Minnesota

Mesa West Provides $20M Refinancing for Office Building in Minneapolis

by Kristin Harlow January 2, 2018

MINNEAPOLIS — Mesa West Capital has provided a $20 million loan for the refinancing of the Colwell Building in Minneapolis. Built in 1909, the 150,000-square-foot office building is located at 123 N. 3rd St. in the Warehouse District. A joint venture led by San Francisco-based Spear Street Capital recently completed the first phase of a multi-million dollar renovation of the property. Improvements included new terrazzo floors in the lobby, upgrades to the elevator systems, a new HVAC system and new windows. Proceeds from the five-year loan will be used to build a fitness center and bike storage room, as well as to fund leasing and tenant improvement costs associated with stabilizing the building.

January 2, 2018

Midwest Minnesota Multifamily

Colliers Brokers $27.4M Sale of Two Multifamily Properties Near the University of Minnesota

by Kristin Harlow December 22, 2017

MINNEAPOLIS — Colliers International has brokered the sale of Solhaus and Solhaus Tower in Minneapolis for $27.4 million. The student housing properties, totaling 150 units, are located at 2428 Delaware St. SE and 515 Huron Blvd. SE near the University of Minnesota. Ted Bickel, Jeff Budish and Brady DeVore represented the seller, Denver-based Forum Real Estate Group. San Francisco-based FPA purchased the buildings. FPA now owns 10 multifamily assets in Minneapolis.

December 22, 2017

Midwest Minnesota Mixed-Use

CBRE Arranges Sale of Two Mixed-Use Properties Totaling 95,895 SF in Minneapolis

by Kristin Harlow December 22, 2017

MINNEAPOLIS — CBRE has arranged the sale of The Broadway and Icehouse Plaza in Minneapolis for an undisclosed price. Together, the mixed-use properties total 95,895 square feet and are 98 percent leased. The Broadway, located at 945 Broadway St. NE, is a 56,156-square-foot, two-story building, which was originally constructed in 1922 and renovated in 2013. Major tenants include Spyhouse Coffee, 612Brew and CorePower Yoga. Icehouse Plaza includes two office and retail buildings totaling 39,739 rentable square feet with 13 multifamily units and an outdoor plaza. Renovated in 2011, the properties are located at 2550 and 2548 Nicollet Ave. South. Tenants include Icehouse, Eat Street Social, Black Sheep Pizza and Vertical Endeavors. Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE arranged the sale on behalf of the seller, Minneapolis-based developer First & First. Northpond Partners purchased the assets.

December 22, 2017

Midwest Minnesota Multifamily

CBRE Brokers $24.5M Sale of Apartment Property in Plymouth, Minnesota

by Kristin Harlow December 21, 2017

PLYMOUTH, MINN. — CBRE has arranged the sale of Granite Woods in Plymouth, 15 miles west of Minneapolis, for $24.5 million. The property is located at 3925 Lancaster Lane North near the intersection of Highway 169 and Rockford Road. Built in 1972, the community is comprised of 192 apartment units with an average size of 974 square feet. Amenities include a community room, game room, fitness center, pool, dog park and tennis courts. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, Arlington Arms LLC, an entity related to Main Street Cos. Inc. Granite Woods-Minneapolis LLC, an entity controlled by Bellevue, Washington-based Curtis Capital Group, was the buyer. The sale equates to $127,343 per unit.

December 21, 2017

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $3M Sale of Apartment Building in Maplewood, Minnesota

by Kristin Harlow December 20, 2017

MAPLEWOOD, MINN. — Marcus & Millichap has arranged the sale of English Manor for $3 million. The 37-unit apartment building is located on English Street in Maplewood, about 20 miles east of Minneapolis. The property features 21 one-bedroom units and 16 two-bedroom units. Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer. Both were private investors.

December 20, 2017

Midwest Minnesota Mixed-Use

Cushman & Wakefield Arranges $19.2M Sale of Mixed-Use Property in Minneapolis

by Kristin Harlow December 19, 2017

MINNEAPOLIS — Cushman & Wakefield has arranged the sale of Riverwalk Townhomes and Flats in the North Loop neighborhood of Minneapolis for $19.2 million. The property features 96 residential units and 10,000 square feet of office condo space. The unit mix includes 40 rental townhomes and 56 apartments. Lance Steiger and Robert Dulin of Cushman & Wakefield represented the seller, James Stanton Estate. Seattle-based Goodman Real Estate purchased the property.

December 19, 2017

Midwest Minnesota Office

WeWork Signs 46,000 SF Office Lease in Minneapolis

by Kristin Harlow December 15, 2017

MINNEAPOLIS — WeWork has signed a 46,000-square-foot office lease at MoZaic East in the Uptown neighborhood of Minneapolis. The 198,000-square-foot creative office and retail property is currently under construction, with completion slated for late 2018. This lease represents one-quarter of the total office space available at MoZaic East. WeWork is a shared workspace for entrepreneurs, freelancers, startups and small businesses. WeWork currently has more than 170 locations spread across 56 cities in 18 countries. The company maintains one other location in Minnesota at Capella Tower in downtown Minneapolis. Emily Nicoll of CBRE represented WeWork in the lease transaction. Mark McCary, Larissa Champeau, Brent Karkula and Joe Conzemius of CBRE represented the landlord, Ackerberg.

December 15, 2017

Midwest Minnesota Multifamily

Doran, KM2 to Develop 185-Unit Luxury Apartment Property in Edina, Minnesota

by Kristin Harlow December 11, 2017

EDINA, MINN. — Doran Cos. and KM2 Development are developing a 185-unit luxury apartment property in Edina, a southwest suburb of Minneapolis. Known as ENVi, the property will be situated on a site formerly occupied by Best Buy, which closed in 2012. The store will be demolished in order to make room for the apartment property. Designed by Doran Architecture, the building will have environmental features such as a white roof to reduce the heat island effect, increased thermal building design, Energy Star appliances and electric car-charging stations. Slated for completion in summer 2019, the project will include a mix of studio, one-, two- and three-bedroom apartments as well as 13 townhomes. Amenities will include an entertainment clubroom, outdoor pool, grills, bocce ball, business center, fitness center, spa, sauna and golf simulator. Mike Mikan and Kurt Krumenauer of KM2 purchased the property and an adjacent single-family home in 2016.

December 11, 2017

Midwest Minnesota Office

Elion, Kraus-Anderson to Develop 54,000 SF Office Building at CityPlace in Woodbury, Minnesota

by Kristin Harlow December 11, 2017

WOODBURY, MINN. — Elion Partners and Kraus-Anderson have unveiled plans to develop a 54,000-square-foot office building in Woodbury, an eastern suburb of St. Paul. The three-story Class A building will be the third office building situated within CityPlace, a 100-acre mixed-use development. Transwestern will represent Elion Partners in the lease-up of the building. The office portion of CityPlace began with the development of TRIA Orthopedic Center, a partnership between The Orthopedic Center, Park Nicollet & Health Partners and University of Minnesota Physicians. Earlier this year, The Davis Group unveiled plans to develop CityPlace’s second office building, a two-story, 50,000-square-foot medical office building, slated to open in July 2018.

December 11, 2017

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Provides $4.8M HUD Loan for Construction of Affordable Housing Property in Ramsey, Minnesota

by Kristin Harlow December 8, 2017

RAMSEY, MINN. — Dougherty Mortgage LLC has provided a $4.8 million HUD 221(d)(4) loan for the construction of Greenway Terrace in Ramsey, about 30 miles north of Minneapolis. All 54 of the property’s units will be restricted to individuals and families earning 50 percent or less of the area median income. The project will feature six one-bedroom units, 21 two-bedroom units, 21 three-bedroom units and six four-bedroom units. Dougherty arranged the 40-year loan on behalf of the borrower, Ramsey Station Apartments Limited Partnership. In addition to the HUD-insured first mortgage, the borrower obtained capital via the Low-Income Housing Tax Credit (LIHTC) program as well as funds from Anoka County and the Metropolitan Council.

December 8, 2017

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