Minnesota

134-Unit Apartment Community Opens in St. Paul, Minnesota

by Kristin Harlow April 5, 2017

ST. PAUL, MINN. — A new 134-unit apartment community, 333 on the Park, has opened in St. Paul. The eight-story building is located at 333 Sibley St. in the Lowertown neighborhood. Formerly known as the Gordon & Ferguson building, the building was constructed in 1913. Several players from the St. Paul Saints baseball team will live in the apartments. The team, part of the North Division of the American Association of Independent Professional Baseball, plays at nearby CHS Field. The building consists of studio, one-, two- and three-bedroom apartment homes, as well as 10 two-story penthouse homes. Two thousand square feet of commercial space located on the first floor is currently available for lease. Timberland Partners developed the apartment property, and will continue to own and manage the building. Kaas Wilson Architects designed the apartments, while Frana Cos. provided construction services for the renovation.

April 5, 2017

Midwest Minnesota Office

CBRE Arranges $14.3M Sale of Two Office Buildings Near Minneapolis

by Kristin Harlow March 24, 2017

BROOKLYN CENTER, MINN. — CBRE has arranged the sale of the Brookdale Corporate Center I and II, a pair of office buildings located in Brooklyn Center near Minneapolis, for $14.3 million. New York-based Sovereign Capital purchased the 230,000-square-foot portfolio. The six-story buildings were constructed in 1982 and 1985 and renovated in 2004. The buildings were 77 percent occupied at the time of sale to tenants such as the University of Minnesota Physicians, Brooklyn Center Independent School District headquarters, Qualcomm, National American University and Aerotek. Sonja Dusil, Ryan Watts, Judd Welliver and Tom Holtz of CBRE represented the undisclosed owner in the transaction.

March 24, 2017

Loans Midwest Minnesota Multifamily

CBRE Arranges $9.5M Loan for Acquisition of Multifamily Property in Minneapolis

by Kristin Harlow March 23, 2017

MINNEAPOLIS — CBRE has arranged a $9.5 million loan for the acquisition of Laguna Apartments, a 45-unit multifamily property in Minneapolis. Newly constructed in the summer of 2016, the apartment complex is located at 2900 Irving Ave. South. Amenities include an outdoor patio with built-in gas grill station, fitness center, dog wash station, club room and bicycle parking. The property was more than 95 percent occupied at the time of closing. The seven-year loan was obtained through CBRE Multifamily Capital, a Fannie Mae Delegated Underwriter and Servicer. Joel Torborg and Mark Roos of CBRE arranged the loan. The buyer and seller were not disclosed.

March 23, 2017

Market Reports Midwest Midwest Market Reports Minnesota Multifamily

Stars Are Aligned for Twin Cities’ Apartment Market to Remain Strong

by Kristin Harlow March 23, 2017

Following the recession, demand for multifamily development took off in many areas of the country. We predicted it as significant economic and demographic changes were happening, spurring a shift from homeownership to renting. As a result, the multifamily sector experienced a resurgence that hadn’t been seen in decades. In some cities where an abundance of multifamily projects have been delivered, there is discussion of potential saturation. That’s not the case in the Twin Cities of Minneapolis and St. Paul, where demand for multifamily developments remains strong and the vacancy rate is an extremely low 2.6 percent. Based on data from the U.S. Census Bureau, at the end of 2016 the vacancy rate in the Twin Cities compared quite favorably with other metropolitan areas such as San Antonio, Texas (13.6 percent); Tampa, Fla., (11.6 percent); and Tulsa, Okla. (10.2 percent). Keep in mind that a 5 percent vacancy rate is considered to be a stabilized market. Healthy job growth Several economic factors continue to drive apartment demand in the Twin Cities, including job growth, low unemployment and a strong base for business expansion. Minnesota ranks third in the nation for number of Fortune 500 companies per capita. Prominent corporations with headquarters …

March 23, 2017

Midwest Minnesota Office

CBRE Arranges $8.2M Sale of Office Building in Eden Prairie, Minnesota

by Kristin Harlow March 20, 2017

EDEN PRAIRIE, MINN. — CBRE has arranged the sale of Crosstown Corporate Center in Eden Prairie, 12 miles southwest of Minneapolis, for $8.2 million. The 59,487-square-foot building is located at 6385 Old Shady Oak Road. Built in 1999, the Class A building consists of two stories. Altus Property Investments LLC was the buyer. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE arranged the sale on behalf of the seller, a Boston-based commercial real estate private equity fund manager.

March 20, 2017

Midwest Minnesota Multifamily

CBRE Brokers Sale of 290-Unit Apartment Community in West Bloomington, Minnesota

by Kristin Harlow March 17, 2017

WEST BLOOMINGTON, MINN. — CBRE has brokered the sale of Bristol Village in West Bloomington for an undisclosed price. The 290-unit apartment and townhome community is located at 7301 Bristol Village Drive. The property includes a 119-unit apartment building and 11 buildings of townhouse-style rental units. Amenities include a clubhouse, community room, fitness center and pool. The community was 98 percent occupied at the time of sale. Dominium, who originally developed the property in 1988, was the seller. An affiliate of TH Real Estate was the buyer. Keith Collins, Abe Appert and Laura Hanneman of CBRE represented Dominium in the transaction.

March 17, 2017

Industrial Midwest Minnesota

Opus Completes 122,400 SF Speculative Industrial Development Near Minneapolis, Signs First Tenant

by Kristin Harlow March 15, 2017

SHAKOPEE, MINN. — The Opus Group has completed the third phase of development at Valley Park Business Center in Shakopee, southwest of Minneapolis. The 122,400-square-foot building is the final phase of Opus’ development at the 50-acre site. Minnesota-based Fountain Industries, a manufacturer of cleaning equipment and systems, will be the first tenant, leasing approximately 48,000 square feet. The building features 28-foot clear heights, 193 parking stalls, 24 dock doors and six drive-in doors. Previous phases of development at the park include the completion of a 200,000-square-foot speculative development and a 216,000-square-foot build-to-suit warehouse for Amerisource Bergen.

March 15, 2017

Midwest Minnesota Retail

Gander Mountain, Subsidiaries File for Chapter 11 Reorganization

by Kristin Harlow March 13, 2017

ST. PAUL, MINN. — Gander Mountain Co. and its subsidiaries have filed for Chapter 11 bankruptcy protection. The decision is the result of an in-depth review of the company’s strategic options undertaken in recent months to preserve the value of the company and position it for long-term success, according to a news release. St. Paul-based Gander Mountain, an outdoor retail network with stores across 26 states, will sell the company while continuing operations. An auction will be held in late April and the sale is expected to be complete by May 15. The company generally expects to conduct normal business operations during the restructuring period, but 32 underperforming retail locations will begin a shutdown process in the next several weeks. The company has obtained a committed debtor-in-possession (DIP) financing facility underwritten by Wells Fargo. Subject to court approval, this DIP financing, combined with cash from operations, is expected to provide sufficient liquidity to support the company’s continuing business operations and to minimize any disruption during the reorganization process. The petitions were filed in the U.S. Bankruptcy Court for the District of Minnesota. Houlihan Lokey Capital Inc. is serving as financial advisor and investment banker to Gander Moutain. Lighthouse Management Group …

March 13, 2017

Loans Midwest Minnesota Multifamily

CBRE Arranges $1.3M Acquisition Loan for 20-Unit Apartment Property in Minneapolis

by Kristin Harlow March 13, 2017

MINNEAPOLIS — CBRE has arranged a $1.3 million loan for the acquisition of a 20-unit apartment property in the Minneapolis neighborhood of Ventura Village. The two-story building is located at 1828 Park Ave. and consists of one-, two- and three-bedroom units. Originally built in 1916, the property was fully occupied at the time of closing. The 10-year loan was obtained through Freddie Mac’s small balance loan program and features a 30-year amortization schedule. Ben Bastian and Mark Roos of CBRE represented the borrower, Lotus Acres LLC, an affiliate of EIG Property Management.

March 13, 2017

Midwest Minnesota Multifamily

CBRE Arranges $32M Sale of Apartment Property in Cottage Grove, Minnesota

by Kristin Harlow March 3, 2017

COTTAGE GROVE, MINN. — CBRE has arranged the sale of Hinton Heights in Cottage Grove, 10 miles south of St. Paul, for $32 million. The 249-unit apartment property is located at 7750 Hinton Ave. South. The community features amenities such as a clubhouse with community room, game room, business center, fitness center, indoor swimming pool, sauna, hot tub, sport courts, outdoor lounge, picnic area, putting green, dog park and playground. Apartment sizes range from one- to three-bedroom units, with an overall average of 1,081 square feet. Hinton Heights was built from 1990 to 1995 and was 98 percent occupied at the time of the sale. Curtis Capital Group LLC, an entity controlled by Curtis Capital Group in Bellevue, Wash., purchased the property. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE arranged the sale on behalf of the seller, Cottage Grove Investors IV Limited Partnership LLLP, an entity related to the St. Louis Park-based Belgarde.

March 3, 2017

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