Minnesota

Kraus-Anderson Builds $18.8M Fire Station in Otsego, Minnesota

by Kristin Harlow June 3, 2026

OTSEGO, MINN. — Kraus-Anderson has completed a new $18.8 million fire station for the City of Otsego in metro Twin Cities. Designed by Wold Architects and Engineers, the 35,000-square-foot station features a central location for rapid response and community-centered spaces for educational events and engagement activities. The project includes large apparatus bays, gear storage and well-planned workflows for quick mobilization. Living quarters accommodate 24-hour staff. Dedicated training areas include new classrooms and spaces that allow firefighters to refine skills and host community safety programs such as CPR training and workshops. The project incorporates eco-friendly materials, energy-efficient lighting and water-saving fixtures. Construction began in June 2025.

June 3, 2026

Arizona Colorado Indiana Loans Minnesota Multifamily Top Stories

Harbor Group, Garrett Cos., Telis Group Receive $351M Refinancing for Multifamily Portfolio

by Hayden Spiess May 28, 2026

NORFOLK, VA. — Affiliates of Harbor Group International, in partnership with The Garrett Cos. and Telis Group, have received a $351 million loan for the refinancing of an eight-property multifamily portfolio across four states. ACRE, a vertically integrated real estate fund manager, provided the financing. Totaling 1,573 units, the portfolio is located in Arizona, Colorado, Indiana and Minnesota, with properties in the Denver, Colorado Springs, Phoenix, Indianapolis and Minneapolis metropolitan areas. The communities included in the portfolio were developed between 2024 and 2026 and are part of a larger, 11-property portfolio that was refinanced by the borrowers in January 2025. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Rimer, Michael Ianno, Nicholas Gillhooley, Craig West, Kevin Walsh and Holden Barry of Walker & Dunlop Capital Markets secured the loan on behalf of the borrowers. “This refinancing represents another important milestone for the portfolio and highlights the collaborative approach among all parties involved,” says Eric Garrett, CEO of The Garrett Cos. “We continue to see strong operating performance across the assets and remain confident in the long-term fundamentals supporting these markets.” Headquartered in Norfolk, Va., Harbor Group International is a privately owned global real estate investment and management …

May 28, 2026

Loans Midwest Minnesota Multifamily

Northmarq Provides $13.5M Refinancing for Two Multifamily Properties in Metro Twin Cities

by Kristin Harlow May 21, 2026

MAPLEWOOD, MINN. — Northmarq has provided a $13.5 million Fannie Mae DUS loan for the refinancing of Sherwood Glen and Keller Flats in Maplewood. The two garden-style multifamily properties total 165 units. Built in 1964 and 1966, Sherwood Glen and Keller Flats operate as naturally occurring affordable housing. All units are reserved for residents earning 60 percent or less of the area median income. Since acquiring the assets in 2021, Kentaurus Capital has invested in roof replacements, exterior upgrades, parking lot improvements and common area enhancements. Lucas Goring and Logan McCarthy of Northmarq originated the five-year loan on behalf of Kentaurus.

May 21, 2026

Leasing Activity Midwest Minnesota Retail

Four Retailers Open at 1.1 MSF Rosedale Center in Minnesota

by Kristin Harlow May 15, 2026

ROSEVILLE, MINN. — In April, Swavorski opened a 1,051-square-foot store and PacSun opened its newly remodeled 3,995-square-foot store at Rosedale Center, a 1.1 million-square-foot shopping mall in Roseville within metro Twin Cities. Later this month, Hammer Made will open its 576-square-foot store. Lastly, Abercrombie & Fitch will debut a 5,500-square-foot space this summer. Tenants that opened at the property in 2025 include Kendra Scott, J.Crew Factory, Johnston & Murphy, Lolli & Pops, Paris Baguette and BRKThrough. Lane Walsh and Holly Rome of JLL lead the leasing efforts at Rosedale Center.

May 15, 2026

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $5.1M Sale of Falcon View Apartments Near St. Paul

by Kristin Harlow May 11, 2026

FALCON HEIGHTS, MINN. — Marcus & Millichap has brokered the $5.1 million sale of Falcon View Apartments, a 36-unit multifamily property in Falcon Heights near the University of Minnesota’s St. Paul campus. Built in 1968, the asset consists of two 18-unit buildings with a mix of floor plans totaling 36,768 rentable square feet. Michael Jacobs, Abe Roberts and Tommy Hartwell of Marcus & Millichap represented the seller, a local ownership group. The property sold to a 1031 exchange buyer.

May 11, 2026

Leasing Activity Midwest Minnesota Retail

Pottery Barn to Open 12,500 SF Store at Rosedale Center in Metro Twin Cities

by Kristin Harlow April 30, 2026

ROSEVILLE, MINN. — Pottery Barn has signed a 12,500-square-foot lease to open at Rosedale Center, a 1.1 million-square-foot shopping mall in Roseville. The home furnishings retailer will occupy an exterior space and is slated to open in the third quarter of 2027. Holly Rome of JLL leads the leasing efforts for Rosedale Center and secured the lease with Pottery Barn, which is a member of the Williams-Sonoma Inc. portfolio of brands.

April 30, 2026

Acquisitions Midwest Minnesota Retail

Cushman & Wakefield Brokers $27.7M Sale of Shopping Center in Suburban Minneapolis

by Kristin Harlow April 28, 2026

EDEN PRAIRIE, MINN. — Cushman & Wakefield has brokered the $27.7 million sale of Prairieview Center, a 113,601-square-foot shopping center in Eden Prairie anchored by grocer Lunds & Byerlys. Evan Halkias, David Matheis and Zander Fried of Cushman & Wakefield represented the seller, United Properties. Phillips Edison & Co. Inc. was the buyer. Prairieview Center was built in 1986 and renovated in 2018. Additional tenants include Chase Bank, Culver’s and Starbucks.

April 28, 2026

Market Reports Midwest Midwest Market Reports Minnesota Office

In 2026, Twin Cities Office Market Is Sorting

by Kristin Harlow April 23, 2026

By Anders Pesavento, Cushman & Wakefield If you have ever been to a pro sports game or a concert and felt that collective buzz, you know exactly what I mean — it is electric. The kind of energy that makes you look around and think, right, this is why we do this. I felt it first-hand when the Cross Country Skiing World Cup came to Minneapolis in 2024, and more than 30,000 people packed into one place to cheer on the athletes. That day was a reminder you cannot replicate with a livestream or a group chat: humans feed off other humans. The office market is tapping into that same instinct, just in a quieter way. That is why the conversation has moved from whether office matters to which offices matter. It is not a blanket comeback. It is a sorting. We are not rewinding to 2019. Companies are using spaces differently and choosing buildings that help them recruit and retain talent. Hybrid schedules are real, but so is the need for culture, onboarding and collaboration that works best face-to-face. That shift makes “vacancy” a blunt instrument. Real vacancy is the space that is truly available in buildings that can …

April 23, 2026

Development Healthcare Midwest Minnesota

Kraus-Anderson Completes 10,000 SF Remodel at Lakeview Clinic in Waconia, Minnesota

by Kristin Harlow April 22, 2026

WACONIA, MINN. — Kraus-Anderson has completed an interior and exterior remodel of Lakeview Clinic in Waconia, about 35 miles southwest of Minneapolis. Designed by DSGW Architecture, the project includes a 10,000-square-foot renovation. Key updates included relocating the main entrance; phased enhancements to the waiting areas and registration desk; and the expansion and renovation of the OB/GYN and podiatry clinics as well as the optical shop. The project also added new patient parking, including handicap stalls directly adjacent to the new entrance. Lakeview Clinic is an independent, physician-owned multispecialty group that has served the area for 70 years. Lakeview also operates clinics in Chaska, Norwood and Watertown.

April 22, 2026

Acquisitions Industrial Midwest Minnesota

Peavey Road Partners Buys 42,886 SF Industrial Property in Chaska, Minnesota

by Kristin Harlow April 17, 2026

CHASKA, MINN. — Peavey Road Partners LLC has purchased a 42,886-square-foot industrial property at 4024 Peavey Road in Chaska for $3.1 million. The buyer plans to position the site for one of Minnesota’s first “mezzobusiness” cannabis cultivation, manufacturing and retail operations. The tenant will be Blom Inc., a Minnesota-based cannabis company pursuing a mezzobusiness license, the state’s most vertically integrated license type that allows for cultivation, manufacturing, processing, packaging and retail operations within a single platform. United Prairie Bank provided acquisition financing for the transaction. In addition, Peavey Road Partners plans to invest approximately $4 million for building improvements to convert the former industrial facility into a state-compliant cultivation and retail operation. Kai Thomsen, principal at Lee & Associates Twin Cities, and Wade Shatzer of Equimax created Peavey Road Partners to address the unique real estate and capital challenges specific to Minnesota’s cannabis industry. Hudson Brothen of Cushman & Wakefield represneted the seller of the property, Highland Development.

April 17, 2026

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