, 53,536-square-foot core and shell features a 25,000-square-foot showroom for Arhaus, which is slated to open this fall. The redevelopment also accommodates three additional tenants, including Sweet Paris Crêperie, which is also scheduled to open this fall. The other two retailers will debut in 2026. The scope of work included the full interior demolition of both lower and main levels. KA raised the roof by 10 feet, created a concourse with clerestory windows and installed a glass elevator. In addition to the interior remodel, the project also incorporated exterior and site improvements, including new drive lanes connecting Galleria’s parking areas, a new underground stormwater retention system, upgraded electrical and water services, new concrete and asphalt paving, irrigation and landscaping. Construction began in February 2024. Hines, which manages the Galleria, served as construction manager and owner’s representative on the project.

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Affordable HousingLoansMidwestMinnesotaMultifamily

Merchants Capital Arranges $32.9M in Construction Financing for Minnesota Affordable Housing Project

by Kristin Harlow

ST. PAUL, MINN. — Merchants Capital has arranged $32.9 million in financing for the construction of East 7th Street, a 60-unit affordable and supportive housing development in St. Paul. Merchants Capital provided $18.9 million in 9 percent Low-Income Housing Tax Credit equity and secured a $14 million bridge loan from Merchants Bank. The project will include 17 units designated for individuals earning up to 30 percent of the area median income (AMI) and 43 units for those earning up to 60 percent AMI. Seven units will be set aside for people with disabilities and seven units will be reserved for high-priority homeless housing via Ramsey County Housing Support Program and Coordinated Entry System. Developed by Project for Pride in Living, the community was designed to accommodate “grandfamilies” with large family kinship. East 7th Street will offer one- to five-bedroom apartments. Amenities will include a fitness center, package lockers, onsite management and maintenance, bike storage, a playground, lounge area, conference room and storage units. Construction began in December and is expected to be completed in 12 months.

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