Minnesota

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

Development Industrial Midwest Minnesota

Hillcrest, Opus Break Ground on 161,000 SF Industrial Building in Cottage Grove, Minnesota

by Kristin Harlow April 4, 2018

COTTAGE GROVE, MINN. — Hillcrest Development LLLP and The Opus Group have broken ground on the first building at Southeast Industrial Park in Cottage Grove, about 25 miles southeast of Minneapolis. Completion of the 161,000-square-foot industrial building is slated for this September. North Star Sheets, a corrugated paper manufacturer, will occupy the building. This is the first phase in a multiphase, rail-served industrial development undertaken by Opus and Hillcrest. An additional 24 acres remain undeveloped on the site, which Hillcrest owns, allowing for 300,000 to 350,000 square feet of future development. Hillcrest has retained Eric Rossbach of Colliers International to market the site for lease. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and structural engineer of record.

April 4, 2018

Acquisitions Industrial Midwest Minnesota

CBRE Arranges Sale of 914,698 SF Industrial Tech Portfolio in Suburban Minneapolis

by Kristin Harlow April 3, 2018

MINNEAPOLIS — CBRE Capital Markets has arranged the sale of a 12-property industrial tech portfolio totaling 914,698 square feet in the Twin Cities. A joint venture between Artemis Real Estate Partners and Eagle Ridge Partners purchased the portfolio, which was 87 percent leased at the time of sale. Tenants include a mix of high-tech services, manufacturing, biotechnology, media production and other companies in the tech industry. The properties are located in the suburbs of Woodbury, Oakdale, Plymouth, Maple Grove, Minnetonka and Eden Prairie. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, a private REIT.

April 3, 2018

Industrial Leasing Activity Midwest Minnesota

LKQ Corp. Signs 200,000 SF Industrial Lease in Fridley, Minnesota

by Kristin Harlow March 30, 2018

FRIDLEY, MINN. — LKQ Corp. has signed a 200,000-square-foot industrial lease at Northern Stacks in Fridley, about 10 miles north of Minneapolis. The provider of automobile repair parts will occupy the entire square footage of Stacks VII, the seventh and final building at the industrial park slated for completion in January 2019. To date, developers Hyde Development and M.A. Mortenson Co. have completed five buildings, four of which are fully leased. Eric Batiza and Jason Simek of Colliers International represented Hyde in the lease transaction. Vic Overholser of SDS Realty represented LKQ.

March 30, 2018

Acquisitions Midwest Minnesota Retail

Timber Development Sells Retail Center in Little Falls, Minnesota for $1.2M

by Kristin Harlow March 30, 2018

LITTLE FALLS, MINN. — Timber Development has sold a 12,000-square-foot retail center in the central Minnesota city of Little Falls for $1.2 million. The newly renovated property is 100 percent leased. Tenants include Maurice’s Clothing, Shoe Sensation and Cricket Wireless. Erin Patton of Marcus & Millichap brokered the transaction. The buyer was not disclosed.

March 30, 2018

Development Midwest Minnesota Multifamily

Opus, Titan Begin Construction of 154-Unit Apartment Project in Rochester, Minnesota

by Kristin Harlow March 29, 2018

ROCHESTER, MINN. — The Opus Group and Titan Development & Investments have begun construction of a 154-unit apartment project Rochester, located in the southeast corner of the state. The six-story building will include 9,000 square feet of ground-level retail space. Amenities will include a dog wash, swimming pool, fire pit, clubroom and fitness center. Unit sizes will range from studios to penthouses. Completion is slated for summer 2019. Opus Design Build LLC is the design-builder and Opus AE Group is the interior designer, architect and structural engineer of record.

March 29, 2018

Market Reports Midwest Midwest Market Reports Minnesota Multifamily Seniors Housing

Future Is Bright for Senior Living Development in the Twin Cities

by Kristin Harlow March 29, 2018

Exciting times are in store for the senior living industry. A massive generation of baby boomers is entering the golden years of retirement and beyond, driving a wave of demand for seniors housing. The U.S. Census Bureau estimates 78 million baby boomers were born between 1946 and 1964. The youngest boomers are 54 this year and the oldest are 72, so we are just eclipsing the front end of the wave. In 2029, just 11 years from now, all baby boomers will be at least 65 years old, with the vast majority beyond age 65. This group will represent 20 percent of the U.S. population, and that is when the wave may start to resemble a tsunami. Strength in numbers Demographers agree that circumstances are favorable for growth in the seniors housing market, and the real estate industry is responding. In the Twin Cities, market conditions are balanced with an adequate supply of seniors housing to handle the first groups of seniors moving in. At this time, we observe that the greatest demand is for independent living versus assisted living, memory care or skilled nursing. Overbuilding has not been an issue in the Twin Cities and most of the Midwest …

March 29, 2018

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