Minnesota

CBRE Brokers $11M Sale of Two Industrial Buildings in Eden Prairie, Minnesota

by Kristin Harlow May 18, 2018

EDEN PRAIRIE, MINN. — CBRE Capital Markets has brokered the $11 million sale of City West Business Center North and South in Eden Prairie, 12 miles southwest of Minneapolis. The pair of industrial flex buildings total 172,904 square feet. Constructed in 1984, the properties feature a 67 percent office finish and a clear height of 12 feet. Tenants include Third Wave, InstyMeds, Augustine Biomedical and HRST Inc. Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE represented the seller, Provident Real Estate Ventures LLC. Finke Associates Inc. purchased the assets.

May 18, 2018

Affordable Housing Development Midwest Minnesota Multifamily

Dougherty Provides $5.6M HUD Loan for Construction of Affordable Housing Property in St. Paul, Minnesota

by Kristin Harlow May 11, 2018

ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $5.6 million HUD 221(d)(4) loan for the construction of Thomas Avenue Flats in St. Paul. The 40-year loan is fully amortized. The 51-unit affordable housing property is slated to open in spring 2019. All units are restricted to residents earning 60 percent or less of the area median income. The project will also receive equity from the sale of low-income housing tax credits and funds from the St. Paul Housing & Redevelopment Authority. Thomas Avenue Flats LP was the borrower.

May 11, 2018

Loans Midwest Minnesota Multifamily

Dougherty Provides $8.5M HUD Loan for Rehabilitation of Apartment Property in Minneapolis

by Kristin Harlow May 9, 2018

MINNEAPOLIS — Dougherty Mortgage LLC has provided an $8.5 million HUD 221(d)(4) loan for the rehabilitation of Albright Townhomes in Minneapolis. The affordable housing property includes 89 rental units. Originally constructed in 1977, the property underwent renovations in 2000 and 2006. All units are restricted to residents earning 60 percent or less of the area median income. The fully amortized loan features a 40-year term. Albright LP was the borrower.

May 9, 2018

Industrial Loans Midwest Minnesota

Grandbridge Arranges $2.8M Refinancing for Flex Building in Edina, Minnesota

by Kristin Harlow May 8, 2018

EDINA, MINN. — Grandbridge Real Estate Capital has arranged a $2.8 million loan for the refinancing of a 74,595-square-foot office and warehouse building in Edina. A life insurance company provided the 10-year loan, which features a 20-year amortization schedule. Tony Carlson and Brett Olson of Grandbridge arranged the loan. The borrower was not disclosed.

May 8, 2018

Development Midwest Minnesota

Stahl Breaks Ground on $9.6M School Addition in Otsego, Minnesota

by Kristin Harlow May 7, 2018

OTSEGO, MINN. — Stahl has broken ground on a $9.6 million renovation project for Prairie View Elementary and Middle School in Otsego, about 30 miles northwest of Minneapolis. The 124,000-square-foot facility, which serves students ranging from early childhood through eighth grade, will be expanded by an additional 42,000 square feet to include a classroom wing, gymnasium, support spaces and an exterior storage building. Interior renovations and site work will also be completed. Wold Architects and Engineers designed the project in collaboration with the school district. Completion is slated for May 2019.

May 7, 2018

Leasing Activity Midwest Minnesota Office

Three Tenants Sign Leases Totaling 120,000 SF at Office Park Near Minneapolis

by Kristin Harlow May 1, 2018

ST. LOUIS PARK, MINN. — Three tenants have signed office leases totaling 120,000 square feet at West End Center, a 200,000-square-foot building within West End Office Park in St. Louis Park, about five miles west of Minneapolis. nVent, a company related to Pentair’s electrical business, will occupy the sixth and seventh floors totaling approximately 60,000 square feet. CoBank, a national cooperative bank, will relocate its Minneapolis office from Metropoint and occupy the fourth floor for a total of 30,000 square feet. Magnet 360, an engagement strategy and Salesforce expertise company, will occupy the fifth floor with a 30,000-square-foot lease. West End Office Park, now 90 percent leased, spans six buildings and 560,000 square feet. The property recently underwent a renovation. Peter Fitzgerald, Bill Rothstein and Tom Sampair of Cushman & Wakefield represented an investor group in the lease transactions with nVent, CoBank and Mindtree Limited, parent company of Magnet 360. The investment group includes The Excelsior Group, its affiliate investment fund Opportunity Partners Fund IV and Goldman Sachs Asset Management Private Real Estate.

May 1, 2018

Acquisitions Midwest Minnesota Office

CBRE Arranges Sale of 101,568 SF Office Building in Edina, Minnesota for $14.4M

by Kristin Harlow April 19, 2018

EDINA, MINN. — CBRE Capital Markets has arranged the sale of Edinborough Corporate Center in Edina for $14.4 million. The seven-story, 101,568-square-foot office building was built in 1986 as part of a mixed-use development that includes Edina’s Edinborough Park, a one-acre indoor city park. The office building is also connected to the 135-room Marriott Residence Inn and Brookdale Edina, a 203-unit luxury senior apartment complex. The Class A building was 91 percent occupied at the time of sale. Ryan Watts, Sonja Dusil, Tom Holtz and Judd Welliver of CBRE represented the seller, EverWest Real Estate Partners. Altus Properties purchased the asset.

April 19, 2018

Acquisitions Midwest Minnesota Multifamily

Praedium Group Acquires 168-Unit Multifamily Community in Minneapolis

by Kristin Harlow April 10, 2018

MINNEAPOLIS — The Praedium Group has acquired Maverick North Loop Apartments in Minneapolis for an undisclosed price. Built in 2017, the rental property includes a six-story building with 155 units and a four-story building with 13 townhomes. The property also features 5,095 square feet of ground-floor retail space, half of which is leased to Starbucks. Amenities include a pool terrace, fitness center, clubhouse, dog bath and walk area. The seller was not disclosed.

April 10, 2018

Development Industrial Midwest Minnesota Self-Storage

StorageMart Opens 544-Unit Self-Storage Facility in Chaska, Minnesota

by Kristin Harlow April 9, 2018

CHASKA, MINN. — StorageMart has opened a self-storage facility in the Minneapolis suburb of Chaska. The property contains 544 units and more than 89,000 square feet of rentable space. A variety of storage options include climate-controlled units and drive-through loading bays. Based in Columbia, Mo., StorageMart is privately owned and family operated.

April 9, 2018

Hospitality Loans Midwest Minnesota

PCCP Provides $23.8M Loan for Refinancing of Embassy Suites Hotel in Bloomington, Minnesota

by Kristin Harlow April 5, 2018

BLOOMINGTON, MINN. — PCCP has provided a $23.8 million senior loan for the refinancing of Embassy Suites Bloomington in suburban Minneapolis. A venture between Lubert-Adler Real Estate Fund VII, Aimbridge Hospitality and Chelsea Hospitality Partners was the borrower. Loan terms were not disclosed. Built in 1980 and recently renovated, the 232-suite hotel is located at 2800 American Blvd. West. The eight-story property features 6,000 square feet of meeting space, a restaurant and bar, business center, fitness center, gift shop and indoor pool. Suites range in size form 476 to 532 square feet.

April 5, 2018

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