REBusinessOnline

Kraus-Anderson Completes $38M Iron Trail Motors Event Center in Minnesota

VIRGINIA, MINN. — Kraus-Anderson has completed construction of the Iron Trail Motors Event Center at 819 S. 9th Ave. in the northern Minnesota town of Virginia. The $38 million project converted the former Miners Memorial Facility into a regional convention center that will be utilized for concerts, tradeshows, events and meetings. The project for the City of Virginia pays tribute to the city’s mining history by incorporating elements into the exterior such as taconite, iron colors and …

Pelican BioThermal Signs 117,242 SF Industrial Lease in Suburban Minneapolis

MAPLE GROVE, MINN. — Pelican BioThermal has leased 117,242 square feet of distribution and production space at 10100 89th Ave. in Maple Grove, a suburb of Minneapolis. The company manufactures temperature-controlled packaging solutions for the transport of pharmaceuticals, vaccines, ventilators and blood supplies. Pelican BioThermal is expanding and relocating its headquarters from 70,000 square feet in Plymouth, Minn. Jared Scaringe, Ryan Foley and Mike Bowen of CBRE represented the tenant …

Davis Breaks Ground on 16,147 SF Medical Office Building in Wayzata, Minnesota

WAYZATA, MINN. — Healthcare real estate firm Davis has broken ground on a 16,147-square-foot medical office building in Wayzata, a western suburb of Minneapolis. To date, Tailwind Pediatric Dentistry and Lorenz Clinic have signed leases, filling the entire second floor of the two-story building, which will be situated at 1120 E. Wayzata Blvd. Completion is slated for August 2022. Davis will provide property management and leasing services. Minneapolis-based Synergy Architecture Studio is the …

Joint Venture Receives $250M in Financing for 1.2 MSF Dayton’s Redevelopment Project in Downtown Minneapolis

MINNEAPOLIS — The Telos Group and 601W Cos. have received $250 million in financing for The Dayton’s Project, a historic redevelopment of 700 Nicollet Mall in downtown Minneapolis. The 12-story property was previously occupied by Dayton’s department store, which rebranded as Macy’s in 2004 before closing its doors in 2017.The 1.2 million-square-foot project will include office space, 200,000 square feet of dining and retail, and a 45,000-square-foot food hall and market. Office …

D2 Capital Advisors Arranges $11.5M Bridge Loan for Minneapolis Multifamily Property

MINNEAPOLIS — D2 Capital Advisors has arranged an $11.5 million bridge loan for LH44, a 36-unit multifamily property located at 2618 W. 44th St. in Minneapolis. The luxury community is located in the Linden Hills neighborhood and features direct access to Lake Harriet. The property was 72 percent occupied at the time of loan closing. Jack Cortese and David Frankel of D2 arranged the loan with a New York-based debt fund. The loan proceeds provided cash-out to the borrowers, while also fully …

Kraus-Anderson Completes $31.4M Renovation of St. Louis Park Middle School in Minnesota

ST. LOUIS PARK, MINN. — Kraus-Anderson has completed a $31.4 million renovation and expansion of St. Louis Park Middle School in the western Minneapolis suburb of St. Louis Park. The scope of the project, designed by Cuningham Group Architecture, features 46,243 square feet of additions and 44,732 square feet of renovations. The project includes a new auditorium with front offices for senior staff, a remodeled kitchen, new cafeteria, new classrooms, new gathering spaces, a second-floor …

Davis Negotiates Sale of 19,124 SF Medical Office Building in Suburban Twin Cities

SHAKOPEE, MINN. — Davis has negotiated the sale of Dean Lakes Health Building in Shakopee, a southwest suburb of the Twin Cities. The sales price was undisclosed. The 19,124-square-foot medical office building rises one story and is located at 4201 Dean Lakes Blvd. Allina Health, Edina Eye Physicians & Surgeons PA and Caravel Autism fully occupy the property. Jill Rasmussen of Davis represented the undisclosed seller. A partnership between Chicago-based Harrison Street and …

Kentaurus Capital Acquires 80-Unit Multifamily Property in Suburban Twin Cities

BROOKLYN CENTER, MINN. — Kentaurus Capital has acquired Evergreen Park Manor, an 80-unit multifamily property in the Twin Cities suburb of Brooklyn Center. The purchase price was undisclosed. Completed in 1980, the property consists of four buildings. Recent upgrades include new flooring, trim, appliances, backsplashes and fixtures. Drew Rafshol and Ted Abramson of CBRE Minneapolis Multifamily represented the seller, ASK

CA Ventures, Harlem Irving Begin Pre-Leasing 270 Hennepin Apartment Tower in Minneapolis

MINNEAPOLIS — CA Ventures and Harlem Irving Cos. have started pre-leasing 270 Hennepin, a 22-story apartment tower located at 270 Hennepin Ave. in downtown Minneapolis. First move-ins are scheduled for this fall. The project features 346 apartment units and 20,000 square feet of retail space on the first floor. In addition to floor plans ranging from studios to three-bedroom units, there are two- and three-bedroom penthouse units. Amenities include an indoor pool, outdoor sky terrace, movie …

Target to Add 160 Disney Shops Ahead of Holiday Season

MINNEAPOLIS — Minneapolis-based Target Corp. (NYSE: TGT) has unveiled plans to expand to over 160 Disney at Target stores across the country by the end of the year. Guests will find toys from popular Disney properties, including Star Wars and Raya and the Last Dragon. The announcement comes on the heels of Target's launch of Ulta Beauty "shop-in-shop" concepts earlier this month. Target operates roughly 1,900 stores across the U.S. The retailer began opening Disney shops in select locations …

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