Wednesday, July 30, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Minnesota

AcquisitionsHealthcareIowaMidwestMinnesota

Davis Purchases Two-Building Healthcare Portfolio in Iowa, Minnesota for $34.1M

by Kristin Harlow

CORALVILLE, IOWA, AND MAPLEWOOD, MINN. — Davis Healthcare, on behalf of its Davis Medical Investment Fund, has acquired a two-building healthcare real estate portfolio known as CoralBirch for $34.1 million. The assets are located in Coralville, Iowa, and Maplewood, Minn. More than 70 percent of the space in the buildings is leased to high-credit hospital systems. With this acquisition, the fund owns 17 off-campus ambulatory care buildings totaling more than 750,000 square feet. The Coralville West Medical Building at 2769 Heartland Ave. rises three stories and totals 60,351 square feet. It is situated near the University of Iowa campus. Davis acquired the property for $24.2 million, or roughly $400 per square foot. At closing, the building was 97 percent leased with more than 65 percent of the space occupied by University of Iowa Healthcare, which offers primary care and internal medicine, obstetrics and gynecology, neurology, imaging and rehab and dermatology services. Additional tenants of the building are medical practices focused on obstetrics, radiology and rehab. Constructed in 2010, the building’s common areas and restrooms were renovated in 2022. Birch Run Medical Building at 1747 Beam Ave. totals 27,944 square feet. Davis purchased the single-story property for $9.9 million, or roughly …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMidwestMinnesotaMultifamily

Waterton Acquires 30-Story Apartment Tower in Downtown Minneapolis

by Kristin Harlow

MINNEAPOLIS — Waterton has acquired 365 Nicollet, a 30-story apartment tower with 370 units in downtown Minneapolis. The seller was a joint venture between Opus Development Co. and Corebridge Real Estate Investors. Opus constructed, designed and developed the property in 2018. Located at 365 Nicollet Mall in the city’s Gateway District, the building features studios, one-, two- and three-bedroom units. There are 50 penthouse units. Amenities at the property include a fitness center, yoga studio, sauna, relaxation room, outdoor pool, entertainment kitchen, recreation lounge, coworking space, golf simulator, pet spa and dog run. Waterton plans to implement a light value-add renovation program across residences and common areas. Plans call for refreshed furniture, fixtures and equipment, as well as new flooring and equipment in the fitness center. Ted Abramson, Abe Appert and Keith Collins of CBRE represented the seller.

Continue Reading
FacebookTwitterLinkedinEmail
Leasing ActivityMidwestMinnesotaOffice

Barr Engineering to Relocate Headquarters to 85,000 SF Office in Richfield, Minnesota

by Kristin Harlow

RICHFIELD, MINN. — Barr Engineering Co. has unveiled plans to relocate its headquarters office to One Meridian Crossings in Richfield, a suburb of Minneapolis, in late 2026. The employee-owned engineering and environmental consulting firm serves clients in the fuels, manufacturing, mining, power and public sectors. Incorporated in Minnesota in 1966, Barr maintains offices across North America and client projects worldwide. Approximately half of the company’s 1,100 employees are based in the Twin Cities. Jim Damiani and Teresa Borgen of Newmark represented Barr in the lease negotiations. Barr’s new office will total 85,000 square feet, and the company is relocating from 4300 MarketPointe Drive in Bloomington, Minn.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialMidwestMinnesota

Standard, Endeavor to Build 174,288 SF Cobalt Business Center in Suburban Minneapolis

by Kristin Harlow

MENDOTA HEIGHTS, MINN. — Standard Real Estate Investments LP and Endeavor Development have formed a joint venture to develop Cobalt Business Center in the Minneapolis suburb of Mendota Heights. The 174,288-square-foot industrial building is slated for completion in the second quarter of 2026. Endeavor received approval from the city last month and plans to begin demolition of the existing building, which was formerly occupied by Le Cordon Bleu College of Culinary Arts. The project, situated in the Minneapolis Airport submarket, will feature a clear height of 32 feet, 15 dock positions, LED light fixtures and 4,000 amps of power.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentHealthcareMidwestMinnesota

HealthPartners Breaks Ground on 400,000 SF Hospital in Stillwater, Minnesota

by Kristin Harlow

STILLWATER, MINN. — HealthPartners has broken ground on its new HealthPartners Lakeview Hospital in Stillwater, an eastern suburb of the Twin Cities. Kraus-Anderson is the construction manager for the six-story, 400,000-square-foot hospital and clinic campus. The project is slated to open in early 2028. The new location will offer expanded specialized services such as a family birth center, TRIA Orthopedics Clinic, cardiac catheterization lab, cancer care and improved emergency and critical care. The campus will include walking trails and nature views from patient rooms. HealthPartners acquired the project site in 2017, but design planning halted at the pandemic’s onset. Planning resumed in 2022, and the architects were chosen by late 2023. Over the past 18 months, efforts have concentrated on design development and community engagement.  

Continue Reading
FacebookTwitterLinkedinEmail
IowaLoansMidwestMinnesotaMultifamily

Dwight Capital Provides $61.9M in HUD-Insured Loans for Two Multifamily Communities in Iowa, Minnesota

by Kristin Harlow

BETTENDORF, IOWA, AND ST. PAUL, MINN. — Dwight Capital has provided two HUD 223(f) loans totaling $61.9 million for Springs at Bettendorf in Bettendorf, Iowa, and The Grove in St. Paul. Menomonee Falls, Wis.-based Continental Properties was the borrower. Springs at Bettendorf is a townhome-style community with 15 two-story buildings totaling 316 units. There are studio, one-, two- and three-bedroom layouts, and 75 units feature attached garages. Residents have access to a fitness center, pool, dog park and car wash station.   The Grove is a six-story community with 118 units across studio, one-, two- and three-bedroom layouts. Amenities include a fitness center, rooftop sky lounge, community room and storage units. The property also features 4,300 square feet of ground-floor commercial space across two retail suites. The loan proceeds for both financings will be used to retire existing debt, cover closing costs, complete repairs and establish funds for future capital expenditures.

Continue Reading
FacebookTwitterLinkedinEmail
CivicDevelopmentMidwestMinnesota

Kraus-Anderson Breaks Ground on $20.4M Fire Station in Victoria, Minnesota

by Kristin Harlow

VICTORIA, MINN. — Kraus-Anderson has begun construction of a new $20.4 million fire station for the City of Victoria at 8250 Kochia Lane. Designed by CNH Architects, the facility in metro Minneapolis will support staffing changes necessary to meet Victoria’s increased demand for service, according to a news release. The new station will enable firefighters to sleep inside the building and respond directly to calls for service versus responding from home or work, which will reduce overall response times across the community. The two-story, 40,230-square-foot building will feature six apparatus bays, a training tower, mezzanine, decontamination areas, living quarters, a lobby and offices. A large classroom will also function as the city’s emergency operation center. Completion is slated for June 2026.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMidwestMinnesotaMultifamilyStudent Housing

Newmark Arranges Sale of Two-Property Student Housing Portfolio in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Newmark has arranged the sale of a two-property student housing portfolio serving the University of Minnesota in Minneapolis. The portfolio includes The Bridges Dinkytown, a 210-unit community at 930 University Ave. SE, and The Knoll Dinkytown, a 101-unit property at 1101 University Ave. SE. Ryan Lang, Jack Brett, Ben Harkrider and Jim Damiani of Newmark represented the undisclosed seller. Ben Roelke, Ian Walker and Trent Houchin of Newmark arranged $36 million in financing through Corebridge Financial on behalf of the buyer, WFI, which will implement a $1.6 million capital improvement program at the properties. Both assets feature fully furnished apartments, ranging from studios to four-bedroom layouts.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialMidwestMinnesota

EGA Spectro Alloys Begins Production at 90,000 SF Aluminum Recycling Facility in Minnesota

by Kristin Harlow

ROSEMOUNT, MINN. — EGA Spectro Alloys, a Midwest-based producer of recycled aluminum alloys, has begun production at its aluminum recycling expansion project in Rosemount. The 90,000-square-foot facility will produce up to 120 million pounds per year of recycled aluminum billets from scrap aluminum. The expansion will add up to 50 full-time jobs once the facility reaches full production capacity in the first quarter of 2026. Aluminum billet, logs of aluminum up to 25 feet long, is used as raw material for extruders, which turn it into products like railings, window and door trim, and structural components for cars, boats, airplanes, trailers and docks. Recycling aluminum requires 95 percent less electricity than producing new aluminum and generates a fraction of the greenhouse gas emissions. Metal from the facility will be sold under EGA’s recycled product brand RevivAL, a nod to the company’s 52-year history of giving used aluminum new life. The facility also features a new laboratory.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialMidwestMinnesota

Hempel, TPG Angelo Gordon Begin Development of Brockton Business Park in Minnesota

by Kristin Harlow

CORCORAN, MINN. — Hempel Real Estate and its institutional joint venture partner TPG Angelo Gordon have broken ground on Brockton Business Park in Corcoran, about 22 miles northwest of Minneapolis. The groundbreaking represents the first deployment of capital under a new $300 million programmatic joint venture between the two firms aimed at building and acquiring industrial assets across the Midwest over the next five years. The project’s first phase includes a 286,120-square-foot industrial facility on a 20-acre parcel. The site will feature ample trailer and auto parking, direct access to County Road 101 and convenient connections to I-94 via Dayton Parkway and the future Highway 610 extension. Plans for Phase II include an additional 252,120 square feet of industrial space. RJ Ryan Construction is the general contractor, with architecture and site design by Lampert Architects and Kimley-Horn. Shell completion is slated for the second quarter of 2026. Chris Garcia, Dan Larew and Eric Batiza of JLL will market the project for lease. Bridgewater Bank provided the construction mortgage.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts