Friday, July 26, 2024
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Minnesota

AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges $3M Sale of Historic Apartment Building in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Marcus & Millichap has arranged the sale of Soleil Apartments in Minneapolis for $3 million. Located at 1425 LaSalle Ave. in the city’s Loring Park neighborhood, the property was built in 1914. Soleil Apartments features 41 apartment units and one retail unit that is leased until 2029. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the seller, Soleil Properties LLC. Jon Ruzicka, broker of record in Minnesota, assisted on the transaction. The undisclosed buyer offered to purchase the property on a contract for deed.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIndustrialMidwestMinnesota

Syndicated Equities Group Acquires 45,306 SF Winnebago Industries Innovation Center Near Minneapolis

by Kristin Harlow

SAVAGE, MINN. — Syndicated Equities has acquired the Winnebago Industries Innovation Center in Savage, about 20 miles south of Minneapolis. The property consists of a 45,306-square-foot, single-story industrial building that is fully net leased to Winnebago Industries. Originally constructed in 2017, the building underwent a renovation to Winnebago’s specifications in 2023 and now serves as the company’s primary research, development and testing facility. Winnebago utilizes the property for the creation of new prototypes, technology enhancements for its vehicles, data and connectivity upgrades, advanced materials construction and self-driving autonomy development. Syndicated also owns Winnebago’s corporate headquarters, which are located three miles northwest of the asset. Syndicated acquired the latest property in a Delaware Statutory Trust ownership structure to accommodate investors completing 1031 exchanges along with accredited individual investors.

Continue Reading
FacebookTwitterLinkedinEmail
Leasing ActivityMidwestMinnesotaRestaurantRetail

Gray Fox Coffee Opens at 1.2 MSF Dayton’s Project in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Gray Fox Coffee has opened at The Dayton’s Project, a 1.2 million-square-foot office and retail property located at 700 Nicollet Mall in Minneapolis. Owned by 601W Cos., The Dayton’s Project was originally built as the Dayton’s department store. The building now features amenities such as a gym, private lounges and rooftop terrace. Gray Fox Coffee occupies the building’s skyway level after six years of vacancy. The coffee shop, which marks the fourth location for the company, is open to tenants and the public, and features coffee, breakfast items and smoothies.  

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMidwestMinnesotaRetail

Marcus & Millichap Arranges $4.2M Sale of Retail Strip Center in Rochester, Minnesota

by Kristin Harlow

ROCHESTER, MINN. — Marcus & Millichap has arranged the sale of a Target-shadowed retail strip center in Rochester for $4.2 million. Located at 3801 Marketplace Drive NW just off Highway 52, the 8,780-square-foot property is fully occupied by Spectrum, Potbelly Sandwich Shop, Leann Chin and Infinity Nails. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the undisclosed buyer and seller.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentHealthcareMidwestMinnesota

Davis Opens 36,100 SF Surgical Facility in Eagan, Minnesota

by Kristin Harlow

EAGAN, MINN. — Davis Healthcare Real Estate has opened Eagan Specialty Center, a 36,100-square-foot surgical facility in the Minneapolis suburb of Eagan. Located at 2975 Holiday Court, the building serves as the new home of Midwest Surgery Center, which occupies 27,000 square feet. Anne Madyun of Davis is marketing the available 9,000-square-foot space for lease. The project team included Synergy Architecture Studio and Timco Construction. Midwest Surgery Center, a joint venture between St. Paul Eye Clinic and Midwest ENT, relocated and expanded from its previous facility in Woodbury.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentLoansMidwestMinnesotaMultifamilySeniors Housing

PACE Loan Group Originates $7.1M C-PACE Loan for Construction of Senior Living Facility in Minnesota

by Kristin Harlow

ST. FRANCIS, MINN. — PACE Loan Group has provided a $7.1 million C-PACE loan for the construction of Vista Prairie at Eagle Pointe, a 134-unit senior living community in St. Francis, a northern suburb of Minneapolis. The 20-year loan complements a $30 million qualified tax-exempt loan on the project using Series 2023A Bonds with Sunrise Bank as the senior lender. Located at 23440 Ambassador Blvd., the property will feature 49 independent living units, 43 assisted living units, 24 memory care units and eight care suites. Completion is slated for 2025. Total project costs are estimated at $47.6 million. The PACE proceeds will be used to finance energy conservation and renewable energy measures, including the building envelope, Energy Star windows, HVAC, high-efficiency plumbing and lighting systems and controls. The renewable and energy conservation measures are expected to save $368,613 annually with payback in 20 years. Vista Prairie Communities is both the property manager and services provider for the project. Additional project partners include Pope Architects and Bauer Design Build.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMidwestMinnesotaMultifamilySeniors Housing

SLIB Negotiates Sale of 20-Unit Assisted Living Community in Alexandria, Minnesota

by Kristin Harlow

ALEXANDRIA, MINN. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Diamond Willow Assisted Living & Memory Care, a 20-unit community in Alexandria, about 130 miles northwest of Minneapolis. The sales price was undisclosed. Built in 2006, the 15,483-square-foot community sits on nearly three acres. A private equity firm divesting of a geographic outlier sold the asset to a nonprofit looking to expand in Minnesota. Jason Punzel, Vince Viverito, Brad Goodsell and Jake Anderson of SLIB brokered the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialMidwestMinnesota

Opus Breaks Ground on 132,200 SF Spec Industrial Facility in Dayton, Minnesota

by Kristin Harlow

DAYTON, MINN. — The Opus Group has broken ground on Dayton Parkway Business Center in Dayton, a northwest suburb of the Twin Cities. The 132,200-square-foot speculative industrial facility will be located at 17600 Territorial Road near the new Dayton Parkway Interchange and I-94. TurbinePROs, a provider of field services for rotating equipment manufacturers, has signed a lease for more than 87,000 square feet. The property will feature 19 dock doors, four drive-in doors, a clear height of 28 feet, 136 vehicle parking stalls and 14 trailer parking stalls. Opus is the developer, design-builder, architect and structural engineer. Dan Swartz and Austin Lovin of CBRE are marketing the space for lease. Completion is slated for early 2025.

Continue Reading
FacebookTwitterLinkedinEmail
CivicDevelopmentMidwestMinnesota

Kraus-Anderson Begins $40.2M Middle School Renovation Project in St. Paul, Minnesota

by Kristin Harlow

ST. PAUL, MINN. — Kraus-Anderson has begun an extensive renovation project for St. Paul Public Schools at Hidden River Middle School and Wilson School, which will serve as a temporary location for the school community while Hidden River is remodeled. The combined construction cost of both projects is $40.2 million. Designed by DLR Group, the 98,491-square-foot project will feature a full interior remodel for Hidden River, including new mechanical and electrical systems. A 3,600-square-foot addition will create a new main entrance at the northeast corner of the building, and a 7,200-square-foot addition will expand the kitchen, loading dock and mechanical room. Completion is slated for fall 2025.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentLoansMidwestMinnesotaMultifamily

Wells Fargo Provides $65.5M in Construction Financing for Affordable Housing Project in South Minneapolis

by Kristin Harlow

MINNEAPOLIS — Wells Fargo has provided $65.5 million in construction financing for Opportunity Crossing. The 110-unit affordable housing project marks the first mixed-use affordable housing development to be built in South Minneapolis since the 2020 social uprisings, according to a news release. In addition to the units, the six-story property will feature first-floor commercial space for small businesses and a new Wells Fargo branch. Wells Fargo’s Community Lending and Investment Group provided $29.5 million in total construction financing, a $6.5 million permanent loan commitment and a $24.5 million Low-Income Housing Tax Credits equity investment. The redevelopment at 3030 Nicollet Ave. is the result of a community outreach process that included eight community listening sessions hosted by the developer, Project for Pride in Living, as well as the Cultural Wellness Center and Wells Fargo.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts