Minnesota

CBRE Brokers Sale of 833,193 SF Industrial Portfolio in Metro Minneapolis

by Kristin Harlow January 29, 2018

MINNEAPOLIS — CBRE Capital Markets has brokered the sale of an 833,193-square-foot industrial portfolio in metro Minneapolis for an undisclosed price. The 11-building portfolio was 87 percent occupied by 45 tenants at the time of sale. The properties include: Kasota Industrial Center I & II in Minneapolis; Edina Twins North & South in Edina; Washington Square North & South in Eden Prairie; Midwest Business Center in Plymouth; Shingle Creek Commerce Center I & II in Brooklyn Center; Timberland North IV in Brooklyn Park; and 11100 Jefferson Building in Champlin. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, Tryperion Partners. The buyer is a joint venture between Investcorp and Capital Partners LLP.

January 29, 2018

Industrial Midwest Minnesota

Resolution Medical Signs 35,781 SF Industrial Lease in Fridley, Minnesota

by Kristin Harlow January 15, 2018

FRIDLEY, MINN. — Resolution Medical has signed a 35,781-square-foot industrial lease at Northern Stacks in Fridley. The Fridley-based medical device engineering and manufacturing firm will occupy the space at the 133,200-square-foot Stacks III, which is now fully leased. Jack Tornquist of CBRE represented the tenant in the lease transaction. Eric Batiza and John Simek of Colliers International represented ownership, a joint venture between Hyde Development and M.A. Mortenson Co. Upon completion, Northern Stacks will encompass a total of seven buildings. To date, five buildings have been constructed and four are fully leased.

January 15, 2018

Healthcare Midwest Minnesota

CBRE Arranges $367.7M Sale of Medical Office Portfolio in Metro Twin Cities

by Kristin Harlow January 8, 2018

MINNEAPOLIS — CBRE has arranged the sale of 25 medical office buildings owned by IRET (NYSE: IRET) to Harrison Street Real Estate Capital LLC for $367.7 million. Most of the properties are located in the Twin Cities metro area, with additional facilities in central Minnesota, Montana, North Dakota, Nebraska and Wisconsin. Chris Bodnar and Lee Asher of CBRE partnered with BMO Capital Markets to serve as advisors on the sale. The transaction follows a November announcement by IRET that the company had entered into a purchase and sale agreement to sell its entire healthcare portfolio, which totals 29 properties. The Minot, North Dakota-based company plans to complete the sale of its remaining healthcare-related properties over the next six months as part of its transition to a multifamily-focused company, according to IRET.

January 8, 2018

Industrial Midwest Minnesota

PCCP, Capital Partners Acquire 1.2 MSF Industrial Portfolio in Metro Minneapolis

by Kristin Harlow January 8, 2018

MINNEAPOLIS — PCCP and Capital Partners LLP have formed a joint venture to acquire a 1.2 million-square-foot industrial portfolio in metro Minneapolis. The purchase price was not disclosed. Artis, a Canada-based REIT, sold the seven-property portfolio, which is 82 percent leased. The assets feature a mix of bulk warehouse, light industrial and flex product types. The properties include France Avenue Business Park (Brooklyn Center), Northpoint Industrial Center (Fridley), Eagan Industrial Warehouse (Eagan), Corporate Square (Eagan), Braemar Business Center (Bloomington), Burnsville Business Center (Burnsville) and Round Lake Business Center (Arden Hills).

January 8, 2018

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $15.6M Sale of Apartment Property in Saint Louis Park, Minnesota

by Kristin Harlow January 8, 2018

SAINT LOUIS PARK, MINN. — Marcus & Millichap has arranged the sale of Tamarind Apartments in Saint Louis Park near Minneapolis for $15.6 million. The 102-unit apartment property is located at 2300 Ridge Drive. Built in 1986, the property features one- and two-bedroom units. The community was 100 percent occupied at the time of sale. Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap represented the seller, a local partnership. The team also secured the undisclosed buyer.

January 8, 2018

Midwest Minnesota Seniors Housing

Opus Begins Construction of 147-Unit Senior Living Facility in Minnetonka, Minnesota

by Kristin Harlow January 5, 2018

MINNETONKA, MINN. — The Opus Group has begun construction on a 147-unit senior living facility in Minnetonka. The project will encompass independent living, assisted living and memory care apartments. Ebenezer Management Services will operate and manage the four-story property upon completion, which is slated for spring 2019. Amenities will include a salon, chapel, club room, dining room and walking paths. Opus Development Co. is the developer and Opus Design Build is the design contractor. Opus AE Group is the architect and engineer of record, while Sperides Reiners Architects is the design architect. Consilium Associates is the project’s interior designer.

January 5, 2018

Midwest Minnesota Retail

Upland Arranges $7.5M Sale of Retail Building in Downtown Minneapolis

by Kristin Harlow January 5, 2018

MINNEAPOLIS — Upland Real Estate Group Inc. has arranged the sale of 700 Hennepin Avenue in downtown Minneapolis for $7.5 million. Seven the Steakhouse and Clear Channel Billboards occupy the 30,977-square-foot, net leased retail building. Both tenants have over nine years remaining on their leases with annual rent increases in place. Seven the Steakhouse has operated at the property since 2007. Nearby attractions include Pantages Theatre, Target Field (home of the Minnesota Twins) and U.S. Bank Stadium (home of the Minnesota Vikings). Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. A private New Jersey-based investor purchased the asset.

January 5, 2018

Midwest Minnesota Office

CBRE Arranges Sale of 166,650 SF Flex Office Portfolio in Eden Prairie, Minnesota

by Kristin Harlow January 4, 2018

EDEN PRAIRIE, MINN. — CBRE Capital Markets has arranged the sale of the Southwest Office/Tech portfolio in Eden Prairie, a southwestern suburb of Minneapolis, for an undisclosed price. The portfolio consists of three flex office buildings totaling 166,650 square feet: Edenvale Executive Center A & B and Valley Gate North. The buildings were constructed between 1986 and 1987. The portfolio is currently 82 percent occupied. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the undisclosed seller. Red Tail Acquisitions, a private real estate investment firm based in Irvine, Calif., purchased the portfolio.

January 4, 2018

Midwest Minnesota Retail

ARA Acquires 403,219 SF Retail Center in Eagan, Minnesota

by Kristin Harlow January 3, 2018

EAGAN, MINN. — American Realty Advisors (ARA) has acquired Central Park Commons in Eagan. The sales price was $126.3 million, according to the Minneapolis Business Journal. The 403,219-square-foot retail center is currently 97 percent occupied by tenants including Hy-Vee, HomeGoods, Marshalls, Hobby Lobby, Ulta and Petco. The newly constructed property, located at 3333 Pilot Knob Road, also includes medical office space. Bob Mahoney of CBRE represented the seller, a joint venture between CSM Corp. and John Johannson.

January 3, 2018

Midwest Minnesota Office

Onward Investors Sells 85,404 SF Office Building in Maple Grove, Minnesota

by Kristin Harlow January 3, 2018

MAPLE GROVE, MINN. — Onward Investors has sold Wedgewood Commerce Center in Maple Grove, a northwest suburb of Minneapolis, for $8.4 million. Built in 1988, the 85,404-square-foot office building is located at 6900 Wedgwood Road. Onward purchased the property in February 2015 and subsequently renovated vacant office spaces and made significant upgrades to the lobby. Additional upgraded amenities include a bike room that allows tenants to store and service their bikes on site. Major tenants include Henningson & Snoxell, PartnerRe America Insurance Co. and McKinstry Communications. Atlanta-based WCC Partners LP was the buyer.

January 3, 2018

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