Minnesota

CBRE Brokers Sale of 168-Unit Apartment Property in Eagan, Minnesota

by Kristin Harlow December 23, 2016

EAGAN, MINN. — CBRE has brokered the sale of Lexington Hills in Eagan, 15 miles south of St. Paul. The 168-unit property is located at 4116 Lexington Ave. South. The seven-building community recently underwent a $1.8 million renovation including clubhouse expansion with an outdoor lounge, community room, fitness center and outdoor swimming pool. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE represented the seller, Lexington Hills-Minneapolis LLC, an entity controlled by Bellevue, Wash.-based Curtis Capital Group. The buyer was an affiliate of Miami-based Monument Capital Management.

December 23, 2016

Midwest Minnesota Multifamily Student Housing

Marcus & Millichap Arranges $1.3M Sale of Student Housing Building in Minneapolis

by Kristin Harlow December 20, 2016

MINNEAPOLIS — Marcus & Millichap has arranged the sale of 860 10th Ave. Southeast in Dinkytown, a commercial district within Minneapolis, for $1.3 million. The nine-unit student housing building was constructed in 1990 and features 24 beds. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The Marcus & Millichap team also represented the buyer, a private investor.

December 20, 2016

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $2.3M Fannie Mae Loan for Apartment Property in Minneapolis

by Kristin Harlow December 14, 2016

MINNEAPOLIS — Dougherty Mortgage has arranged a $2.3 million Fannie Mae loan for the refinancing of Beltrami Apartments in Minneapolis. Originally built in 1964, the property includes 24 apartment units and was renovated in 2015. The 12-year loan features a 30-year amortization schedule. Alma Equities LLC was the borrower.

December 14, 2016

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $14.6M Loan for Construction of Multifamily Property in Victoria, Minnesota

by Kristin Harlow December 13, 2016

VICTORIA, MINN. — Grandbridge Real Estate Capital has arranged a $14.6 million loan for the construction of a multifamily property in Victoria, about 13 miles southwest from Minnetonka. Victoria Flats will include 81 apartment units. Dave Rasmussen of Grandbridge originated the transaction. A regional bank served as the lender. The Beard Group Inc. is the project developer.

December 13, 2016

Midwest Minnesota Multifamily Student Housing

EdR Begins Construction on Student Housing Community Adjacent to University of Minnesota

by Kristin Harlow December 12, 2016

MINNEAPOLIS — EdR, in a joint venture development with Core Spaces, has started construction on The Hub Minneapolis, a 707-bed student housing community adjacent to the University of Minnesota in Minneapolis. EdR will be the 51 percent owner and will manage the $97.9 million development upon completion. The community offers a mix of studio, one-, two-, three- and four-bedroom floor plans. Amenities include individual study rooms, group study lounges, computer lab, fitness center, pool and fire pits. The Hub’s penthouse level will feature a chef’s kitchen, bar-top dining area and patio. The plan also calls for 10,000 square feet of retail space on the ground floor. The project is slated for completion in summer 2018.

December 12, 2016

Loans Midwest Minnesota Retail

CBRE Secures $18M Refinancing for Retail Property in Roseville, Minnesota

by Kristin Harlow December 12, 2016

ROSEVILLE, MINN. — CBRE has secured $18 million in refinancing for Rosedale Marketplace in Roseville, north of St. Paul. The 153,400-square-foot retail property includes tenants such as Total Wine, Hobby Lobby, Cost Plus World Market and Men’s Warehouse. Doug Seylar of CBRE originated the financing. The new financing allowed the borrower to retire the existing debt on the property. The owner, Rosedale Marketplace Associates LP, is an entity affiliated with Canada-based Tanurb Development Inc., the original developer of the property that was constructed in 1989. CBRE secured a new mortgage for Rosedale Marketplace through its relationship with Morgan Stanley.

December 12, 2016

Midwest Minnesota Mixed-Use

Marcus & Millichap Arranges $18M Sale of 42,104 SF Mixed-Use Building in Minneapolis

by Kristin Harlow December 2, 2016

MINNEAPOLIS — Marcus & Millichap has arranged the sale of The Pinehurst Building in Minneapolis for $18 million. The 42,104-square-foot mixed-use building is located at 4999 France Ave. South. Matthew Hazelton, Cory Villaume, Sean Doyle and Adam “AJ” Prins of Marcus & Millichap marketed the property on behalf of the undisclosed seller. Sean Doyle, Cory Villaume, Matthew Hazelton, Adam “AJ” Prins, Josh Talberg, Mox Gunderson and Dan Linnell of Marcus & Millichap represented the buyer, a limited liability company.

December 2, 2016

Midwest Minnesota Restaurant Retail

Agra Culture Kitchen & Press Signs 3,270 SF Lease at The Finn in St. Paul, Minnesota

by Kristin Harlow December 1, 2016

ST. PAUL, MINN. — Agra Culture Kitchen & Press has signed a lease to occupy 3,270 square feet at The Finn, a mixed-use project under construction in St. Paul’s Highland Park neighborhood. The 68,353-square-foot development by Ackerberg is located at 735 Cleveland Ave. South. Agra Culture is a fast-casual restaurant offering breakfast, lunch and dinner with salads, sandwiches, soups, coffee and smoothies with local and organic ingredients. Agra Culture will occupy the northwest corner of the property. Construction began in March 2016 with project completion slated for spring 2017. Other tenants will include Alchemy365, GENT Cuts and Grooming and Edina Realty. Ackerberg and Cleveland Holdings are developing the project. BKV Group is the architect and Big-D Construction is the contractor. Tim and Josh Bloom of Bloom Commercial Real Estate represented Ackerberg in the transaction.

December 1, 2016

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $3M Sale of 71-Unit Apartment Building in Milaca, Minnesota

by Kristin Harlow November 30, 2016

MILACA, MINN. — Marcus & Millichap has arranged the sale of Milaca Park Apartments in Milaca, north of Minneapolis, for $3 million. The 71-unit apartment building is located at 240 2nd Ave. SW. Dan Linnell, Mox Gunderson and Josh Talberg of Marcus & Millichap’s Minneapolis office, in conjunction with Paul Davis, Andrew Daitch and Seth Barnett of Marcus & Millichap’s Detroit office, marketed the property on behalf of the seller, a partnership. Dan Linnell, Mox Gunderson and Josh Talberg represented the buyer, a limited liability company. Steven Chaben of Marcus & Millichap assisted in closing the transaction.

November 30, 2016

Industrial Midwest Minnesota

CBRE Negotiates Industrial Lease Expansion for Point B Logistics Near Minneapolis

by Kristin Harlow November 29, 2016

BROOKLYN PARK, MINN. — CBRE has negotiated an industrial lease expansion for Point B Logistics in Brooklyn Park near Minneapolis. The logistics company has expanded its lease at 610 Commerce Center from 34,780 square feet to 61,097 square feet. This brings the industrial building to full occupancy. Other tenants include Scholastic Book Fair, Blackhawk Industrial and Varitronics LLC. The building is the first phase of development at the site, with another 202,000-square-foot industrial building available for occupancy in fall 2017. A third 100,000-square-foot building is also planned for the site. Dan Swartz of CBRE is exclusively marketing Phase II and III for lease on behalf of the building’s owner and developer, CSM Corp.

November 29, 2016

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