Minnesota

Ackerberg Breaks Ground on 193,000 SF Office Project in Minneapolis

by Kristin Harlow September 21, 2017

MINNEAPOLIS — Ackerberg has broken ground on MoZaic East, an eight-story, 193,000-square-foot office and retail project in the Uptown neighborhood of Minneapolis. The property, located at 2900 Fremont Ave., will encompass 180,000 square feet of office space and 13,000 square feet of retail space. The project is an expansion of the MoZaic Art Plaza, as MoZaic West was completed in 2012. MoZaic East, slated for completion in the fourth quarter of 2018, will feature bike amenities and rooftop patios. The project team includes Ackerberg as developer, Opus AE Group as architect and The Opus Group as general contractor. First National Bank of Omaha, MidCountry Bank and First Western Bank and Trust are providing project financing.

September 21, 2017

Loans Midwest Minnesota Multifamily

PCCP Provides $130M Construction Loan for Condominium Project in Minneapolis

by Kristin Harlow September 18, 2017

MINNEAPOLIS — PCCP has provided a $130 million construction loan for The Legacy, a 374-unit condominium project in Minneapolis. Located at 1240 S. 2nd St. in the Mill District, the project will consist of two towers. Amenities will include a fitness center, game room, community room and two roof decks with a pool and grilling areas. Dougherty Funding arranged the loan for the borrower, a joint venture between Provident Real Estate Ventures and Shamrock Properties Inc. Riverdale Ventures Legacy LLC, an affiliate of Shamrock Development, is developing the property, which is slated for completion in summer 2018.

September 18, 2017

Midwest Minnesota Multifamily

IRET Acquires 500-Unit Multifamily Property in Plymouth, Minnesota for $92.3M

by Kristin Harlow September 15, 2017

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.

September 15, 2017

Midwest Minnesota Multifamily

Dominium Completes Rehab of Historic Millworks Lofts in Minneapolis

by Kristin Harlow September 14, 2017

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.

September 14, 2017

Midwest Minnesota

Kraus-Anderson Completes Elementary School in Woodbury, Minnesota

by Kristin Harlow September 13, 2017

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.

September 13, 2017

Midwest Minnesota Office

Marcus & Millichap Brokers $3.7M Sale of Office Property in White Bear Lake, Minnesota

by Kristin Harlow September 13, 2017

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.

September 13, 2017

Midwest Minnesota Retail

CBRE Brokers $7.6M Sale of Shopping Center in Rosemount, Minnesota

by Kristin Harlow September 12, 2017

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.

September 12, 2017

Midwest Minnesota Retail

Valley Natural Foods to Expand in Burnsville, Minnesota

by Kristin Harlow September 12, 2017

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.

September 12, 2017

Alabama Florida Illinois Industrial Michigan Midwest Minnesota Southeast Top Stories

Brennan Investment, Arch Street Acquire $100M Industrial Portfolio in Midwest, Southeast

by Taylor Williams September 11, 2017

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 …

September 11, 2017

Healthcare Midwest Minnesota

Minnesota Autism Center to Expand Campus by 20,000 SF in Eagan

by Kristin Harlow September 8, 2017

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.

September 8, 2017

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