MANKATO, MINN. — Marcus & Millichap has arranged the sale of Hubbell Crossing in Mankato in southern Minnesota for $1.4 million. The 20-unit apartment building is located at 230 Hubbell Ave. Built in 1985, the property features two-bedroom units. Chris Collins, Dan Linnell, Josh Talberg and Mox Gunderson of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured the private buyer.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of 615 Hall Avenue in St. Paul for $1.4 million. The 20-unit apartment building was constructed in 1969. Units average 700 square feet. Dan Linnell, Josh Talberg, Mox Gunderson and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured the buyer, a private investor.
ST. PAUL, MINN. — CBRE, on behalf of Ford Motor Co., is seeking offers from developers for the 143-acre former Ford Motor Co. assembly plant site in St. Paul. Demolition of the assembly plant has been completed and environmental remediation is slated to be finished soon. Richard Palmiter, Brian Pankratz and Steve Lehr of CBRE Land Services began marketing the site for sale in December. Offers from interested parties are due by Feb. 23. The zoning framework for the site calls for a new mixed-use neighborhood on the banks of the Mississippi River.
MINNETONKA, MINN. — Dougherty Mortgage LLC has provided a $30.6 million Fannie Mae loan for the refinancing of Residences at 1700 in Minnetonka. The 115-unit apartment property offers convenient access to retail space such as restaurants, coffee and banking. Dougherty’s Minneapolis office originated the loan on behalf of the borrower, 1700 Plymouth LLC. The 12-year loan features a 30-year amortization schedule.
EDINA, MINN. — Dougherty Funding LLC has arranged a $54.1 million construction loan for the Market Street redevelopment in the 50th and France neighborhood of Edina. A joint venture between Buhl Investors and Saturday Properties plans to develop 100 luxury apartment units, approximately 33,000 square feet of street-level retail space, 271 stalls of underground parking and a community plaza. The lender was not disclosed. Construction is scheduled to take place in two phases beginning in August, according to the Minneapolis Star Tribune.
MINNEAPOLIS — Timberland Partners has attained the land and financing needed to begin construction of Green on Fourth Apartments in Minneapolis near the University of Minnesota-Twin Cities campus. The $53.8 million, 243-unit project is a joint venture between Timberland Partners and Prospect Park Properties. Tushie Montgomery Architects is the project architect and Frana Cos. is the contractor. Dougherty Mortgage LLC arranged a $42.7 million loan for the construction of the project. Hennepin County, the city of Minneapolis and the Metropolitan Council provided additional financing. Timberland Partners plans to preserve public green space and coordinate with the city for a design that includes sidewalk furniture, bike lanes, pedestrian lighting and vegetation along Fourth Street. Building amenities will include a rooftop deck, fitness center, yoga studio, community room, playground and dog run. Floor plans will range from studios to three-bedroom units with penthouse options. Completion is slated for June 2019.
BLOOMINGTON, MINN. — Cushman & Wakefield has arranged the sale of TRIA Orthopaedic Center in Bloomington for an undisclosed price. The 83,378-square-foot medical office building is located at 8100 Northland Drive near I-494. The three-story building was constructed in 2004. Scott Pollock, Tom O’Brien, Avery Ticer and Terry Kingston of Cushman & Wakefield represented the seller, United Properties. A private investor acquired the asset.
ST. CLOUD, MINN. — Novak Construction has completed the remodeling of a 180,000-square-foot retail store occupied by Sam’s Club in St. Cloud in central Minnesota. The property is located at 207 County Road 120. The interior now features a new grocery wing with deli, bakery, produce, meat and dairy departments. The remodeling also features new offices, a training room, pharmacy and Subway sandwich shop. The project also included the installation of new electrical, mechanical, refrigeration systems, flooring, wall finishes and landscaping. Paul Bergin, John Rudd, Sean Raby, Kelsey Green and Dave Baniewicz led the project team for Novak.
ROSEMOUNT, MINN. — Dougherty Mortgage LLC has provided a $13.7 million Fannie Mae loan for the refinancing of The Rosemount Senior Living at Steeple Center in Rosemount, about 25 miles south of Minneapolis. The 92-unit seniors housing property offers a variety of living options, including independent and assisted living, and memory care. Residents have access to a range of amenities including a fitness room, beauty salon, lounge area, memory care garden, children’s play area, multipurpose event room and on-site library. Dougherty’s Minneapolis office originated the 12-year loan, which features a 30-year amortization schedule. Rosemount Senior Living Associates I LLC was the borrower.
ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of a 20-unit apartment building in St. Paul for $2 million. The property is located at 1756 Grand Ave. and consists of 20 studio apartments. Dan Linnell, Mox Gunderson, Josh Talberg and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller, a private investor who had owned the property for 40 years. A private investor purchased the asset.