Minnesota

STILLWATER, MINN. — JLL Capital Markets has arranged the sale and financing of Rivertown Commons, a 96-unit Section 8 affordable seniors housing community situated along the St. Croix River in Stillwater. The seven-story building totals 55,800 square feet. Amenities include a game room, library and private garden patio. Josh Talberg and Doug Childers of JLL represented the seller, Dominium Management, and procured the buyer, an investment firm that specializes in affordable and workforce housing. The buyer plans to refresh the units and common areas in addition to extending the existing affordability restrictions. C.W. Early, Ken Dayton and Pat McMullen of JLL arranged acquisition financing through Freddie Mac.

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FRIDLEY, MINN. — Marcus & Millichap has arranged the $8.5 million sale of Highland Park, a 77-unit multifamily property in the Minneapolis suburb of Fridley. Located at 610 Osborne Road NE and built in 1969, the asset features a mix of one-, two- and three-bedroom units. Nine of the units are townhome-style layouts. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the undisclosed buyer and seller.

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ROSEVILLE, MINN. — Woodhouse Spa is scheduled to open at Rosedale Center in the Twin Cities suburb of Roseville in July. The luxury brand will open Minnesota’s only upscale spa, according to a news release. Rosedale Center, a 1.1 million-square-foot shopping center, recently welcomed tenants Lululemon, Anthropologie, Warby Parker, Hollister and Shake Shack. Dick’s Sporting Goods is slated to open in October. Holly Rome and Lane Walsh of JLL represented ownership in the lease with Woodhouse Spa, which operates more than 80 spas across the country. The Rosedale location is owned and operated by local resident Amy Adams.

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MARSHALL, MINN. — The U.S. Department of Energy Loan Programs Office has provided a $213.6 million loan guarantee to support the construction of Solugen’s Bioforge Marshall facility in Southwest Minnesota. The 500,000-square-foot facility will produce bio-based chemical products for use in wastewater treatment, industrial wastewater, construction, agriculture and the energy sector. The project is designed to reduce annual carbon emissions by up to 18 million kilograms compared with incumbent production methods. Construction began in April, and production at the facility is scheduled to begin in fall 2025. The development will create up to 100 jobs during construction and 56 full-time manufacturing jobs once fully operational.

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EAGAN, MINN. — Net Lease Office Properties (NLOP) has sold two office assets in the Minneapolis suburb of Eagan for gross proceeds totaling $60.7 million. The properties, which are leased to Blue Cross Blue Shield Inc., are located at 1800 and 3400 Yankee Doodle Road and total 347,472 square feet. Net proceeds after closing costs were used to repay approximately $48 million of JPMorgan’s senior secured mortgage and approximately $8 million on its mezzanine loan. Following the sale, NLOP owns 47 office properties, three of which are leased to Blue Cross Blue Shield.

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BURNSVILLE, MINN. — JLL Capital Markets has arranged the sale of Shalimar Estates, a 48-unit townhome rental community in Burnsville, about 15 miles south of downtown Minneapolis. Located at 13340 Parkwood Drive, the property features three-bedroom units within attached three-story buildings with garages on the ground level. Josh Talberg and Bill Mork of JLL represented the seller, Gaughan Cos. Shalimar Estates was part of Gaughan’s larger 800-unit Minnesota Legacy Apartment Portfolio.

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LAKEVILLE, MINN. — Davis Healthcare Real Estate has opened Lakeville Specialty Center, a 100,500-square-foot medical office building in the Minneapolis suburb of Lakeville. Located at 18645 Orchard Trail, the property is fully occupied by Allina Health and MNGI Digestive Health. The project was originally conceptualized in 2019 as a 50,000-square-foot building, however, based on strong leasing demand and commitments from the two tenants, the Davis team doubled the project size and scope. The project team included Davis Synergy Architecture Studio, Timco Construction, KOMA (structural engineer), Loucks (civil engineer and landscape design), Gilbert Mechanical (electrical engineer), BDH (interior design), Commercial Partners Title and Bridgewater Bank. Brian Bruggeman of Colliers represented Allina.

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MANKATO, MINN. — Newly organized firm NAI North Star has joined NAI Global to serve the Mankato and southern Minnesota commercial real estate market. Cate DeBates and other principals David Schooff, Eric Harriman and Joey Lund manage NAI North Star operations. Including brokers and staff, the company is comprised of 12 professionals having a combined 50 years of experience in commercial transactions. The group’s property management business operates under the brand Plaid Hat Management, while its development arm does business as Compass North Development. NAI North Star’s services include investment sales, leasing, asset management, development, property management and advisory services involving office, land, investment, industrial and multifamily. The firm especially focuses on turnkey development projects. The office also provides broker-opinion-of-value services, management consulting and 1031 exchange services. DeBates and Schooff were formerly agents at Coldwell Banker Commercial.

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WOODBURY, MINN. — CBRE has negotiated the sale of The Barrington, a 282-unit multifamily property in the Minneapolis suburb of Woodbury. The sales price was undisclosed. The property is located at 7255 Guider Drive near I-494, Woodbury Village shopping center and Tamarack Nature Preserve, a 150-acre city park. Built from 1998-2001, the community features a range of one- and two-bedroom floor plans averaging 932 square feet. Amenities include two heated pools, two community rooms, a fitness center in each building, cybercafe and dog park. Keith Collins, Abe Appert, Ted Abramson and Danny Baker of CBRE represented the seller, Tilden Fundamental Barrington Apartments LLC. The buyer was Nuveen Global Investments LLC.

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MINNEAPOLIS — EQT Exeter has acquired 20 industrial properties in metro Minneapolis from Prologis for an undisclosed price. EQT Exeter Industrial Value Fund VI was utilized for the acquisition. EQT Exeter plans to acquire an additional four properties by the final closing date. The portfolio consists of more than 5 million square feet and features a mix of bulk, light industrial and last-mile facilities with an average building size of more than 200,000 square feet. The buildings are located across four logistics submarkets and offer proximity to I-494 and I-694. The properties are 90 percent leased by 54 tenants, of which 20 percent are existing tenants within EQT Exeter’s portfolio. The entire transaction is expected to close in the second quarter. Josh McArtor and Caitlin Clinton of Eastdil Secured arranged the transaction with assistance from Michael Caprile and Jusdon Welliver of CBRE.

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