REBusinessOnline

Colliers Mortgage Provides Three HUD Loans Totaling $18.8M for Age-Restricted Properties in Iowa, Minnesota

CEDAR FALLS AND MARSHALLTOWN, IOWA, AND AUSTIN, MINN. — Colliers Mortgage has provided three HUD 223(a)(7) loans totaling $18.8 million for the refinancing of three age-restricted multifamily properties in Iowa and Minnesota. The properties, totaling 162 units, include Village Cooperative of Cedar Falls, Village Cooperative of Marshalltown and Village Cooperative of Austin. The market-rate communities are restricted to residents age 62 and older. The refinancing enabled the undisclosed …

Best Buy’s Comparable Sales Grow 23 Percent in Third Quarter

RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its comparable store sales grew 23 percent in the third quarter versus the same period a year ago, a figure CEO Corie Barry called “remarkable.” The Richfield, Minn.-based retailer’s third quarter ended Oct. 31. Barry cited the company’s supply chain expertise, flexible store operating model and ability to shift quickly to digital for the growth in sales. Best Buy’s domestic online sales grew 174 percent in the third …

Monument Capital Management Acquires Apartment Property Near Minneapolis for $19.7M

SHAKOPEE, MINN. — Monument Capital Management has acquired White Pines Apartments in Shakopee, about 25 miles south of Minneapolis, for $19.7 million. The 123-unit apartment property, built in 1999, is located at 1321-1364 Eagle Creek Blvd. It features one-, two- and three-bedroom units. Amenities include a fitness center, laundry facility, patio areas and Amazon Hub lockers. Ted Bickel of Colliers International represented the seller, Abacus Capital Group. Monument plans to implement a …

Grandbridge Arranges $8.9M in Refinancing Loans for Two Multifamily Assets in Minnesota

SARTELL, MINN. — Grandbridge Real Estate Capital has arranged two loans totaling $8.9 million for the refinancing of two multifamily assets in Sartell near St. Cloud. Tony Carlson of Grandbridge arranged a $3.8 million loan for a 52-unit townhome property and a $5.1 million loan for an 82-unit apartment complex. Both loans feature fixed rates and 15-year terms. A life insurance company provided the loans on behalf of the undisclosed

Target’s Third-Quarter Sales Grow 20.7 Percent, Shoppers Enjoy ‘One-Stop Solution’

MINNEAPOLIS — Citing its multiple shopping channels and merchandising mix, Target Corp. (NYSE: TGT) reported Wednesday that its third-quarter comparable sales grew 20.7 percent compared with the same period a year ago. Digital comparable sales soared 155 percent, accounting for 10.9 percentage points of Target’s comparable sales growth. Same-day services such as order pickup grew 217 percent.“Our strong results in 2020 reflect the benefits of our multi-year effort to build a durable …

Lupe Development Partners, Ecumen to Develop 118-Unit Affordable Seniors Housing Community in Edina, Minnesota

EDINA, MINN. — The Edina Housing Foundation has selected Lupe Development Partners and Ecumen to develop 118 units of affordable seniors housing in Edina. The project will be built on a parcel of land near Southdale Mall that the foundation owns. With rents ranging from $650 to $1,600, the proposed development will be affordable to seniors with household annual incomes ranging from $22,000 to $58,000. Ecumen will manage the property upon completion. The project team will work with the City of …

KW Commercial Arranges $1.6M Sale of Industrial Building in Burnsville, Minnesota

BURNSVILLE, MINN. — KW Commercial has arranged the $1.6 million sale of a 24,000-square-foot industrial building in Burnsville, about 17 miles south of Minneapolis. The property is situated on 1.8 acres along Riverwood Drive. Andy Manthei and Matt Klein of KW Commercial’s Apple Valley office represented the seller, Linvill Riverwood LLC, an affiliate of Minnetonka-based Linvill Properties Inc. Buyer information was

Upland Brokers $20M Sale of Retail Property Occupied by Fleet Farm in Minnesota

MONTICELLO, MINN. — Upland Real Estate Group has brokered the $20 million sale of a 188,000-square-foot retail property occupied by Fleet Farm in Monticello, about 40 miles northwest of Minneapolis. The single-tenant, net-leased building is situated near I-94. Fleet Farm has 19 years remaining on its lease. The retailer operates 45 stores in five states and sells a variety of sports and outdoor equipment, appliances, automotive goods, apparel, hardware, tools and farm supplies. Keith Sturm, …

Timberland Partners Purchases 205-Unit Luxury Apartment Property in Rochester, Minnesota

ROCHESTER, MINN. — Timberland Partners has purchased Preserve on Maine, a 205-unit luxury apartment property in Rochester near Minneapolis. The purchase price was undisclosed. Built in 2017, the community is located at 4010 Maine Ave. SE. The seller, Harbor Bay Real Estate Advisors, was also the property’s developer. Amenities include a fitness center, outdoor heated pool, entertainment room, dog run, pet spa and walking trails. There is also a daily shuttle service to the Mayo Clinic. Ted …

Opus Completes 218-Unit Apartment Building in Minneapolis

MINNEAPOLIS — The Opus Group has completed construction of Vesi, a 218-unit apartment building in the North Loop neighborhood of Minneapolis. The six-story property features a mix of studio, one-bedroom, two-bedroom and penthouse units. Amenities include a rooftop terrace, pool and spa, fitness room, library, dog wash and golf simulator. Opus served as developer, design-builder, architect and engineer. ESG Architects was the design architect and interior designer. Vesi is the fifth …

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