REBusinessOnline

JLL Arranges Sale of 212-Unit Apartment Property in Downtown Minneapolis

MINNEAPOLIS — JLL Capital Markets has arranged the sale of Eitel Apartments in downtown Minneapolis for an undisclosed price. The 212-unit apartment property is located at 1367 Willow St. and overlooks Loring Park. The community consists of three buildings, one of which is a repurposed historic building that formerly housed Eitel Hospital. Unit sizes average 800 square feet. Amenities include a rooftop deck, sky lounge, fitness center, yoga studio, billiards room, sauna and two-level parking …

Dougherty Mortgage Provides $53.5M Construction Loan for Townhome Project in Woodbury, Minnesota

WOODBURY, MINN. — Dougherty Mortgage LLC has provided a $53.5 million HUD 221(d)(4) loan for the construction of Sundance at Settler’s Ridge, a 218-unit rental townhome project in Woodbury. Situated on a 23.2-acre site, the project will encompass 23 two-story buildings. Plans also call for a 4,300-square-foot clubhouse with a kitchen, coffee bar and fitness center. Additional amenities will include a pool, fire pit, dog park, dog spa and community garden. Dougherty originated the 40-year …

Americold Realty Trust Acquires Cold Storage Facility in St. Paul for $56M

ST. PAUL, MINN. — Americold Realty Trust (NYSE: COLD) has acquired Newport-St. Paul Cold Storage, a 6.1 million-cubic-foot cold storage facility in St. Paul for $56 million. The temperature-controlled property is located on I-494. The site offers three acres of adjoining land available for expansion. Separately, Americold has closed on its previously announced acquisition of Nova Cold Logistics, an owner and operator of three facilities in

Dominium Acquires 120,000 SF Office Building in Minnetonka, Minnesota

MINNETONKA, MINN. — Dominium has acquired Crest Ridge, a 120,000-square-foot office building in Minnetonka. The purchase price was undisclosed. Dominium, a Minnesota-based apartment owner, developer and manager, plans to relocate its corporate office to the building and occupy approximately half of the property. Dominium also plans to begin renovating the building early this year. Constructed in 2009, Crest Ridge was formerly home to Syngenta

Marcus & Millichap Negotiates $1.7M Sale of Apartment Building in Suburban Minneapolis

SAINT LOUIS PARK, MINN. — Marcus & Millichap has negotiated the sale of Idaho Flats in Saint Louis Park for $1.7 million. The 12-unit apartment building is located at 1328 Idaho Ave. in the Eliot neighborhood of Saint Louis Park, a western suburb of Minneapolis. Built in 1964, the asset was remodeled in 2019. It includes 11 one-bedroom units totaling 750 square feet each and one studio totaling 250 square feet. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap brokered …

Marcus & Millichap Arranges $1.7M Sale of Net-Leased Arby’s Property in Minnesota

AUSTIN, MINN. — Marcus & Millichap has arranged the $1.7 million sale of a 3,713-square-foot property net leased to Arby’s in Austin, approximately 40 miles southwest of Rochester in southern Minnesota. Tom Gommels of Marcus & Millichap’s Minneapolis office marketed the single-tenant building, located at 1305 18th Ave. NW, on behalf of the seller, a limited liability company. Chad Lieber of Marcus & Millichap’s Newport Beach office secured and represented the buyer, an …

Marcus & Millichap Negotiates $4.2M Sale of Apartment Property in Minnesota

MANKATO, MINN. — Marcus & Millichap has negotiated the $4.2 million sale of The Edge in Mankato in southern Minnesota. The 48-unit apartment property is located at 1902 Warren St. Built in 1967, the asset features 24 one-bedroom units and 24 two-bedroom units. Chris Collins, Evan Miller and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the private

Upland Negotiates Sale of Minneapolis Office Building for Affordable Housing Project

MINNEAPOLIS — Upland Real Estate Group Inc. has negotiated the sale of the Rockler Fur building in downtown Minneapolis for an undisclosed price. The buyer, Beacon Interfaith Housing Collaborative, plans to convert the property into 48 units of affordable housing. The seven-story, 38,305-square-foot building was originally built as a Printer’s Exchange building in 1915 with a Gothic Revival style. Rockler Fur has occupied the property since the 1940s. Upland will also represent Rockler in …

DRA Advisors, Wildamere Capital to Renovate, Rename Office Towers in Downtown Minneapolis

MINNEAPOLIS — Owners DRA Advisors and Wildamere Capital Management plan to renovate and rename the office towers located at 900 and 920 S. Second Ave. in downtown Minneapolis. Previously known as Oracle and International Centre, the new name for the 622,173-square-foot property will be Forum. Plans call for an overhaul of the multi-story atrium and construction of a new skyway lounge with conference facilities and spec suites. Construction is expected to begin before the end of the year and …

CCRP Purchases Three-Building Office Complex in Edina, Minnesota in Sale-Leaseback with Regis

EDINA, MINN. — City Center Realty Partners (CCRP), in a joint venture with Contrarian Capital Management, has purchased a three-building office complex in Edina. Seller Regis Corp. will lease back a portion of the 180,000-square-foot campus through part of 2020. The 11-acre property is located on Metro Boulevard. Marc Nanne and Steve Buss of JLL represented CCRP in the transaction. CCRP plans to renovate two of the buildings. The 105,000-square-foot, nine-floor 7201 Metro Boulevard building …

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