EAGAN, MINN. — Net Lease Office Properties (NLOP) has sold two office assets in the Minneapolis suburb of Eagan for gross proceeds totaling $60.7 million. The properties, which are leased to Blue Cross Blue Shield Inc., are located at 1800 and 3400 Yankee Doodle Road and total 347,472 square feet. Net proceeds after closing costs were used to repay approximately $48 million of JPMorgan’s senior secured mortgage and approximately $8 million on its mezzanine loan. Following the sale, NLOP owns 47 office properties, three of which are leased to Blue Cross Blue Shield.
BURNSVILLE, MINN. — JLL Capital Markets has arranged the sale of Shalimar Estates, a 48-unit townhome rental community in Burnsville, about 15 miles south of downtown Minneapolis. Located at 13340 Parkwood Drive, the property features three-bedroom units within attached three-story buildings with garages on the ground level. Josh Talberg and Bill Mork of JLL represented the seller, Gaughan Cos. Shalimar Estates was part of Gaughan’s larger 800-unit Minnesota Legacy Apartment Portfolio.
LAKEVILLE, MINN. — Davis Healthcare Real Estate has opened Lakeville Specialty Center, a 100,500-square-foot medical office building in the Minneapolis suburb of Lakeville. Located at 18645 Orchard Trail, the property is fully occupied by Allina Health and MNGI Digestive Health. The project was originally conceptualized in 2019 as a 50,000-square-foot building, however, based on strong leasing demand and commitments from the two tenants, the Davis team doubled the project size and scope. The project team included Davis Synergy Architecture Studio, Timco Construction, KOMA (structural engineer), Loucks (civil engineer and landscape design), Gilbert Mechanical (electrical engineer), BDH (interior design), Commercial Partners Title and Bridgewater Bank. Brian Bruggeman of Colliers represented Allina.
MANKATO, MINN. — Newly organized firm NAI North Star has joined NAI Global to serve the Mankato and southern Minnesota commercial real estate market. Cate DeBates and other principals David Schooff, Eric Harriman and Joey Lund manage NAI North Star operations. Including brokers and staff, the company is comprised of 12 professionals having a combined 50 years of experience in commercial transactions. The group’s property management business operates under the brand Plaid Hat Management, while its development arm does business as Compass North Development. NAI North Star’s services include investment sales, leasing, asset management, development, property management and advisory services involving office, land, investment, industrial and multifamily. The firm especially focuses on turnkey development projects. The office also provides broker-opinion-of-value services, management consulting and 1031 exchange services. DeBates and Schooff were formerly agents at Coldwell Banker Commercial.
WOODBURY, MINN. — CBRE has negotiated the sale of The Barrington, a 282-unit multifamily property in the Minneapolis suburb of Woodbury. The sales price was undisclosed. The property is located at 7255 Guider Drive near I-494, Woodbury Village shopping center and Tamarack Nature Preserve, a 150-acre city park. Built from 1998-2001, the community features a range of one- and two-bedroom floor plans averaging 932 square feet. Amenities include two heated pools, two community rooms, a fitness center in each building, cybercafe and dog park. Keith Collins, Abe Appert, Ted Abramson and Danny Baker of CBRE represented the seller, Tilden Fundamental Barrington Apartments LLC. The buyer was Nuveen Global Investments LLC.
MINNEAPOLIS — EQT Exeter has acquired 20 industrial properties in metro Minneapolis from Prologis for an undisclosed price. EQT Exeter Industrial Value Fund VI was utilized for the acquisition. EQT Exeter plans to acquire an additional four properties by the final closing date. The portfolio consists of more than 5 million square feet and features a mix of bulk, light industrial and last-mile facilities with an average building size of more than 200,000 square feet. The buildings are located across four logistics submarkets and offer proximity to I-494 and I-694. The properties are 90 percent leased by 54 tenants, of which 20 percent are existing tenants within EQT Exeter’s portfolio. The entire transaction is expected to close in the second quarter. Josh McArtor and Caitlin Clinton of Eastdil Secured arranged the transaction with assistance from Michael Caprile and Jusdon Welliver of CBRE.
MANKATO, MINN. — Kraus-Anderson (KA) has broken ground on renovation projects for three elementary schools in Mankato, a city in southern Minnesota. The projects are part of a $105 million building bond passed by Mankato Area School District voters in November 2023. ISG is the project architect. Construction is slated for completion this fall. A $4 million renovation for Roosevelt Elementary will include an 8,132-square-foot addition to the front entry that expands the administrative offices; two new classrooms that will also serve as storm shelters; a new trash enclosure in the parking lot; and the renovation of four bathrooms. A $1.7 million project at Washington Elementary will feature a 4,262-square-foot addition with a new security vestibule; mechanical, electrical and plumbing improvements; and updates to the front office spaces. Bridges Elementary will undergo a $1.1 million renovation to include a 2,373-square-foot addition with a new security vestibule; mechanical, electrical and plumbing improvements; and updates to the front office spaces.
MINNEAPOLIS — Minneapolis-based real estate capital markets firm Northmarq has merged with Morrison Street Capital, a 22-year-old investment management company headquartered in Lake Oswego, Ore. Upon deal closing, Morrison Street Capital will be renamed Northmarq Fund Management. The merger also coincides with the acquisition of NBS Real Estate Consulting, a boutique business affiliated with Morrison Street Capital that provides advisory services to real estate owners and lenders. NBS Real Estate Consulting, also based in Lake Oswego, will now operate as Northmarq Advisory Services. The Morrison Street Fund series currently includes three closed-end funds and one open-end investment vehicle, which will continue to be led by Founder, President and CEO Rance Gregory. The existing Morrison Street Capital team will remain based in Lake Oswego and now have the ability to launch new and expanded vehicles that access Northmarq’s network for capital relationships, deal flow, market underwriting and research. Founded in 2002, Morrison Street Capital’s history includes in excess of 180 investments and $750 million of fund capital invested in over 300 properties with combined transaction value, including mortgage debt, of nearly $5.4 billion. Morrison Street Fund investments are diversified throughout the country and include retail, multifamily, industrial, office, parking and hotel …
MINNEAPOLIS — Kraus-Anderson (KA) has completed construction of North Loop Green, a 1 million-square-foot mixed-use development located next to Target Field in downtown Minneapolis. Developed by Hines in partnership with AFL-CIO Building Investment Trust and Marquee Development, the project consists of a 34-story, 449-unit apartment tower; a 14-story, 365,000-square-foot office building; and a 471-stall, 225,439-square-foot parking garage with electric vehicle charging stations. The project team is pursuing a LEED Silver certification. The multifamily portion features a one-acre park known as The Green, along with sky lounge views overlooking the Minneapolis skyline, Target Field and the Mississippi River. Amenities include outdoor terraces, a fitness center and health club, pool and sauna, golf and gaming simulator, work-from-home lounges, dog lounge with washing stations and dog run, and the aforementioned park. Monthly rents start at $1,499, according to the property’s website. North Loop Green’s food-and-beverage offerings include Hope Breakfast Bar, Salt & Flour, Bassett Hound and food trucks on The Green. KA participated in a 12-month pre-construction period, working with the design team and the City of Minneapolis on permitting, constructability and sustainability planning. Additionally, KA’s special projects team is in the process of completing build-outs for several of the office tenants, including …
LAKEVILLE, MINN. — RL Cold, a division of RealtyLink LLC, has begun development of a 292,000-square-foot cold storage facility in the Minneapolis suburb of Lakeville. The project team includes general contractor Graycor Construction Co. and architect Ware Malcomb. The development will be situated within the 205-acre Airlake Industrial Park, which is located four miles from I-35 and 20 miles from Minneapolis. The project will feature advanced refrigeration technology, storage capacity for perishable items, a clear height of 50 feet, 70-foot-deep truck dock, up to 34,000 pallet positions, 98 employee parking spots, 61 truck spots and 38 truck dock doors. The project will be U.S. Green Building LEED certified. Completion is slated for spring 2025.