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.
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.
MINNEAPOLIS — Mission Capital Advisors has negotiated a $50.8 million loan for the acquisition of the Graduate Minneapolis. The borrower, AJ Capital Partners, will also renovate and rebrand the 304-room hotel located at 615 Washington Ave. SE. Renovations of the lobby, guest rooms, common areas and meeting spaces are slated for completion in early 2018. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras of Mission Capital represented AJ Capital in the transaction. The team also represented AJ Capital in the $43.8 million acquisition of the Graduate Seattle hotel.
EAGAN, MINN. — Monument Capital Management has acquired Lexington Hills Apartments in Eagan. The seven-building community consists of 168 units and is located at 4116 Lexington Ave. South. Amenities include a clubhouse, fitness center, swimming pool and detached garages. The community recently underwent $1.8 million in renovations, and upgrades will continue under the new ownership.
FRIDLEY, MINN. — Marcus & Millichap has arranged the sale of Crown Commons in Fridley, north of Minneapolis, for $2.4 million. The 21-unit apartment property is located at 1461 73rd Ave. NE. The building includes a mix of one-, two- and three-bedroom units, and was 100 percent occupied at the time of sale. Mox Gunderson, Dan Linnell, Josh Talberg and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Abe Roberts led the team in securing and representing the buyer, a private investor.
MINNEAPOLIS — Dougherty Mortgage LLC has provided a $28.6 million HUD loan for the refinancing of The Grain Belt, a multifamily property in Minneapolis. The property consists of two buildings and 150 units. Situated on the site of the former Orth and Grain Belt Breweries, the buildings were constructed in 2014. The office/clubhouse was built in 1892 and previously used as the office for the Grain Belt Brewery. The building is listed on the National Register of Historic Places. Dougherty’s Minneapolis office arranged the 35-year, fully amortizing loan for the borrower, Orth-Grain Belt LLC.
WOODBURY, MINN. — Elion Partners and The Davis Group have entered into a joint venture to develop a Class A medical office building at CityPlace in Woodbury, approximately 19 miles east of Minneapolis. The new medical office building is the second to be developed, and is part of the 100-acre planned development off Radio Drive and I-94. The two-story, 50,000-square-foot medical office building will be located between the retail space and Residence Inn by Marriott. Tria Orthopedics will occupy the other 75,000-square-foot office at the site beginning this summer.
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.
