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Eastham Capital, Bender Cos. Buy 198-Unit Multifamily Property in Metro Twin Cities

Kristin Harlow — Thu, 15 Oct 2026 13:15:22 +0000

COON RAPIDS, MINN. — Eastham Capital and Bender Cos. have acquired Woodland North Apartments, a 198-unit community in the Twin Cities suburb of Coon Rapids. South Florida-based Eastham acquired the property through its fund, Eastham Capital Fund VII LP, with its operating partner Bender. To date, Eastham and Bender have co-invested in 15 projects. Woodland North is currently 94 percent occupied with an average monthly rent of $1,424. The business plan calls for building upon recent capital improvements with additional upgrades across several apartment homes, including in-unit laundry and appliances, along with targeted enhancements to the exterior and amenities. Originally constructed in 1979, the property offers a mix of studio, one-, two- and three-bedroom floor plans averaging 1,029 square feet. More than 70 percent of the floor plans are two- and three-bedroom units. Amenities include a pool, underground heated parking, a car wash bay, community room, fitness center and tennis, basketball and racquetball courts.

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Ryan Cos. Opens Multifamily Project at Former Ford Motor Co. Twin Cities Assembly Plant

Kristin Harlow — Tue, 13 Oct 2026 13:48:46 +0000

ST. PAUL, MINN. — Ryan Cos. US Inc., in partnership with the Housing and Redevelopment Authority (HRA) for the City of Saint Paul, has opened The Albert and the adjacent Civic Square at Highland Bridge. The project is on the site of the former 122-acre Ford Motor Co.’s Twin Cities assembly plant. The nearly 3-acre block features The Albert, a 97-unit multifamily building with 8,500 square feet of ground-floor retail space alongside three standalone retail buildings totaling 13,500 square feet, and Tierra Encantada, a 13,000-square-foot daycare center. Civic Square serves as a public gateway connecting the Highland Park neighborhood to the heart of the broader Highland Bridge development. The Albert features amenities such as a clubroom, dog run, outdoor patio, fitness room, coworking enclaves, a roof deck patio and secure package room. The east side of The Albert incorporates the historic 1920s Ford assembly plant façade. The building was originally designed by legendary architect Albert Kahn. The initiative is a public-private partnership supported by the city and the HRA, which played a pivotal role in providing tax-increment financing (TIF) from existing TIF district budget savings.

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Minneapolis-St. Paul: Everything Everywhere All at Once

Kristin Harlow — Thu, 08 Oct 2026 12:30:00 +0000

By Teresa Borgen, Newmark From record-high leasing rates to historically low office sales volume, the Minneapolis-St. Paul market continues to present a complex and evolving landscape. Still recovering from lasting effects of COVID-19 and civil unrest during 2020, some submarkets are thriving, while others continue their gradual recovery. Here’s a synopsis of what’s happening in the market. The haves and have-nots While the Minneapolis central business district (CBD) has been among the slowest downtown office markets in the U.S. to recover since the pandemic turmoil of 2020, recent activity suggests the submarket is showing signs of revival. Several high-profile relocations among national law firms underscore the trend, with firms such as Husch Blackwell, Cozen O’Connor, Faegre Drinker, Saul Ewing and Robins Kaplan making long-term commitments, some even growing their footprint. The Minneapolis CBD has also attracted several recent relocations from the suburbs, with tenants like HNTB, Yardstik and Pepper Foster Consulting moving for enhanced accessibility to public transit and easier opportunities for growth. Given the migration to suburban office markets between 2020 and 2022, these moves and expansions are encouraging signs for the Minneapolis CBD, as well as other downtown markets in the U.S. While these developments are certainly…

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Waterton Acquires 453-Unit Apartment Community in Woodbury, Minnesota

Kristin Harlow — Wed, 30 Sep 2026 13:39:40 +0000

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. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the undisclosed seller.

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

John Nelson — Tue, 29 Sep 2026 12:00:00 +0000

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

Kristin Harlow — Fri, 25 Sep 2026 13:11:27 +0000

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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Northmarq Expands Investment Platform with Acquisition of Thirdline Capital Management

Kristin Harlow — Wed, 23 Sep 2026 13:42:36 +0000

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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CBRE Signs Three New Office Leases in Minneapolis Market

Kristin Harlow — Tue, 22 Sep 2026 12:55:28 +0000

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

Kristin Harlow — Mon, 21 Sep 2026 12:31:55 +0000

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

Kristin Harlow — Mon, 14 Sep 2026 14:05:28 +0000

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

Kristin Harlow — Fri, 11 Sep 2026 13:45:44 +0000

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

Kristin Harlow — Wed, 09 Sep 2026 14:22:46 +0000

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

Kristin Harlow — Thu, 03 Sep 2026 13:33:57 +0000

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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IRG Acquires 422,727 SF Distribution Facility in St. Paul, Minnesota

Kristin Harlow — Wed, 02 Sep 2026 13:51:58 +0000

ST. PAUL, MINN. — Industrial Realty Group LLC (IRG) has acquired a 422,727-square-foot industrial facility located at 411 Farwell Ave. in South St. Paul. The property formerly served as the headquarters of The Sportsman’s Guide, an online and catalog retailer. Situated on 19 acres, the asset features 392,727 square feet of warehouse space and 30,000 square feet of office space. The facility is fully available for occupancy, creating an opportunity for IRG to reposition and market the property to industrial users. The development features cross-dock loading on three sides, 36 dock-high doors, two drive-in doors, a 110-foot truck court, a clear height of 22 feet and substantial employee parking. The site also includes an existing Union Pacific rail spur and rail doors, with activation required for future rail service.

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Davis Acquires Minnesota Outpatient Medical Portfolio for $31.3M

Kristin Harlow — Mon, 31 Aug 2026 15:14:37 +0000

MINNESOTA — Davis, a national healthcare real estate investment, development and management firm based in Minneapolis, has acquired a four-building outpatient medical portfolio from Lakeview Clinic for $31.3 million. The 114,346-square-foot portfolio includes properties in Waconia, Norwood, Chaska and Watertown. As part of the transaction, Lakeview extended its leases at each property. Founded in Waconia in 1957, Lakeview has grown to 62 providers across four locations offering a range of primary and specialty care services.

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CBRE Arranges $11M Refinancing for Grandview Square Office Building in Edina, Minnesota

Kristin Harlow — Mon, 31 Aug 2026 14:22:32 +0000

EDINA, MINN. — CBRE has arranged $11 million in refinancing for Grandview Square, a 98,561-square-foot office building in Edina. Billy Mork, Joel Torborg and Mike Vannelli of CBRE secured a five-year, fixed-rate loan on behalf of Capital Partners, a Minnesota-based commercial real estate investment and management firm. A life insurance company provided the loan, which features interest-only payments for the full term and a 5.89 percent interest rate. Built in 2001 and renovated in 2025, the property offers surface and underground heated parking, a fitness center, golf simulator, shared conference rooms, a tenant lounge and outdoor patio. The three-story building is fully leased to 16 tenants.

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JLL Arranges Sale of Two Seniors Housing Communities Totaling 216 Units in Metro Twin Cities

Kristin Harlow — Wed, 12 Aug 2026 13:49:53 +0000

LAKE ELMO AND ARDEN HILLS, MINN. — JLL Capital Markets has arranged the sale of Boulder Ponds Senior Living and Round Lake Senior Living, two Class A communities totaling 216 units in the Twin Cities market. JLL represented the seller and developer, Trident Development, and procured the buyer, LTC Properties Inc. Lifespark will remain the operator of both properties, which feature independent living, assisted living and memory care services. Boulder Ponds Senior Living, completed in 2020, is a 95-unit community in Lake Elmo. Round Lake Senior Living, which opened in 2023, is a 121-unit community in Arden Hills.

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HGA, Mortenson Complete 620,000 SF Surgical Center Addition for Allina Health in Minneapolis

Kristin Harlow — Tue, 11 Aug 2026 13:05:44 +0000

MINNEAPOLIS — Design firm HGA and general contractor Mortenson have completed the Richard M. Schulze Surgical and Critical Care Center, a 10-story, 620,000-square-foot addition to Abbott Northwestern Hospital in Minneapolis. The largest construction project in Allina Health’s history includes 190 private inpatient rooms. The project team worked with Allina Health to integrate new critical care spaces, including 30 advanced operating rooms purpose-built for complex procedures, into the campus’s existing facilities. HGA implemented several infrastructure and planning improvements, including a new consolidated front entrance; the renovation of 200,000 square feet within the existing hospital to integrate new and existing spaces while modernizing critical areas such as operating rooms; and new roadways to improve circulation for the hospital’s emergency department. The hospital remained fully operational throughout the construction project. The project team included multidisciplinary engineering and specialty consultants, including Jacobs. The Schulze Building will welcome its first patients on Saturday, Aug. 29.

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JLL Arranges Sale of 336-Unit Multifamily Community in Burnsville, Minnesota

Kristin Harlow — Mon, 10 Aug 2026 13:14:37 +0000

BURNSVILLE, MINN. — JLL Capital Markets has arranged the sale of Twelve 501 Apartments, a 336-unit multifamily community in the Twin Cities suburb of Burnsville. Built in 1986 and extensively renovated beginning in 2017, the property features large layouts and a variety of amenities. The four-story asset is situated on 14.6 acres overlooking Birnamwood Golf Course. Josh Talberg, Joseph Peris and Eli Smith of JLL represented the seller, FPA Multifamily, and procured the buyer, Osso Capital. The deal marks Osso’s first investment in Minnesota.

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MMCC Secures $4.8M Acquisition Loan for Minnesota Industrial Property

Kristin Harlow — Wed, 05 Aug 2026 13:27:44 +0000

ALBERT LEA, MINN. — Marcus & Millichap Capital Corp. (MMCC) has secured a $4.8 million loan for the acquisition of a 127,869-square-foot industrial property located at 1851 Margaretha Ave. in southern Minnesota’s Albert Lea. Michael Hughes of MMCC arranged the five-year loan with a national bank on behalf of the buyer. The nonrecourse loan features a 5.3 percent interest rate and 25-year amortization period. The property is currently leased to Green Bay Packaging, a sustainable packaging manufacturer with over 40 locations throughout the United States. Don Schmidt and Paul Rider of Marcus & Millichap, in association with Jon Ruzicka, Marcus & Millichap’s Minnesota broker of record, represented the seller, a Minnesota-based partnership. The team also procured the buyer, St. Paul Properties. The asset sold for $7.1 million.

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