Minnesota

HSA PrimeCare, USAA Real Estate Acquire 45,722 SF Medical Office Building in Plymouth, Minnesota

by Kristin Harlow August 8, 2017

PLYMOUTH, MINN. — A joint venture between HSA PrimeCare and USAA Real Estate has acquired a 45,722-square-foot medical office building in Plymouth, a western suburb of Minneapolis. The purchase price was not disclosed. North Clinic anchors the building, which was built in 2014 and is located within Plymouth’s City Center. HSA PrimeCare and USAA Real Estate announced the formation of its joint-venture equity fund in 2016, which is positioned to acquire and develop healthcare facilities across the Midwest. HSA PrimeCare and Minneapolis-based Frauenshuh Commercial Real Estate will manage the building. Brian Bruggeman and Louis Suarez of Colliers International will lease the property. David Berglund of Colliers International represented the undisclosed seller in the sale transaction.

August 8, 2017

Midwest Minnesota Multifamily

High Street Residential Completes 164-Unit Apartment Complex in Minneapolis

by Kristin Harlow August 3, 2017

MINNEAPOLIS — High Street Residential, a subsidiary of Trammell Crow Co., has completed Foundry on Lake Street, a 164-unit, Class A multifamily property located at 3118 W. Lake St. in Minneapolis. The property, which offers studio, one-, two- and three-bedroom units, is currently 54 percent leased following its grand opening on May 1. Amenities include a coffee bar, fitness club, resort-style pool and grilling stations, as well as 5,000 square feet of indoor restaurant space. Utah-based Big-D Construction Corp. served as general contractor for the project designed by Minneapolis-based ESG Architects.

August 3, 2017

Midwest Minnesota Multifamily Seniors Housing

CareTrust REIT Acquires 30-Unit Memory Care Community in Minnesota for $7.8M

by Jeff Shaw August 2, 2017

WHITE BEAR LAKE, MINN. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Memory Care Cottages in White Bear Lake, a 30-unit, high-acuity memory care community in the Minneapolis suburb of White Bear Lake. The purchase price was approximately $7.8 million, inclusive of transaction costs. The deal is structured as a sale-leaseback with the operator, Prelude Homes & Services, which originally developed the property. CareTrust and Prelude have an existing relationship, and the property was added to the master lease arrangement between the two companies. CareTrust expects the property to generate an additional annual cash rent of approximately $640,000, resulting in an initial cash yield of 8.2 percent. The amended master lease has a remaining initial term of approximately 12.5 years, with two five-year renewal options and Consumer Price Index (CPI)-based rent escalators. CareTrust REIT, a California-based, publicly traded healthcare REIT, funded the acquisition with cash on hand.

August 2, 2017

Midwest Minnesota Multifamily

Kraus-Anderson, Inland to Develop $65M Apartment Complex in Metro Minneapolis

by Jeff Shaw August 1, 2017

RICHFIELD, MINN. — A joint venture between Minneapolis-based construction firm Kraus-Anderson and Inland Development Partners will develop Chamberlain, a 316-unit apartment complex in Richfield, located about eight miles south of Minneapolis. The current design calls for 283 units to be constructed in three new buildings on the site, in addition to 33 units in three existing buildings that will be renovated. Designed by Urban Works, the project has an estimated price tag of $65 million. The property is situated near the intersection of 66th Street and Cedar Avenue. Construction is expected to begin in spring 2018 with the first of the new units slated to open in spring 2019.

August 1, 2017

Midwest Minnesota

RJM to Break Ground on $2M Public Improvements Project in Shakopee, Minnesota

by Jeff Shaw August 1, 2017

SHAKOPEE, MINN. — The City of Shakopee has selected Minneapolis-based RJM Construction to lead a $2 million public improvements project in Shakopee, roughly 25 miles southwest of Minneapolis. The project includes reconstructing the parking lot at Lewis Street and Second Avenue, located in the heart of downtown, with landscaping and pervious pavement to help with storm water management; renovation of River City Centre Plaza that will include landscaping, signage and public art; and development of a new pedestrian plaza with brick sculptural elements and concrete crosswalks connecting Highway 101 to Huber Park. The goal of the project is to enhance the visibility and vitality of the city of Shakopee. In addition to RJM, the project team includes consulting and design firm WSB & Associates based in Minneapolis.

August 1, 2017

Midwest Minnesota Net Lease Restaurant Retail

Marcus & Millichap Brokers $4.3M Sale of Property Net Leased to Applebee’s in Rochester, Minnesota

by Kristin Harlow July 31, 2017

ROCHESTER, MINN. — Marcus & Millichap has brokered the sale of a 5,156-square-foot property net leased to Applebee’s in Rochester for $4.3 million. The building is located at 3794 Marketplace Drive Northwest. Adam “AJ” Prins, Matthew Hazelton, Cory Villaume and Sean Doyle of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a Twin Cities-based family that acquired the property as part of a 1031 exchange.

July 31, 2017

Midwest Minnesota Multifamily

CBRE Brokers $53.2M Sale of Apartment Property in Minneapolis

by Kristin Harlow July 21, 2017

MINNEAPOLIS — CBRE has brokered the sale of Track 29 in Minneapolis for $53.2 million. The 198-unit apartment property is located at 2841 Bryant Avenue South along the north side of the Midtown Greenway. The 148,082-square-foot building offers a mix of studio, one- and two-bedroom units. Amenities include an art gallery/exhibition space, rooftop terrace, Zen garden, saltwater pool and dog run. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE represented the seller, Bryant Apartments LLC, a local private investment partnership. An institutional buyer purchased the property.

July 21, 2017

Hospitality Loans Midwest Minnesota

CBRE Arranges $26.9M Construction Loan for 168-Room Hotel in Minneapolis

by Kristin Harlow July 19, 2017

MINNEAPOLIS — CBRE has arranged a $26.9 million loan for the construction of The Elliot Park Hotel in downtown Minneapolis. The 168-room Autograph Collection hotel by Marriott will be located on the northeast corner of 5th Avenue South and South 9th Street. The boutique hotel, slated to open in summer 2018, is part of a block redevelopment by Kraus–Anderson. The redevelopment will include a new corporate office for Kraus-Anderson, a 17-story apartment tower and a microbrewery. Jason Brown, Dan Gable, Joel Torborg and Jonathan Rice of CBRE arranged the loan on behalf of the Wilkinson Corp. Bank of the Ozarks provided the three-year loan.

July 19, 2017

Midwest Minnesota Retail

Marcus & Millichap Brokers $2.5M Sale of Retail Property in Champlin, Minnesota

by Kristin Harlow July 17, 2017

CHAMPLIN, MINN. — Marcus & Millichap has brokered the sale of South Pond Center in Champlin, a northern suburb of Minneapolis, for $2.5 million. The 26,020-square-foot retail property is located at 11350 Aquila Drive North. Tenants include Hudy’s Café, Totally Tan, Trailhead Cycling and Champlin Nails. Sean Doyle, Matthew Hazelton, Adam “AJ” Prins and Cory Villaume of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Claire J. Roberts and Marc C. Paylor of Marcus & Millichap secured and represented the buyer, also a limited liability company.

July 17, 2017

Midwest Minnesota Multifamily Student Housing

Doran Sells Two Student Housing Properties at University of Minnesota for $93M

by Kristin Harlow July 14, 2017

MINNEAPOLIS — Doran Cos. has sold The Bridges and The Knoll, two student housing properties at the University of Minnesota in Minneapolis, for $93 million. Opened in 2013, The Knoll consists of 101 units and is located at 1101 University Ave. Southeast. The Bridges, opened in 2014, consists of 210 units and is located at 930 University Ave. Southeast. TH Real Estate was the buyer. Doran, which built a total of six student housing properties at the university, has now completed the sale of this portfolio through a series of transactions. Doran plans to focus on building multifamily projects in the future.

July 14, 2017

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