REBusinessOnline

Kraus-Anderson Completes $70M Renovation, Expansion of Science Facilities at Minnesota’s Gustavus Adolphus College

ST. PETER, MINN. — Kraus-Anderson Construction Co. has completed a $70 million renovation and expansion of Nobel Hall of Science at Gustavus Adolphus College in St. Peter, about 70 miles southwest of Minneapolis. Nobel Hall houses the departments of biology, chemistry, geography and geology, along with interdisciplinary programs in biochemistry, molecular biology and environmental studies. Designed by Hastings+Chivetta, the 182,828-square-foot project nearly doubled the building’s …

JLL Arranges $17.4M Sale of Affordable Housing Property in Duluth, Minnesota

DULUTH, MINN. — JLL Capital Markets has arranged the $17.4 million sale of Greysolon Plaza in Duluth in eastern Minnesota. The 150-unit affordable housing property features one-bedroom floor plans. Greysolon Plaza is a historic building that formerly housed the Hotel Duluth. Orbach Affordable Housing Solutions (OAHS) purchased the asset from Sherman Associates. Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller. OAHS plans to acquire 2,000 units in …

Marcus & Millichap Brokers $7.9M Sale-Leaseback of Gas Station Portfolio in Minnesota

MINNESOTA — Marcus & Millichap has brokered the sale-leaseback of a six-property gas station portfolio in Minnesota for $7.9 million. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller. The properties, which were recently converted from Murphy USA to BP, all serve as outparcels to Walmart supercenters throughout the

JLL Arranges $28M Refinancing for Multifamily Property in Suburban Minneapolis

MINNETONKA, MINN. — JLL Capital Markets has arranged a $28 million Fannie Mae loan for the refinancing of The Cliffs at Minnetonka in suburban Minneapolis. The 456-unit, garden-style multifamily property is located at 12300 Marion Lane in Minnetonka. Completed in 1988, the development includes six buildings on a 27.5-acre site. Brock Yaffe of JLL led the team representing the borrower, The Cliffs LP. The 10-year loan features a fixed

CounterpointeSRE Provides $5.5M C-PACE Financing for Apartment Development in Edina, Minnesota

EDINA, MINN. — Counterpointe Sustainable Real Estate (CounterpointeSRE) has provided a $5.5 million Commercial Property Assessed Clean Energy (C-PACE) loan to support the development of a 227-unit apartment project in Edina within metro Minneapolis. Dakota Pacific and Luxe Residential are developing the project. Located at 3250 W. 66th St., the six-story development will be named Millennium Sixty Six. Sustainability features to reduce electricity consumption and greenhouse gas emissions …

Upland Brokers $2.7M Sale of Property Occupied by Big O Tires in West St. Paul

WEST ST. PAUL, MINN. — Upland Real Estate Group Inc. has brokered the sale of a retail property occupied by Big O Tires in West St. Paul for $2.7 million. Constructed in 2001, the 7,554-square-foot building is located at 1973 S. Robert St. Buyer and seller information was not disclosed. West St. Paul is a first-ring suburb of St. Paul. There are more than 450 independently owned and operated Big O Tires locations in 23

Lakeview Methodist Starts Construction of $24M Skilled Nursing Facility in Minnesota

FAIRMONT, MINN. — Lakeview Methodist Health Care Services has started construction of a 72-bed skilled nursing facility in Fairmont, located in the southern part of Minnesota near the Iowa border. Wold Architects designed the two-story, 86,000-square-foot property, which Kraus-Anderson Construction will build. Development costs are estimated at $24 million. Construction is slated for completion by fall 2021. Located at 610 Summit Drive on Lakeview Methodist’s campus overlooking the Budd and …

Colliers Completes Acquisition of Mortgage Banker Dougherty

MINNEAPOLIS — Colliers International has completed its previously announced acquisition of a controlling interest in Dougherty Mortgage, Dougherty Funding, Dougherty & Co. and Dougherty Insurance Agency. Financial terms of the transaction were not disclosed. Dougherty’s senior leadership team will continue to drive operations and will remain significant shareholders. Headquartered in Minneapolis with more than 250 professionals operating from nine offices, Dougherty provides mortgage …

Dougherty Mortgage Provides $20.7M HUD Loan for Refinancing of Affordable Housing Property Near Minneapolis

ST. LOUIS PARK, MINN. — Dougherty Mortgage LLC has provided a $20.7 million HUD 221(d)(4) loan for the refinancing and rehabilitation of Oak Park Village, a 100-unit affordable housing property in St. Louis Park, just west of Minneapolis. All 100 units will be covered by a project-based Section 8 HAP contract. The property will undergo $4.7 million in renovations, including replacement of certain mechanical, plumbing and electrical systems and upgraded lighting. In addition to the HUD-insured …

Miller Architects & Builders Breaks Ground on 105-Unit Luxury Apartment Complex in Minnesota

ST. CLOUD, MINN. — Miller Architects & Builders has broken ground on Encore on the Park Apartments, a 105-unit luxury apartment complex in St. Cloud, about 65 miles northwest of Minneapolis. Located next to Heritage Park, the three-story project will include a courtyard, walking path and parking garage. The ground floor will house a mail center, community room and fitness center. The second and third floors will include a business center, yoga room and game room. Completion is slated for …

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