Minnesota

Mesirow Financial Buys Two Apartment Properties in St. Louis Park, Minnesota

by Kristin Harlow March 8, 2018

ST. LOUIS PARK, MINN. —Mesirow Financial, an investment firm based in Chicago, has acquired Ellipse and e2, a pair of apartment properties totaling 190 units in St. Louis Park. The purchase price was not disclosed. The 132-unit Ellipse, built in 2010, is located at 3920 Excelsior Blvd. Immediately adjacent is e2, a 58-unit apartment building that was completed in 2014. Both properties offer five stories of apartments over a heated underground parking garage. The Ellipse also includes 15,762 square feet of retail space currently occupied by Mill Valley Kitchen, Honey Nails, Partners in Pediatrics/Children’s MN and Viverant Physical Therapy. Combined community amenities include rooftop decks, fitness centers, outdoor living areas, group fitness area, a clubroom and a resident package system. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, Bader Development.

March 8, 2018

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Provides $7.3M Refinancing for Affordable Housing Property Near Minneapolis

by Kristin Harlow March 8, 2018

OAK PARK HEIGHTS, MINN. — Dougherty Mortgage LLC has provided a $7.3 million loan for the refinancing of Green Twig Villas in Oak Park Heights, about 25 miles east of Minneapolis. The affordable housing property consists of 62 units. Dougherty’s Minneapolis office originated the 15-year loan, which features a 35-year amortization schedule. The refinancing also included low-income housing tax credits. The borrower was not disclosed.

March 8, 2018

Midwest Minnesota Multifamily

Alatus to Develop $125M Apartment Property in Rochester, Minnesota

by Kristin Harlow March 6, 2018

ROCHESTER, MINN. — Alatus LLC is developing a 350-unit apartment property in Rochester. The $125 million development will be situated at 217 14th Ave. S.W., adjacent to the Mayo Clinic Saint Mary’s hospital in southern Minnesota. The project will include 24,100 square feet of commercial and office space, as well as 543 climate-controlled parking stalls. In addition to apartment units, the 14-story property will also feature walk-up townhomes. Amenities will include an entertainment suite, outdoor amenity terrace and group fitness rooms. Leasing is slated to begin in summer 2019. Additional project partners include the City of Rochester, the Destination Medical Center Economic Development Authority, Wells Fargo, Kayne Anderson Real Estate, Weis Builders and ESG Architects.

March 6, 2018

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $10.9M Sale of Apartment Building in Duluth, Minnesota

by Kristin Harlow March 6, 2018

DULUTH, MINN. — Marcus & Millichap has arranged the sale of Mount Royal Manor in Duluth for $10.9 million. The 114-unit apartment building is located at 100 Elizabeth St. in northeastern Minnesota along Lake Superior. Originally built in 1951, the property features 13 studios, 76 one-bedroom units and 25 two-bedroom units. Mox Gunderson, Dan Linnell, Josh Talberg and Chris Collins of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the undisclosed buyer.

March 6, 2018

Midwest Minnesota Multifamily

Timberland Partners to Develop $63.7M Apartment Project Near Minneapolis

by Kristin Harlow March 5, 2018

EDEN PRAIRIE, MINN. — Timberland Partners is developing Elevate at SouthWest Station Apartments in Eden Prairie, 12 miles southwest of downtown Minneapolis. The firm has closed on the land and financing needed to begin construction on the $63.7 million, 222-unit apartment property. Situated immediately adjacent to the future SouthWest Light Rail Station, Elevate will feature amenities such as a rooftop courtyard, fitness center, yoga studio, co-working lounge, bike storage, dog run and spa. Completion is slated for August 2019. The project team includes Kaas Wilson Architects and contractor Frana Cos. JLL arranged a $49.7 million HUD loan for the project. Hennepin County, the City of Eden Prairie and the Metropolitan Council also provided financing.

March 5, 2018

Midwest Minnesota Retail

TOLD Development Sells 32,000 SF Retail Center in Maple Grove, Minnesota

by Kristin Harlow March 1, 2018

MAPLE GROVE, MINN. — TOLD Development Co. has sold The Shops at Wedgwood in Maple Grove for an undisclosed price. The 32,000-square-foot retail center is located at the intersection of Interstate 494 and Bass Lake Road. The property, developed in two phases in 2006 and 2014, is fully leased to tenants such as The Original Pancake House, Jimmy John’s, Pizza Hut, Bruegger’s Bagels, Caribou Coffee, RTaco, Fantastic Sam’s, Solo’s Pizza Café and Metro Dentalcare. Upland Real Estate Group represented TOLD in the sale. An institutional investor was the buyer.

March 1, 2018

Loans Midwest Minnesota Student Housing

University Partners Receives $49M Acquisition Loan for Student Housing Property Near University of Minnesota

by Kristin Harlow February 28, 2018

MINNEAPOLIS — University Partners has received a $49 million loan for the acquisition of Stadium View in Minneapolis near the University of Minnesota. The student housing property consists of 956 beds within 277 units. Located at 2508 Delaware St., the nine-story property features a mix of studio, one-, two-, three- and four-bedroom units that average 1,102 square feet. Amenities include a 24-hour concierge desk, private study rooms, tanning beds, game room, yoga studio and fitness center. Doug Opalka and Jules Sherwood of HFF originated the 10-year Freddie Mac loan.

February 28, 2018

Midwest Minnesota Office

Marcus & Millichap Arranges $3.3M Sale of Office Property in White Bear Lake, Minnesota

by Kristin Harlow February 28, 2018

WHITE BEAR LAKE, MINN. — Marcus & Millichap has arranged the sale of Oak Ridge Centre in White Bear Lake, 20 miles northeast of Minneapolis, for $3.3 million. The 23,641-square-foot office property is located at 4801 Highway 61 N. Tenants were not disclosed. Michael Ahles of Marcus & Millichap marketed the property on behalf of the seller, a partnership. Ahles also secured the buyer, a local private investment group.

February 28, 2018

Industrial Midwest Minnesota Office Top Stories

Industrial Realty Group Acquires IBM’s 3.1 MSF Campus in Rochester, Minnesota

by Taylor Williams February 26, 2018

ROCHESTER, MINN. — Industrial Realty Group LLC (IRG) has acquired IBM’s technology campus in Rochester, about 90 miles southeast of Minneapolis. The price was not disclosed. The campus opened in 1957 and currently spans 490 acres. Its 34 buildings comprise a total of 3.1 million square feet of office, manufacturing, warehouse, data center and lab space. IRG plans to lease back eight of the buildings to IBM and create a multi-tenant, mixed-use campus for the rest of the property. “We have already engaged potential tenants who are interested in locating their operations to this high-tech campus,” says John Mase, CEO of IRG. “We plan to create an environment that encompasses a variety of uses and creates as many jobs as possible.” Rochester’s daily newspaper, The Post Bulletin, reports that the campus housed about 3,200 employees in 2012, when the data was last made available, and that Olmsted County recently valued the property at just under $33 million. The paper also reports that 1 million square feet of space is currently available for lease. IRG is a Los Angeles-based developer and operator of more than 150 commercial developments across eight states. — Taylor Williams

February 26, 2018

Loans Midwest Minnesota Multifamily

High Street Residential Receives $34.2M in Construction Financing for Apartment Project in Edina, Minnesota

by Kristin Harlow February 22, 2018

EDINA, MINN. — High Street Residential, a subsidiary of Trammell Crow Co., has received $34.2 million in financing for the construction of a 165-unit apartment building in Edina. The age-restricted property for persons 55 or older will feature a mix of one- and two-bedroom units with an average unit size of 900 square feet. Construction will also include a 212-space parking garage. The site was formerly home to buildings and parking space used by Edina Public Schools. Completion is slated for spring 2019. Associated Bank provided $19.2 million of the loan with $15 million syndicated to Great Southern Bank. Ted Notz of Associated Bank managed the loan and closing.

February 22, 2018

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