REBusinessOnline

Kraus-Anderson Completes Construction of $50M Middle School in Cottage Grove, Minnesota

COTTAGE GROVE, MINN. — Kraus-Anderson has completed the construction of Oltman Middle School in Cottage Grove. The $50 million school opened to students this month and replaces the former school in St. Paul Park. The facility can currently accommodate as many as 1,100 students in grades 6-8 with future expansion capabilities for as many as 1,450 students. Each grade level is housed in its own two-story section of the building. Designed by architects Rego + Youngquist, the 188,000-square-foot …

Influx of Supply Begins to Impact Minneapolis Multifamily Market

Like several other markets across the country, the Twin Cities is experiencing the peak of the post-recession construction cycle. However, the traditionally tight multifamily market is in one of the best positions to absorb new units. In fact, Minneapolis-St. Paul has consistently reported one of the lowest vacancy rates in the nation due to a strong economic base and pent up demand for new units. Metro Minneapolis is the second-largest economic center in the Midwest and the local economy …

Noble, Simon Open Homewood Suites by Hilton Hotel in Edina, Minnesota

EDINA, MINN. — Noble Investment Group and Simon Property Group have opened a Homewood Suites by Hilton hotel in Edina. The 146-room hotel is located within the Southdale Center mixed-use project. The property features a business center, fitness center, pool, lobby bar and outdoor courtyard. Southdale Center is also home to a luxury apartment development. Shake Shack is slated to open this fall followed by home furnishing retailer RH next

Investcorp Acquires 56 Industrial Properties Across U.S. for $300M

NEW YORK CITY — The American investment team of Bahrain-based Investcorp has acquired 56 industrial properties totaling approximately 4.5 million square feet across seven major American markets. The purchase price was roughly $300 million. The portfolio includes nine warehouses in Minneapolis; 16 warehouse/flex buildings in Dallas; 14 warehouse/manufacturing buildings in Chicago; nine warehouse and flex buildings in Philadelphia and Delaware; five warehouse/manufacturing buildings in …

Ackerberg Purchases 26,854 SF Mixed-Use Building in Minneapolis

MINNEAPOLIS — Ackerberg has purchased the Williams Pub building in the Uptown neighborhood of Minneapolis for an undisclosed price. The 26,854-square-foot mixed-use building is located at 2909-2911 Hennepin Ave. Ackerberg plans to rename the building The Carling, as the property once housed The Carling Hotel. The new owner plans to renovate the lobby and façade in order to differentiate the office portion from the space occupied by Williams Pub. Mary Burnton and Teresa Lingg of Newmark …

Four Springs Capital Trust Acquires Two Automotive Service Properties in Minnesota, Ohio

BLOOMINGTON, MINN. AND MILFORD, OHIO — Four Springs Capital Trust (FSCT) has acquired two automotive service centers for an undisclosed price. One of the properties is a collision repair center leased to ABRA Auto Body & Glass in Bloomington, Minn. The other is a tire and service center occupied by AAA in Milford, Ohio. Sellers of the properties were not disclosed. New Jersey-based FSCT is an internally managed, private real estate investment trust focused on acquiring a portfolio of net …

Kraus-Anderson Completes $21.9M Special Education School in St. Paul

ST. PAUL, MINN. — Kraus-Anderson Construction Co. has completed RiverEast, a $21.9 million special education school in St. Paul. Located at 1055 Mackubin St., the 71,100-square-foot school will open in September and serve students in grades K-8. A maximum of 80 students will be enrolled in the school. Health and education design firm BWBR designed the school. Saint Paul Public Schools was the

Marcus & Millichap Brokers $4.6M Sale of Industrial Property in St. Paul

ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of an 87,044-square-foot industrial property in St. Paul for $4.6 million. Located at 195-215 Sycamore St., the property includes two freestanding warehouses with a fully paved and fenced outside storage space. Sean O’Brien and John Godwin of Marcus & Millichap marketed the property on behalf of the seller, a private investor. An out-of-state investor was the buyer. O’Brien also assisted the seller in negotiating an …

U.S. Bank Provides $5M in Construction Financing for Learning Center in St. Paul

ST. PAUL, MINN. — U.S. Bancorp Community Development Corp. has provided $5 million in construction financing for Junior Achievement of the Upper Midwest’s new learning center in St. Paul’s Midway district. The 50,000-square-foot facility will double the organization’s teaching capacity to 34,000 middle and high school students each year. The federal New Markets Tax Credit from U.S. Bank is part of Junior Achievement’s $20 million fundraising effort. The new center will house a …

Vomela Cos. to Build New Headquarters in St. Paul, Minnesota

ST. PAUL, MINN. — The Vomela Cos. has unveiled plans to build a new corporate headquarters in St. Paul. The full-service specialty graphics provider, which has operated in St. Paul since 1947, will consolidate its four Twin Cities’ facilities into the new location. The 300,000-square-foot building will be located within Beacon Bluff Business Center on the site of 3M’s former campus. RJ Ryan Construction Inc. is serving as general contractor for the project. Construction began this month. …

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