Minnesota

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

Loans Midwest Minnesota Office

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

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