Davis Breaks Ground on 100,500 SF Specialty Clinic in Lakeville, Minnesota

LAKEVILLE, MINN. — Minneapolis-based developer Davis, along with MNGI Digestive Health and Allina Health, have broken ground on Lakeville Specialty Center in suburban Minneapolis. The 100,500-square-foot clinic and surgery center is slated to open in fall 2023. Allina signed a lease for 60,000 square feet in the specialty center and 18,500 square feet in the surgery center. The clinic will offer 20 Allina specialties, including orthopedics, oncology, women’s health and cardiology. In …

Colliers Mortgage Originates $14.2M HUD-Insured Loan for Refinancing of Metro Minneapolis Apartments

SPRING LAKE PARK, MINN. — Colliers Mortgage has originated a $14.2 million HUD 223(f) loan for the refinancing of Northtown Village Apartments in Spring Lake Park, about 12 miles north of Minneapolis. The 161-unit apartment complex features amenities such as a pool, playground and onsite laundry facilities. The loan features a 35-year term and a 35-year amortization schedule. An entity doing business as Northtown Village LLLP was the

Colliers Mortgage Provides $21M in Construction Financing for Minneapolis Affordable Housing Property

MINNEAPOLIS — Colliers Mortgage has provided a $21 million Fannie Mae Forward Conversion loan for the construction of Gateway Northeast in Minneapolis. The 128-unit affordable housing property is situated in the Riverfront District. Amenities include a lounge, business center, rooftop patio, fitness room, dog wash and outdoor patio. CommonBond Communities, a St. Paul-based nonprofit, is the developer. The loan features a 15.75-year term and a 480-year amortization

Associated Bank, Old National Bank Provide $65M in Construction Financing for Apartment Complex in Minnesota

BLOOMINGTON, MINN. — Associated Bank and Old National Bank have provided $65 million in construction financing for Carbon 31, a 403-unit apartment complex in the Minneapolis suburb of Bloomington. The project will also include a 14,500-square-foot retail space to be occupied by Oxendale’s Market. Of the 403 units, 36 will be designated for renters earning up to 60 percent of the area median income. Completion is slated for January 2024. Each bank provided 50 percent of the total financing. …

Colliers Mortgage Provides $7.4M Loan for Refinancing of Multifamily Building in Minneapolis

MINNEAPOLIS — Colliers Mortgage has provided a $7.4 million Fannie Mae loan for the refinancing of Apt on Essex, a 58-unit multifamily building in Minneapolis. The property offers micro-units and is located within walking distance of a Fresh Thyme grocery store. The 10-year loan features a 30-year amortization schedule. An entity doing business as J2 Catapult LLC was the

JLL Brokers $278M Sale of Eight-Property Grocery-Anchored Retail Portfolio

OAK BROOK, ILL. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc.The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post.The properties span 687,000 square feet and include: Olde Ivy …

Davis, Allina Health Open 40,000 SF Surgery Center in Suburban Minneapolis

BROOKLYN PARK, MINN. — Minneapolis-based developer Davis and Minnesota-based health system Allina Health have opened 610 Medical, a 40,000-square-foot ambulatory surgery center in the Minneapolis suburb of Brooklyn Park. The two-story property is located at 6001 96th Lane. Allina Health leases most of the second floor. Minneapolis-based Synergy Architecture Studio served as architect and Plymouth, Minn.-based Timco Construction Inc. was the general

NAI Legacy Arranges $3.4M Sale of Raising Cane’s Ground Lease in Maplewood, Minnesota

MAPLEWOOD, MINN. — NAI Legacy has arranged the sale of a Raising Cane’s Chicken Fingers ground lease in Maplewood near Minneapolis for $3.4 million. The ground lease for the newly constructed, single-tenant property is for 15 years. The building is located at 3065 White Bear Ave. Michael Houge of NAI Legacy represented the undisclosed seller, while Ken Tsukahara of Colliers represented the California-based buyer. Raising Cane’s operates more than 600 restaurants across the

Taco Bell Opens New Drive-Thru Prototype in Brooklyn Park, Minnesota

BROOKLYN PARK, MINN. — Taco Bell has opened its new and innovative drive-thru prototype in the Minneapolis suburb of Brooklyn Park. Coined Taco Bell Defy, the two-story restaurant features four drive-thru lanes. A proprietary vertical lift transports food items straight from the kitchen to guests. The drive-thru experience at Taco Bell Defy is designed to be two minutes or less. The restaurant was built in partnership with longtime franchisee Border Foods. Minneapolis-based Vertical Works …

Northwestern Mutual to Relocate Within Capella Tower in Downtown Minneapolis

MINNEAPOLIS — The local Minneapolis firm of Northwestern Mutual will relocate within Capella Tower in downtown Minneapolis. The firm will swap its space on the 29th and 30th floors for newly designed space on the 44th and 45th floors spanning 34,000 square feet. Larissa Bodine and Ann Rinde of CBRE represented ownership, Shorenstein Properties, while Emily Nicoll and Erin Hoeg of CBRE represented the tenant.Shorenstein recently upgraded the 53-story Capella Tower to include a …

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