Minnesota

JLL Brokers Sale of 204-Unit Multifamily Community in Eden Prairie, Minnesota

by Kristin Harlow March 11, 2025

EDEN PRAIRIE, MINN. — JLL Capital Markets has brokered the sale of Cascade at Town Center, a 204-unit multifamily community in the Minneapolis suburb of Eden Prairie. The property was built in 2001 with 18 additional units added in 2018. Units average 1,158 square feet. Amenities include a gym, clubroom, indoor pool, courtyard and garage parking. Josh Talberg, Joseph Peris and Mark Stern of JLL represented both the seller, a joint venture between Harbert Management and Magellan Investment Partners, and the buyer, FPA Multifamily. Elliott Throne and Scott Loving of JLL originated acquisition financing through Freddie Mac.

March 11, 2025

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Brokers $8.2M Sale of Two Retail Buildings in Metro Minneapolis

by Kristin Harlow March 7, 2025

COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has brokered the $8.2 million sale of two newly constructed retail buildings in the Minneapolis suburb of Coon Rapids. The transaction included a 3,893-square-foot, single-tenant property occupied by Café Zupas and a 6,297-square-foot, two-tenant building home to Dave’s Hot Chicken and Chapter Aesthetic Studio. Both properties feature drive-thrus and are located at the signalized entrance to Riverdale Commons, a shopping center anchored by Target and Home Depot. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with Robert Wise and Jeff Jiovanazzo of CBRE, represented the seller, TOLD Development Co. Curbline Properties was the buyer.

March 7, 2025

Acquisitions Midwest Minnesota

Transwestern Arranges Sale of Bethany Global University Campus in Bloomington, Minnesota

by Kristin Harlow March 5, 2025

BLOOMINGTON, MINN. — Transwestern Real Estate Services has arranged the sale of the Bethany Global University campus in the Minneapolis suburb of Bloomington. Substance Church purchased the 32.7-acre campus, which features 341,036 square feet across 16 buildings, for an undisclosed price. Owner-user Substance Church is a mission-driven organization that intends to use the property for purposes similar to Bethany Global University. The land is zoned for institutional and religious purposes, and Substance Church plans to repurpose many of the existing apartment, dormitory, educational and support services buildings. The property, which had been under Bethany’s ownership since the 1940s, was made available for sale as part of a strategic restructuring initiative. The university recently shifted from an in-person learning environment to an online platform. Mike Salmen and Erik Coglianese of Transwestern represented Bethany Fellowship.

March 5, 2025

Leasing Activity Midwest Minnesota Office

Meyer Borgman Johnson Signs Full-Floor Office Lease at RSM Plaza in Minneapolis

by Kristin Harlow February 27, 2025

MINNEAPOLIS — Meyer Borgman Johnson has signed a long-term office lease to occupy the 20th floor of RSM Plaza in Minneapolis. The multi-specialty structural design practice plans to move its corporate headquarters into the 12,277-square-foot space on June 1. Trinette Wacker and Reed Christianson of Transwestern Real Estate Services represented the owner, Golub & Co. Jeffrey LaFavre and Zach Synstegaard of IAG Commercial represented the tenant, which maintains seven offices across the U.S. and is relocating from 510 Marquette Ave. RSM Plaza, a 416,000-square-foot office tower, underwent a $10 million renovation in 2018 that revitalized the lobby and added amenities such has The Perch Lounge, The Pocket Park and conferencing and collaborative meeting spaces. The property is home to 801 Chophouse and 8th Street Grill & Taphouse.

February 27, 2025

Acquisitions Industrial Maryland Minnesota Top Stories

Investcorp Acquires Two Industrial Portfolios in Minneapolis, Baltimore Totaling $335M

by Hayden Spiess February 25, 2025

MINNEAPOLIS AND BALTIMORE — Global alternative investment firm Investcorp has acquired two industrial portfolios for a total of more than $335 million. Located in the Minneapolis and Baltimore markets, the portfolios feature a combined 2.7 million square feet across 27 properties. The 17-building Minneapolis portfolio totals 1.9 million square feet, and the Baltimore portfolio comprises 10 buildings with 881,000 square feet. The seller and specific addresses of the properties were not disclosed. “The Minneapolis and Baltimore portfolio acquisitions offer us a unique opportunity to scale our presence in two markets with highly diversified tenancies,” says Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties making up each of these portfolios feature favorable characteristics, such as high average clear heights, ample loading docks, plentiful parking and convenient locations.” According to a press release issued by Investcorp, industrial market rent growth in Baltimore and Minneapolis has averaged 13.4 percent and 11.4 percent, respectively, over the past three years. Fortune 500 companies with a presence in Minneapolis include Target Corp., Best Buy Co. Inc., 3M Co. and General Mills Inc. Baltimore hosts corporations including Optum Inc., JLL, Under Armour Inc. and Morgan Stanley & Co., among others. Founded in …

February 25, 2025

Acquisitions Midwest Minnesota Multifamily

JLL Arranges Sale of 283-Unit Rafter Apartments in Minneapolis

by Kristin Harlow February 18, 2025

MINNEAPOLIS — JLL Capital Markets has arranged the sale and financing of Rafter Apartments in Minneapolis. Located at 333 E. Hennepin Ave. and built in 2019, the 26-story property features 283 luxury units. Amenities include a rooftop pool and sundeck, fitness center, clubroom, coworking spaces and a maker’s room. Josh Talberg, Matthew Lawton, Joseph Peris and Kevin Girard of JLL represented the seller, a joint venture between Mortenson, The Excelsior Group and an institutional partner. Brandon Smith, Annie Rice and Scott Loving of JLL originated a Fannie Mae acquisition loan on behalf of the buyer, Roundhouse.

February 18, 2025

Loans Midwest Minnesota Multifamily Seniors Housing

BWE Arranges $20M in Permanent Financing for Active Adult Community in Metro Minneapolis

by Kristin Harlow February 14, 2025

CHANHASSEN, MINN. — BWE has arranged a $20 million loan to provide permanent financing for Lake Place, a 110-unit luxury active adult community in Chanhassen within metro Minneapolis. Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower, Silver Creek Equity, a Minnesota-based developer. The 10-year loan features a 35-year amortization period and five years of interest-only payments. The loan replaces a high-interest rate, floating-rate construction loan. Lake Place was built in 2023 and completed lease-up during the loan underwriting. The property is reserved for residents age 55 or older, and 50 of the units are set aside for those who earn 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, pickleball court, pet wash, bike room, library, creative arts studio and storage units.

February 14, 2025

Acquisitions Healthcare Midwest Minnesota

Marcus & Millichap Negotiates $2.8M Sale of Veterinary Office Portfolio in Minnesota

by Kristin Harlow February 14, 2025

NEW ULM AND MANKATO, MINN. — Marcus & Millichap has negotiated the sale of two single-tenant animal hospital properties in Minnesota for $2.8 million. The portfolio includes New Ulm Regional Vet Center at 401 20th St. in New Ulm and River Hills Pet Care Hospital at 340 St. Andrews Drive in Mankato. The New Ulm property was built in 1998, and the Mankato facility was constructed in 2017. Both are fully leased to PetVet Care Centers, which has operated at both locations since 2019. PetVet was founded in 2012 and currently has more than 450 veterinary locations nationwide. William Skoch and Christopher Mitchel of Marcus & Millichap represented the seller, a group of six veterinarians who had owned the buildings for more than 27 years, and procured the buyer, a real estate investment trust focused exclusively on acquiring veterinarian-centric real estate nationwide.

February 14, 2025

Industrial Leasing Activity Midwest Minnesota

Bibliotheca Consolidates Operations with 32,000 SF Industrial Lease in Metro Twin Cities

by Kristin Harlow February 11, 2025

LAKE ELMO, MINN. — Bibliotheca, a library technology service company, has signed a long-term lease for 32,000 square feet at I-94 Logistics Center, a new development at 11190 Hudson Blvd. in Lake Elmo near St. Paul. Bibliotheca is the first tenant to move into the 150,000-square-foot property. The lease enables the company to consolidate its shipping and operations into one location. Bibliotheca’s space comprises 10,000 square feet of office space and 22,000 square feet of industrial space. Kevin Salmen and Danny Callahan of Transwestern Real Estate Services represented the tenant. Colliers represented the landlord, Launch Properties.

February 11, 2025

Loans Midwest Minnesota Multifamily Seniors Housing

Thorofare Capital Provides $42.9M Loan for Refinancing of Active Adult Community Near Minneapolis

by Kristin Harlow February 7, 2025

ST. LOUIS PARK, MINN. — Thorofare Capital, an affiliate of asset management platform Callodine Group LLC, has provided a $42.9 million bridge loan to refinance Risor of St. Louis Park, a 170-unit active adult community in the Minneapolis suburb of St. Louis Park. The borrower, Roers Cos., will use the financing primarily to retire an existing construction loan on the Class A property at 3510 Beltline Blvd. Completed in November 2023, the community is 78 percent leased. The six-story building features an interior courtyard and 4,000 square feet of ground-floor retail space. Amenities include a coffee bar, golf simulator, pet wash, fitness center, movie theater, library lounge, clubroom, pool, spa and pickleball court. Scott Loving, William Hintz, Scott Streiff and Gary Marchiori of JLL arranged the loan.

February 7, 2025

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