PLYMOUTH, MINN. — IRET (NYSE: IRET) has acquired Park Place Apartments in Plymouth, about 15 miles west of Minneapolis, for $92.3 million. The 500-unit multifamily property consists of four buildings spanning 32 acres. Built in 1985, the property is currently 95 percent occupied. Amenities include a clubhouse, fitness center, business center, playground, swimming pools and tennis courts.
MINNEAPOLIS — Dominium has completed the rehabilitation of the historic Millworks Lofts in Minneapolis. The renovation process included transforming two run-down buildings into 78 affordable apartment units. The building dates back to the 1920s and was formerly home to Lake Street Sash & Door Co., according to Minneapolis Business Journal. Many of the building’s historic features were preserved as part of the renovation, including the original windows. Paint was removed from the exterior brick to expose the original shell and the shed building was restored to its original cedar look. Amenities include a fitness center, yoga room, package room and rooftop clubrooms. The property features a geothermal power system, which will heat and cool the building. Millworks Lofts is the first affordable housing property in southern Minneapolis to have this infrastructure, according to Dominium. A grand opening celebration is scheduled for Friday, Sept. 22.
WOODBURY, MINN. — Kraus-Anderson Construction Co. (KA) has completed Brookview Elementary School in Woodbury, about 10 miles east of St. Paul. The 74,000-square-foot property is located at 11099 Brookview Road. Serving up to 600 students, the new school features individual classrooms that open to a common learning space. A 6,000-square-foot gymnasium with an open cafeteria overlooks playgrounds and a baseball field. BWBR Architects designed the $18.6 million project. In addition, KA recently completed renovations at Stillwater High School in Oak Park Heights, Minn. New features include an 80,000-square-foot activity center, practice field and weight room.
WHITE BEAR LAKE, MINN. — Marcus & Millichap has brokered the sale of a 55,784-square-foot office and warehouse property in White Bear Lake, about 20 miles northeast of Minneapolis, for $3.7 million. The 55,784-square-foot building serves as the SmarteCarte headquarters and is located at 4455 White Bear Parkway. SmarteCarte provides luggage courts and electronic lockers. Michael Ahles of Marcus & Millichap represented the seller, a family partnership, and the buyer, a local investment firm.
ROSEMOUNT, MINN. — CBRE has brokered the sale of Rosemount Crossing in Rosemount, about 25 miles south of Minneapolis, for $7.6 million. Aldi anchors the 44,194-square-foot shopping center. Built in 2005, the three-building property is located on a five-acre site along South Robert Trail. The property was 92 percent occupied at the time of sale. Other tenants include Starbucks, Park Dental, Snap Fitness, Sprint and Fantastic Sams. Jim Leary of CBRE represented the seller, Rosemount Crossing LLC. A Seattle-based investment entity purchased the property.
BURNSVILLE, MINN. — Valley Natural Foods has unveiled plans to expand its grocery operation in Burnsville, approximately 15 miles south of Minneapolis. The company acquired a building adjacent to its existing 15,000-square-foot property and plans to add an additional 11,000 square feet of space. Built by Loeffler Construction and designed by Wilkus Architects, the building will be remodeled to expand food service, catering service, fresh departments and shopping convenience. The store will feature a new community room for meetings and a classroom for cooking classes. Existing Valley Natural Foods employees will staff the expanded facility. Construction will begin this month and is slated for completion in spring 2018.
CHICAGO AND GREENWICH, CONN. — A joint venture (JV) between Chicago-based Brennan Investment Group and Greenwich-based Arch Street Capital Advisors LLC has acquired a portfolio of 11 industrial properties totaling roughly 2.5 million square feet. The portfolio is valued at approximately $100 million. The properties are located in various markets throughout the Midwest and Southeast, including Chicago, Minneapolis and Grand Rapids, Mich., as well as Jacksonville, Fla., and Birmingham, Ala. The transaction marks the JV’s sixth acquisition since its formation in 2011. Since that time, it has acquired more than $1 billion in single-tenant, net-leased industrial properties. “This acquisition represents the breadth and depth of our net-lease platform,” says Michael Brennan, chairman and managing principal of Brennan. “We have the ability to both acquire large portfolios and to aggregate individual long-term, net-lease assets and can invest across the U.S. in both long- and short-duration net-leased properties with an emphasis on mission-critical assets.” The JV will continue to target investment opportunities involving all types of industrial properties, including assembly plants, research and development facilities and distribution centers. Specifically, it will pursue properties that are located in a top 100 market, have a remaining lease term of at least 10 years and …
EAGAN, MINN. — Minnesota Autism Center (MAC) has unveiled plans to expand its campus in Eagan by adding a new, 20,000-square-foot building. Peter Fitzgerald of Cushman & Wakefield represented the nonprofit organization in its purchase of nearly four acres adjacent to the current campus. Minneapolis-based Ryan Cos. US Inc. will construct the new building, and RSP Architects (RSP) will serve as architect. Cushman & Wakefield, Ryan Cos., RSP and several subcontractors have contributed various donations to support the newest development within MAC’s therapy campus, which will now include three buildings offering a variety of specialized autism services. Ryan Cos. broke ground on the new building in June, with completion slated for the end of the year. The original, 38,000-square-foot MAC opened in 2007.
ST. PETER, MINN. — Kraus-Anderson Construction Co. has completed St. Peter High school in St. Peter, about 65 miles south of Minneapolis. The $45 million, 183,500-square-foot school features a 720-seat auditorium, learning resource center,classrooms, science rooms, special education rooms, media center and video production studios. A large commons area serves as a lunchroom and meeting space. Athletic additions include a new gymnasium with three basketball courts, multi-purpose activity center, fitness room, eight tennis courts, baseball field, softball field, six multi-purpose athletic fields and locker rooms. ISG Architects designed the two-story building.
MINNEAPOLIS — Kraus-Anderson Construction Co. has broken ground on a research and development building at Banner Engineering’s headquarters in Minneapolis. The new building will enable the industrial automation technology provider to create more than 225 jobs and accelerate new product development for smart sensor technologies, according to Banner Engineering. The property is located at 9714 10th Ave. North. Designed by HCM Architects and slated for completion in summer 2018, the 50,000-square-foot addition will include labs, training spaces and over 44,000 square feet of new office space.
