Minnesota

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

Midwest Minnesota Retail

Opus Completes Construction of 110,000 SF Furniture Store in Suburban Minneapolis

by Kristin Harlow June 2, 2017

LAKEVILLE, MINN. — The Opus Group has completed construction of the newest Schneiderman’s Furniture store in Lakeville, a suburb of Minneapolis. Construction on the 110,000-square-foot retail store began in September 2016. A grand opening celebration took place in May. The furniture store features a second-story patio, which showcases outdoor furniture for sale. Located on Kenyon Avenue off Minnesota State Highway 50, the building is visible from I-35. Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record, as well as the interior designer for the project.

June 2, 2017

Hospitality Loans Midwest Minnesota

Dougherty Provides $15.1M Construction Loan for Hotel in St. Paul, Minneosta

by Kristin Harlow May 22, 2017

ST. PAUL, MINN. — Dougherty Funding LLC has provided a $15.1 million loan for the construction of a Residence Inn by Marriott in St. Paul. The 102-room hotel will be located on Grand Avenue adjacent to the Children’s Hospital and Allina’s United Hospital, with close proximity to the St. Paul Convention Center and Xcel Energy Center. Included in the project is the preservation of a firehouse that is the City of St. Paul’s oldest remaining municipal building, constructed in 1871. Dougherty Funding served as lead lender and servicer for the loan. St. Paul Hotel Ventures LLC was the borrower.

May 22, 2017

Industrial Midwest Minnesota

Meritex Acquires 299,600 SF Industrial Property in Shakopee, Minnesota

by Kristin Harlow May 18, 2017

SHAKOPEE, MINN. — Meritex has acquired 1080 Park Place, a 299,600-square-foot industrial property in Shakopee, about 25 miles southwest of Minneapolis. The class A property is 100 percent leased to two tenants. The building features 38-foot clear heights, an ESFR sprinkler system and trailer parking with convenient access from Minnesota State Highways 169 and 101. Steve Dorff of Meritex will manage the property. The sales price was not disclosed.

May 18, 2017

Midwest Minnesota Retail

Marcus & Millichap Arranges $2.9M Sale of Property Net Leased to KinderCare in Rogers, Minnesota

by Kristin Harlow May 18, 2017

ROGERS, MINN. — Marcus & Millichap has arranged the sale of a retail property net leased to KinderCare in Rogers, about 25 miles northwest of Minneapolis, for $2.9 million. The 9,500-square-foot childcare center is located at 14080 Northdale Blvd. The property was built in 2007 and is located near elementary schools, parks and residential areas. Tammy A. Saia and Joseph Mirante of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Dominic Sulo, also of Marcus & Millichap, secured and represented the buyer, a limited liability company. Craig Patterson assisted in closing the transaction.

May 18, 2017

Loans Midwest Minnesota Missouri Ohio Wisconsin

KeyBank Arranges $12.7M Loan for Refinancing of Parking Facility Portfolio in Midwest Region

by Kristin Harlow May 12, 2017

OHIO, MINNESOTA, MISSOURI AND WISCONSIN — KeyBank Real Estate Capital has arranged a $12.7 million loan for the refinancing of the MVP Portfolio, which consists of six surface parking lots and garages across the Midwest and in Colorado. Totaling 994 parking spaces, the properties are located in Cleveland, Ohio; St. Paul, Minn.; St. Louis; Milwaukee; and Denver. Randy Martin of KeyBank arranged the 10-year loan, which includes a 25-year amortization schedule. A CMBS lender provided the loan.

May 12, 2017

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