Minnesota

CBRE Negotiates $10M Sale of Industrial Building in Maple Grove, Minnesota

by Kristin Harlow July 7, 2017

MAPLE GROVE, MINN. — CBRE Capital Markets has negotiated the sale of the Bass Creek Technology Plaza in Maple Grove, about 17 miles northwest of Minneapolis, for $10 million. The 108,628-square-foot industrial building is located at 6250 Sycamore Lane North. The property is fully leased to ZEISS, a technology firm specializing in optics and optoelectronics. Constructed as a build-to-suit for ZEISS in 2001, the building features office space, manufacturing space and a warehouse. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, Interstate Partners. STAG Industrial, an investment firm headquartered in Boston, was the buyer.

July 7, 2017

Midwest Minnesota Office

Cushman & Wakefield NorthMarq Negotiates Two Leases at 550,000 SF Office Property in Oakdale, Minnesota

by Kristin Harlow July 6, 2017

OAKDALE, MINN. — Cushman & Wakefield NorthMarq has negotiated two leases at 4Front, a 550,000-square-foot office property in Oakdale, a suburb of St. Paul. Gemalto, a security software developer, has signed a 15,000-square-foot lease. Impact Group, an employee coaching and career transition consulting firm, has signed an 8,100-square-foot lease. The space will serve as a consolidation of two previous locations in the Twin Cities for Impact Group. The four-building 4Front is also home to Incubology, a high-tech business incubator that occupies labs, clean rooms and offices. Slumberland Furniture purchased the property in 2016 from previous owner, Imation, which used the property as its corporate headquarters. Eric King of Cushman & Wakefield NorthMarq and Brian Brisky of Brisky Commercial represented Slumberland in the lease transactions.

July 6, 2017

Midwest Minnesota Multifamily

CBRE Brokers $4.2M Sale of Multifamily Property in St. Paul, Minnesota

by Kristin Harlow June 30, 2017

ST. PAUL, MINN. — CBRE Multifamily has brokered the sale of Community Plaza in St. Paul for $4.2 million. The 30-unit rental townhome property is located at 709 Central Ave. near the Green Line light rail. The property features two- and three-bedroom townhome units with complete basements. Robert Lockman, Ted Abramson and Laura Hanneman of CBRE represented the seller, Community Plaza LP, an entity related to Sherman Associates. St. Paul-based CommonBond Communities was the buyer.

June 30, 2017

Industrial Midwest Minnesota

Launch Properties Breaks Ground on 286,000 SF Warehouse in Lakeville, Minnesota

by Kristin Harlow June 28, 2017

LAKEVILLE, MINN. — Launch Properties has broken ground on Launch Park Lakeville I, a 286,000-square-foot warehouse in Lakeville, a suburb of Minneapolis. The building is 53 percent pre-leased to an undisclosed tenant, while 136,000 square feet remains available for lease. Construction is slated for completion in November. Launch Park Lakeville I will feature 32-foot clear heights, 50-foot interior bays, 60-foot dock bays, 23 dock doors and two drive-in doors. This is the first building in the master-planned park located at County Road 70 and Cedar Avenue, which can support up to 1.5 million square feet of new development. Jack Matasosky of Lakeville-based APPRO Development is providing design-build services for the project. Doug Fulton and Patrick McCaffrey of Avison Young represented the tenant in the lease transaction. Brian Van Hoof and Jeff Przytarski of CBRE represented Launch Properties.

June 28, 2017

Midwest Minnesota Retail

Cushman & Wakefield NorthMarq Arranges Sale of Two Shopping Centers in Suburban Minneapolis

by Kristin Harlow June 14, 2017

BROOKLYN PARK, MINN. — Cushman & Wakefield NorthMarq has arranged the sale of two shopping centers in suburban Minneapolis for undisclosed prices. Edinburgh Festival Centre, located at the corner of Highway 252 and 85th Avenue North in Brooklyn Park, consists of 91,563 square feet. Festival Foods anchors the center, which is 95 percent leased. Other tenants include Caribou Coffee, Broadway Pizza and Dollar Tree. Shingle Creek Shopping Center consists of 39,456 square feet and is located in Brooklyn Center. The property is fully leased to tenants such as Panera Bread, H&R Block, Gamestop and UPS. IRC Retail Centers sold both properties to LS Capital. Leah Maurer of Cushman & Wakefield NorthMarq represented the seller in the Edinburgh Festival transaction and the buyer in the Shingle Creek transaction.

June 14, 2017

Indiana Loans Midwest Minnesota Multifamily Ohio

Meridian Capital Arranges $57.5M Refinancing for 15-Property Multifamily Portfolio Across Five States

by Kristin Harlow June 9, 2017

INDIANA, MINNESOTA AND OHIO — Meridian Capital Group has arranged the $57.5 million refinancing for a 15-property multifamily portfolio located across five states. The 1,192-unit portfolio includes Ridgewood and Meadowood in Indiana; Laurel Bay and Carleton Court in Minnesota; and Camellia Court, Beckford Place, Forsythia Court, Slate Run, Tabor Ridge, Foxhaven and River Glen in Ohio. Four other properties within the portfolio are located in Georgia and Kentucky. Cary Pollack, Judah Neuman and Steve Cohen of Meridian Capital arranged the 10-year CMBS loan. Reliance Global Holdings was the borrower.

June 9, 2017

Midwest Minnesota Office

CBRE Brokers $18.9M Sale of Office Portfolio in Fridley, Minnesota

by Kristin Harlow June 8, 2017

FRIDLEY, MINN. — CBRE has brokered the sale of River Road Business Center I-IV in Fridley, about 10 miles north of Minneapolis, for $18.9 million. The office portfolio consists of four buildings and 270,000 square feet. The portfolio was 93 percent occupied at the time of sale by manufacturing, services, healthcare, wholesale products and technology tenants. Constructed between 1986 and 1988, the buildings feature 14-foot clear heights, 28 loading docks and 29 drive-in doors to accommodate a wide variety of users. Q.T. Holdings LLC purchased the portfolio. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, Hoyt Properties Inc.

June 8, 2017

Hospitality Midwest Minnesota

Midas Hospitality Breaks Ground on Dual-Branded Hotel Development in Brooklyn Park, Minnesota

by Kristin Harlow June 7, 2017

BROOKLYN PARK, MINN. — Midas Hospitality has broken ground on two Hilton hotels in Brooklyn Park, about 12 miles north of Minneapolis. The $28 million development is slated to open in summer 2018. A 100-room Hampton Inn will be located at 9470 W. Broadway Ave. The 63,301-square-foot hotel will feature an indoor pool, meeting room and fitness center. A 107-room Home2 Suites will be located at 9490 W. Broadway Ave. The 57,977-square-foot hotel will feature a fitness center, indoor pool and laundry facilities. Midas Hospitality will develop and manage the hotels, while sister company MC Hotel Construction will serve as general contractor. Gray Design Group is providing architectural services. CFSB is financing the construction of Hampton Inn, while Flagship Bank is financing Home2 Suites.

June 7, 2017

Healthcare Midwest Minnesota

Minnesota Gastroenterology Signs 18,000 SF Medical Office Lease at CityPlace in Woodbury, Minnesota

by Kristin Harlow June 7, 2017

WOODBURY, MINN. — Minnesota Gastroenterology has signed an 18,000-square-foot medical office lease at CityPlace in Woodbury, a suburb of St. Paul. The clinic and endoscopy center will occupy space within the planned 50,000-square-foot medical office building. The building will join the 75,000-square-foot Tria Orthopaedic Center, which is currently under construction and slated to open this summer. Minnesota Gastroenterology specializes in the diagnosis and treatment of adults and children with GI disorders, and will open its ninth location in CityPlace in the first quarter of 2018. CityPlace is a 100-acre master-planned development located off Radio Drive and I-94.

June 7, 2017

Loans Midwest Minnesota Multifamily

KeyBank Provides $12M Loan for Refinancing of Multifamily Property in St. Cloud, Minnesota

by Kristin Harlow June 2, 2017

ST. CLOUD, MINN. — KeyBank Real Estate Capital has provided a $12 million Fannie Mae loan for the refinancing of Heritage Park Estates in St. Cloud, located in central Minnesota. The multifamily property was built in 2003 and includes 150 units. Fred Dockweiler of KeyBank originated the 10-year loan, which includes a 30-year amortization schedule.

June 2, 2017

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