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AcquisitionsMidwestMinnesotaMultifamily

Waterton Acquires 453-Unit Apartment Community in Woodbury, Minnesota

by Kristin Harlow

WOODBURY, MINN. — Waterton has acquired City Walk at Woodbury, a 453-unit apartment community in the Twin Cities suburb of Woodbury. The property comprises two four-story residential buildings, heated indoor parking garages, a clubhouse and 24,000 square feet of retail space. Waterton will execute a value-add program to enhance the residences, hallways and common areas. Built in phases in 2005 and 2011, City Walk at Woodbury features one-, two- and three-bedroom floor plans. The clubhouse includes an indoor pool, hot tub, sauna, game room, golf simulator, business center, children’s room and a fitness center with a yoga studio and spin room. Residents also have access to community kitchens, club lounges and coworking spaces.

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Company NewsDevelopmentIndustrialIowaMidwestMinnesotaTop Stories

Mesabi Metallics to Build $15B Steel Mill in Southeast Iowa, Create 1,750 Jobs

by John Nelson

LEE COUNTY, IOWA — Mesabi Metallics, a wholly owned subsidiary of India-based conglomerate Essar Group, plans to develop a new $15 billion steel mill in southeast Iowa’s Lee County. Rewant Ruia, chairman of Mesabi Metallics, made the announcement at The White House yesterday along with Iowa Gov. Kim Reynolds and President Donald Trump. The new plant is expected to create 6,000 temporary construction jobs. Once the facility is operational, which is expected by 2030, the mill will employ an estimated 1,750 full-time team members. Combined with the $3 billion that the company is using to complete its iron ore mine in Nashwauk, Minn., the investment by Mesabi represents the largest single investment made in a steel complex in American history, according to Mesabi. “Mesabi is building a world-class steel supply chain that is 100 percent American,” says Joe Broking, CEO of Mesabi Metallics. “Our investment will create high-paying jobs with competitive benefits in Iowa and Minnesota, generate tens of billions of dollars in U.S. economic activity and strengthen our domestic manufacturing base.” Mesabi will utilize pellets, dubbed Patriot Pellets, procured from iron ore at its Minnesota mine, which is the first new iron ore mine built in the United States …

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AcquisitionsMidwestMinnesotaOffice

Tempus Realty Partners Acquires 546,548 SF Office Property in Minnesota for $66M

by Kristin Harlow

HOPKINS, MINN. — Tempus Realty Partners, an Arkansas-based real estate investment firm, has acquired Excelsior Crossings, a two-building office property totaling 546,548 square feet in Hopkins. The purchase price was $66 million. The campus is 98 percent leased and sits in the I-394 corridor. U.S. Bank fully occupies one building, accounting for 54 percent of the property’s square footage. The second building is home to Element Fleet Management Corp., Digi International Inc., Michael Foods Inc. and Sovos Compliance LLC. The seven-story buildings are LEED Gold certified and sit on more than 20 acres around a central lake with covered parking, heated sidewalks and more than $1.4 million in recent capital upgrades.

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AcquisitionsMidwestMinnesota

Northmarq Expands Investment Platform with Acquisition of Thirdline Capital Management

by Kristin Harlow

MINNEAPOLIS — Minneapolis-based Northmarq has acquired Thirdline Capital Management LLC, a registered investment advisor that manages the Thirdline Real Estate Income Fund (TREIX). Northmarq Fund Management (NFM), founded in 2002, invests and manages debt and equity capital nationwide, and specializes in small-balance and mid-market commercial real estate investments. Adding Thirdline broadens Northmarq’s presence in income-oriented investments and provides a registered fund available to a variety of institutional and individual investors. Northmarq says the transaction represents a significant milestone in its continued evolution as a diversified capital markets firm and investment manager. By combining Northmarq’s existing private fund management business with TREIX’s publicly registered fund platform, the acquisition broadens the firm’s ability to efficiently connect investors with commercial real estate opportunities across the capital stack. The addition of TREIX enables NFM to expand its capabilities and market presence in income-oriented investments such as mezzanine loans, B-notes and real estate securities. For TREIX, the move seeks to grow and further diversify the portfolio across geography, product types and investment types.

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Leasing ActivityMidwestMinnesotaOffice

CBRE Signs Three New Office Leases in Minneapolis Market

by Kristin Harlow

MINNEAPOLIS — CBRE has signed three new office leases in the Minneapolis-St. Paul market. The brokerage firm signed a 15,586-square-foot lease at Arcadia in Edina for its advisory employees. CBRE’s John Ferlita and John Lorence represented the company. Opus is constructing the 118,000-square-foot, six-story building. CBRE is among the initial tenants scheduled to occupy the property upon delivery. CBRE also signed a 5,871-square-foot lease at U.S. Bancorp Center at 800 Nicollet Mall to provide a downtown option for its advisory employees. CBRE’s Brandon Megal represented the company in the transaction. The U.S. Bancorp Center is a 937,000-square-foot, 32-story building owned by Piedmont Realty Trust that has recently undergone extensive renovations. Additionally, CBRE inked a 27,331-square-foot lease at One Meridian in Richfield to house its BSO, property management accounting and investment accounting and reporting businesses. CBRE’s John Lorence represented the company in the lease. The 204,862-square-foot, eight-story building, also owned by Piedmont Realty Trust, is undergoing renovations. CBRE employees will relocate from Two MarketPointe in Bloomington into the three new office spaces in the first half of 2027. The new offices are part of CBRE’s Workplace360 program, which showcases the company’s “Future of Work” space standards, including technology and collaborative spaces …

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AcquisitionsMidwestMinnesotaMissouriRetail

First Washington Realty Invests $65M for Two Midwest Shopping Center Acquisitions

by Kristin Harlow

BLAINE, MINN. AND LIBERTY, MO. — First Washington Realty (FWR) has acquired two grocery-anchored shopping centers in Minnesota and Missouri for a combined value in excess of $65 million. The acquisitions expand FWR’s portfolio to 21.9 million square feet across 21 states. The Village of Blaine is a 220,685-square-foot center in Blaine, Minn., and Liberty Corners is a 124,808-square-foot property anchored by a 56,000-square-foot Cosentino’s Price Chopper store in Liberty, Mo. Additional tenants include Chipotle and The Big Biscuit.

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Leasing ActivityMidwestMinnesotaOffice

Minnesota DNR Signs 124,520 SF Headquarters Lease at River Park Plaza in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — The Minnesota Department of Natural Resources (DNR) has selected River Park Plaza in St. Paul for its new headquarters. The organization has signed a lease for 109,228 square feet across three floors plus space in the basement for a total of 124,520 rentable square feet. DNR will be relocating its headquarters from 500 Lafayette Road in St. Paul, where it has been based since 1985. The transaction represents one of the largest office leases completed in the Twin Cities in recent years. SARA Investment Real Estate owns River Park Plaza, which totals 330,000 square feet. Suntide Commercial Realty handles management and leasing for the property. Jeff Hart, Kevin Peck and Jim Kenney of Suntide represented the landlord in the lease with DNR, which expects to take occupancy in June 2027. At that point, the building will be 94 percent occupied.

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LoansMidwestMinnesotaMultifamily

Gantry Arranges $48.3M in Financing for Multifamily Property in Maple Grove, Minnesota

by Kristin Harlow

MAPLE GROVE, MINN. — Gantry has arranged a $48.3 million permanent Freddie Mac loan to retire construction financing for The Edison at Maple Grove, a multifamily property in Maple Grove, about 20 miles northwest of Minneapolis. The two-building, five-story asset features 248 units along with two stories of heated underground parking and an additional 149 surface parking spaces. Floor plans include one-, two- and three-bedroom layouts. Amenities include a pool, rooftop clubhouse, business center, fitness center, dog park and playground. Joe Monteleone and Bonnie Monteleone of Gantry represented the borrower, a private real estate investor. The 10-year, fixed-rate loan features interest-only payments for the full term.

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AcquisitionsMidwestMinnesotaMultifamily

Cushman & Wakefield Brokers $7.3M Sale of Cascade Apartments in Rochester, Minnesota

by Kristin Harlow

ROCHESTER, MINN. — Cushman & Wakefield has brokered the $7.3 million sale of Cascade Apartments, a 44-unit property in Rochester. Chris Collins, Lance Steiger, Evan Miller and Erin Salway of Cushman & Wakefield represented the seller, Patina Management. The buyer was Black Swan Living. Completed in 2016, the property features a mix of studio, one- and two-bedroom units with an average size of 839 square feet. At the time of sale, the asset was fully leased. The property recently underwent capital improvements, including a new roof in 2023.

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DevelopmentLoansMidwestMinnesotaMultifamily

JLL Secures $76.3M in Financing for Luxury Apartment Development in West St. Paul

by Kristin Harlow

WEST ST. PAUL, MINN. — JLL Capital Markets has arranged $76.3 million in financing for Thompson Oaks, a 291-unit luxury apartment community to be built in West St. Paul. Josh Talberg, Scott Loving, Will Hintz and Jack Graveline of JLL represented the borrower, Greco and Swervo Management. First International Bank & Trust provided a $63 million loan, which features a four-year term and a floating interest rate. JLL also sourced $13.3 million from WhiteStar Advisors. Construction will begin immediately following closing. The five-story development will offer a mix of alcoves, one-, two- and three-bedroom units, as well as 19 townhome-style units. The development team will also lead a renovation of a former auto parts shop, creating an additional 7,100 square feet of commercial retail space. Amenities will include an outdoor pool, golf simulator, wellness center, work-from-home spaces, a theater room, clubroom, private dining area and underground parking. The project is a public-private partnership with the City of West St. Paul. Upon completion, the public components will include significant park improvements with connections to the regional trail system. The project, which will be built by Frana Cos. and designed by BKV Group, represents the initial phase of a master redevelopment of …

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