EAGAN, MINN. — CBRE has brokered the sale of Southeast Corporate Center in Eagan, 15 miles south of St. Paul. The 58,645-square-foot office building is located at 3020 Denmark Ave. The building was constructed in 1998. The property is currently 100 percent leased to CHS Inc., an agricultural company. Spectrum Development Group LLC purchased the building. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE represented the seller, a private equity firm.
MOORHEAD, MINN. — Grandbridge Real Estate Capital has negotiated a $10 million first mortgage loan for the refinancing of a 133-unit apartment property in Moorhead, near the border of North Dakota. A life insurance company funded the 15-year loan, which features a 30-year amortization schedule. Tony Carlson and Jeff Witt of Grandbridge originated the loan.
DAYTON, MINN. — Spears Manufacturing has signed a 142,000-square-foot industrial lease at the Dayton Distribution Center in Dayton, about 30 miles north of Minneapolis. Spears, a manufacturer of plastic pipefittings and valves, will occupy the space beginning in February. The facility will serve as a new regional distribution center for Spears. Dayton Distribution Center is a new, 247,000-square-foot speculative facility developed by Liberty Property Trust. John Ryden and Jim Bolt of CBRE represented the tenant in the transaction. Matt Oelschlager and Mike Bowen of CBRE represented the landlord, Liberty Property Trust.
EDINA, MINN. — CBRE has arranged a $56 million loan for the refinancing of 71 France Apartments in Edina, a southwest suburb of Minneapolis. The mixed-use property consists of 241 luxury apartment units and 21,000 square feet of street-level retail space. The property was completed in the second quarter of 2016 and the residential portion is now 95 percent leased. Northwestern Mutual Life Insurance Co. provided the 10-year loan. Joel Torborg of CBRE arranged the transaction on behalf of the borrowers, IRET and Schafer Richardson.
FRIDLEY, MINN. — Meritex has acquired Osborne Commerce Center in Fridley, approximately 10 miles north of Minneapolis. The purchase price was $5.5 million. The 101,600-square-foot industrial building is located at 197 Osborne Road. The Class A property is 100 percent leased. Steve Dorff of Meritex will manage the property. Meritex is a private real estate investment and management company.
EDINA, MINN. — Colliers International has negotiated the sale of a 32,799-square-foot office and warehouse facility located at 7625 Cahill Road in Edina, a southern suburb of Minneapolis. Apres Party and Tent Rental sold the facility to Buhl Investors LLC. Apres is relocating to a larger facility in Minnetonka. Buhl plans to redevelop the building into mini-storage and construct a second level of space. Nick Leviton and Brian Netz of Colliers represented Apres in the sale, while Brian Pankratz of CBRE represented Buhl. Leviton also assisted Apres with the acquisition of their new facility in Minnetonka.
WEST ST. PAUL, MINN. — CBRE has arranged a $3.8 million acquisition loan for Emerson Hills Apartments in West St. Paul. The 35-unit multifamily property is located at 993 Robert St. The building, which was built in 2005, was 97 percent occupied at the time of sale. The financing was obtained through Freddie Mac’s small loan balance program and includes a 10-year, fixed interest rate of 3.6 percent and a 30-year amortization schedule. Ben Bastian and Mark Roos of CBRE represented the borrower, Emerson Hills Apartments LLC. The borrower is affiliated with Blackhawk Investment Group, a private real estate investment and development firm with a portfolio of approximately 300 apartment units in the Minneapolis and Chicago metro areas. The seller was an entity related to Sherman Associates Inc.
EDINA, MINN. — Marcus & Millichap has arranged the sale of Interlachen Manor and Oaklawn Estates, a 31-unit apartment portfolio located in the Minneapolis suburb of Edina, for $4.4 million. Interlachen Manor includes 17 units and is located at 5220 Interlachen Blvd. Oaklawn Estates includes 14 units and is located at 4401 Valley View Road. Josh Talberg, Mox Gunderson and Dan Linnell of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The Marcus & Millichap team also secured and represented the buyer, a private investor.
BURNSVILLE, MINN. — CBRE has arranged the sale of Woods of Burnsville in Burnsville, 15 miles south of Minneapolis. The 400-unit apartment community is located at 14701 Portland Ave. South. The property includes newly renovated units ranging from studios to three bedrooms. Community amenities include a clubhouse, fitness center, outdoor playground, picnic areas, swimming pool and volleyball and tennis courts. Keith Collins, Abe Appert and Laura Hanneman of CBRE represented the seller, Waterton. A Philadelphia-based REIT was the buyer.
WEST ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of Emerson Hill in West St. Paul for $4.8 million. The 35-unit apartment community is located at 993 Robert St. South. Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a private investor.
