Minnesota

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.

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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.

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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 …

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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.

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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.

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ROCHESTER, MINN. — Welsh Construction has completed construction of the Lofts at Mayo Park in Rochester in southern Minnesota. The apartment property is located within the Destination Medical Center Development District between 107 and 121 Sixth Ave. Southeast. Helen and Chris Roland, trustees of the George F. Pougiales Trust, are developing the four-story project. Welsh Construction worked with the duo to execute their vision for the residential development near Mayo Clinic. A ribbon-cutting ceremony was held on Tuesday, Feb. 21. The development features 29 units and was designed by Minneapolis-based Snow Kreilich Architects.

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MINNEAPOLIS — CBRE has arranged the sale of The Parkway in Minneapolis for $6.5 million. The 70-unit apartment community is located at 1501 LaSalle Ave. near Loring Park. The building, originally built in 1917, has undergone significant improvements to the lobby and common areas. Half of the apartments were upgraded prior to the sale. Ted Abramson, Robert Lockman, Keith Collins and Laura Hanneman of CBRE represented the seller, Parkway Property Investors LLC. The buyer was local owner TE Miller Development LLC, based in Eden Prairie.

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DUNDAS, MINN. — KW Commercial Midwest has arranged the sale of a former Kmart property located at 404 and 420 Schilling Drive North in Dundas, about 40 miles south of Minneapolis. The sales price was not disclosed. The one-story, 94,479-square-foot retail center was constructed in 1990 and sits on approximately 12 acres with high visibility to State Highway 3. The property consists of two adjoining buildings: the former Kmart store, vacated in April 2016, and the currently leased Sears HomeStore. The buyer, CJB II Real Estate LLC, is redeveloping the property for multiple tenants. Tom Baker and William Gorton of KW Commercial Midwest brokered the sale.

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WAYZATA, MINN. — NorthMarq Capital has arranged a $7.2 million loan for the acquisition of a building leased to Walgreens in Wayzata, 13 miles west of Minneapolis. The 15,149-square-foot building is located at 1055 Wayzata Blvd. East. The eight-year loan includes a 25-year amortization schedule. A life insurance company provided the loan. Joe Giordani of NorthMarq arranged the loan for the undisclosed borrower.

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EDEN PRAIRIE, MINN. — CBRE has arranged the sale of Eden Place in Eden Prairie, 12 miles southwest of Minneapolis, for $85 million. The 508-unit apartment community is located at 13000 Garden Lane. The property consists of eight three-story buildings and a clubhouse with shared amenities on 31 acres. The apartment buildings were originally constructed in 1986 and the seller has remodeled 22 of the units. The clubhouse was built in 2007 and features a fitness center, community room, outdoor veranda for grilling and a business center. Other property features include two outdoor pools, two tennis courts, underground parking, a playground, dog park and walking/biking paths. Keith Collins, Abe Appert and Laura Hanneman of CBRE represented the seller, a separate account client of Invesco Real Estate.

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