COON RAPIDS, MINN. — JLL Capital Markets has arranged the sale of Lyra at Riverdale Station, a luxury multifamily community with 180 units in the northern Twin Cities suburb of Coon Rapids. Josh Talberg and Joseph Peris of JLL represented the seller and procured the buyer, MLG Capital, which assumed the property’s existing HUD loan. Lyra represents the counterpart asset to Aster, which JLL brokered the sale of in December.
GOLDEN VALLEY, MINN. — Brisky Net Lease has arranged the $10.3 million sale-leaseback of a single-tenant industrial property occupied by Process Displays in Golden Valley. Brian Brisky represented the buyer, while Jordan Greenberg of SpaceNet Equities LLC represented the seller. The user has a new 15-year absolute triple net lease with zero landlord responsibilities and annual rent increases. The property is situated within a well-established industrial park.
HERMANTOWN, MINN. — Kraus-Anderson has completed construction of the $24.7 million NorthStar Ford Arena in Hermantown within northeast Minnesota. Designed by DSGW Architecture, the project encompasses a 77,595-square-foot, two-story ice arena addition. The arena includes team spaces, an ice operations center and a 360-degree viewing mezzanine with walking track that is free to use and open to the public. There are nearly 700 individual spectator seats accessible through a south-oriented lobby. For over three decades, the Hermantown Arena has provided a home for youth hockey leagues and teams. It has also served as a gathering place for community members, including school district physical education classes, adult hockey leagues, broomball, fitness organizations and hockey camps. Recognizing the need for expansion, local voters in 2022 approved a city sales tax increase to fund the transformation of the existing arena into the NorthStar Ford Arena.
RICHFIELD, MINN. — The Coven, a network of coworking spaces, has opened its ninth location. The Coven Richfield marks the company’s sixth location in Minnesota and its seventh franchise-owned space. Located at 6440 Nicollet Ave., The Coven Richfield offers a membership-based workspace for entrepreneurs and professionals. The space is designed to support remote and hybrid workers while strengthening local business communities through connection and shared resources. The locally owned location includes community workspace, conference rooms for up to 14 people, private offices for teams of up to six, private phone rooms, bike storage, gender-neutral restrooms, a parent and prayer room, kitchen space, printing and office supplies, coffee and snacks, and a dedicated parking lot with additional free street parking. Members will also have access to The Coven’s digital community and Nice Healthcare telehealth services. Unique to this location are local art installations, event space and onsite storage. The Coven Richfield is owned by Lori Godding, a wealth management expert; Breanne Kennedy, founder and president of Thrive; and Nadia Siddiqui, vice president of advancement at Women’s Foundation of Minnesota.
MINNEAPOLIS — Marcus & Millichap has negotiated the $2.6 million sale of Santiago Apartments, a 23-unit multifamily property in Minneapolis. The asset is located at 516 University Ave. SE in the St. Anthony Main/Marcy-Holmes neighborhood near the Minneapolis riverfront and the University of Minnesota. Built in 1923, the property includes a mix of studio, one- and two-bedroom floor plans across 11,394 rentable square feet. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller, MBR Investments, and procured the buyer, an entity related to Irving Properties.
MINNEAPOLIS — Kraus-Anderson and Zuri 3 have formed a joint venture to serve as the construction manager of the new Community Performing Arts Center (CPAC), an 8,000-seat amphitheater operated by the Port of Minneapolis LLC. CPAC is an initial phase of a plan to redevelop The Upper Harbor Terminal, a 48-acre site along the Mississippi River off I-94. Port of Minneapolis, a joint venture between First Avenue and the Minnesota Orchestra, expects to host approximately 50 ticketed events annually. A portion of the ticket proceeds will be reinvested directly into the local community through a partnership with the African American Community Development Corp., which will serve as the fund manager for CPAC. A community entity will manage the fund to explore and develop community programming, local vendor and entrepreneur opportunities and youth jobs and career programs. In addition to musical events, CPAC will also host year-round community programming in public spaces, with a strong focus on including Northside residents, businesses and organizations. CPAC will create more than 500 construction jobs, and once completed, amphitheater operations will employ more than 250 people. Additional Twin Cities companies involved in the project include NTH, the owner’s representative, and LSE Architects. Construction is scheduled …
IOWA, MINNESOTA AND NEBRASKA — Marcus & Millichap has brokered the $41.6 million sale of the Yellow Brick Road Portfolio, a collection of 18 triple-net-leased early childhood development centers in Iowa, Minnesota and Nebraska. Spencer Berkley, Mark Ruble, Chris Lind, Zack House, Jon Ruzicka and Adam Lewis of Marcus & Millichap represented the sellers, Ben Ditzer and Bob Carlson of Triple Net Capital, and procured the buyer, a Florida-based real estate investment trust. The portfolio included a range of lease structures and ownership entities. Two additional assets were sold separately to private buyers prior to the sale of the remaining 18 properties.
MANKATO, MINN. — Kraus-Anderson has completed a new public works facility for Blue Earth County on a 40-acre greenfield site in Mankato, a city in southern Minnesota. Designed by ISG Architects, the $29.8 million facility features an 89,363-square-foot main building with office space, an exercise room, shop areas, locker rooms, garage parking, three overhead cranes and a multipurpose room for county and public use. The project also includes a 30,000-square-foot vehicle storage building, an 1,100-square-foot fuel island and a 14,000-square-foot salt and sand storage building with a 90,000-gallon water tank to supplement the fire suppression system for the campus. Construction began in October 2024.
LAKEVILLE, MINN. — A joint venture between PCCP and RPM Living has acquired Livery Modern Apartments, a 204-unit community in Lakeville, about 22 miles south of the Minneapolis central business district. Built in 2023, the property features 22 two-story buildings with a mix of floor plans that range from 868 to 1,505 square feet. Amenities include a pool, fitness center, pet park and bike repair station. The seller and sales price were undisclosed.
MAPLE GROVE, MINN. — CBRE has arranged the sale and acquisition financing for a 255,501-square-foot, two-property industrial portfolio in Maple Grove. Enclave purchased the portfolio from Artis REIT for $25.5 million. CBRE’s Judd Welliver, Bentley Smith, Zach Graham, Ryan Bain, Michael Caprile and Joe Horrigan represented the seller. CBRE’s Joel Torborg, Mike Vannelli and Billy Mork arranged a $15 million loan with a fixed interest rate and interest-only payments through a life insurance company. Located at 9200 Forestview Lane North and 9155 Cottonwood Lane, the properties are currently fully leased to two tenants.
