MINNEAPOLIS — LaSalle Investment Management has acquired T3, a 222,000-square-foot office property in downtown Minneapolis. Neither the purchase price nor the seller was disclosed. Built in 2016, T3 is located within the North Loop submarket. Amazon occupies approximately half of the property under a long-term lease.
MAPLE GROVE, MINN. — CBRE has arranged the sale of Five Star Commerce Center in Maple Grove, about 15 miles northwest of Minneapolis. The 163,012-square-foot industrial property is comprised of three buildings. Constructed in 1999, the property is fully occupied. Major tenants include Next Day Automation, Dance Complex, TruGreen and Brush Masters Inc. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, Interstate Partners. Sterling Office and Industrial Properties LLC, a North Dakota-based REIT, acquired the asset.
APPLE VALLEY, MINN. — CBRE has brokered the $9.1 million sale of Apple Valley Business Center in Apple Valley, 20 miles south of Minneapolis. The sale includes a 48,733-square-foot office building located at 5550 W. Upper 147th St. and an adjacent 56,320-square-foot building at 14720 Energy Way. Both properties are fully leased to Questar Assessments Inc., an educational assessment provider. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz represented the seller, Excelsior Group LLC. Apple Valley Dakota REIT purchased the properties.
ROCHESTER, MINN. — Dougherty Mortgage LLC has provided a $16.1 million HUD 221(d)(4) loan for the construction of Eastgate Apartments in Rochester. The 135-unit affordable housing property is slated to open in the summer of 2019. All units will be restricted to residents earning 60 percent or less of the area median income. In addition to the 40-year loan, the project will receive equity from the sale of low-income housing tax credits. BDKN LLLP was the borrower.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of Priscilla Street Villas in St. Paul for $1.4 million. The 11-unit apartment building is located at 2333 Priscilla St. All of the units are two-bedroom units. Mox Gunderson, Dan Linnell, Josh Talberg and Evan Miller of Marcus & Millichap brokered the transaction. Both the buyer and seller were private investors.
PLYMOUTH, MINN. — Cantel Medical has signed a 160,000-square-foot lease for its regional headquarters in Plymouth, about 15 miles northwest of Minneapolis. The provider of infection prevention products will relocate from several sites throughout Plymouth to the four-story office building, which is located at 9800 59th Ave. Dave Paradise, Sydney Johnson and David Itzkowitz of Cushman & Wakefield represented the tenant in the lease transaction. Bob Revoir of Cushman & Wakefield represented the undisclosed landlord. Cantel Medical plans to occupy the space in the fourth quarter of this year.
MINNEAPOLIS — Marcus & Millichap has brokered the $1.4 million sale of Colfax Avenue in the Uptown neighborhood of Minneapolis. The 12-unit apartment building is located at 2500 Colfax Ave. Built in 1967, the property features nine one-bedroom units and three studios. Mox Gunderson, Dan Linnell, Josh Talberg and Abe Roberts of Marcus & Millichap brokered the transaction. Both the buyer and the seller were private investors.
HINCKLEY, MINN. — Marcus & Millichap has arranged the sale of Days Inn Hinckley for $1.7 million. The 68-room hotel is located at 104 Grindstone Court in eastern Minnesota. Guests have access to complimentary breakfast, free Wi-Fi and an indoor pool. Jon Ruzicka of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company, and secured the buyer, also a limited liability company.
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.
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.
