LINO LAKES, MINN. — Marcus & Millichap has arranged the sale of Lino Lakes Marketplace in Lino Lakes, a northern suburb of the Twin Cities, for $3.2 million. The 18,027-square-foot property is located at 701-717 Apollo Drive. The property was 92 percent occupied at closing. Sean Doyle, Cory Villaume, Matthew Hazelton and Adam “AJ” Prins of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was also a limited liability company.
PLYMOUTH AND MINNETONKA, MINN. — CBRE Capital Markets has arranged the sale of Carlson Business Center I-VIII in Plymouth and Minnetonka for $46.2 million. The portfolio includes 560,378 square feet of office and warehouse space within eight buildings. The complex is part of the 250-acre Carlson Center business park. The buildings were originally constructed from 1995 to 1997 and the portfolio was 86 percent occupied at the time of sale. WPT Industrial REIT was the buyer. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE Minneapolis arranged the sale on behalf of the seller, Carlson Real Estate Co.
BURNSVILLE, MINN. — Dougherty Mortgage LLC has arranged a $21.7 million Fannie Mae loan for the refinancing of Berkshire of Burnsville, a 205-unit multifamily property in Burnsville, 15 miles south of Minneapolis. Located at 13901 Echo Park Circle, the apartment building features one-, two- and three-bedroom townhomes. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for borrower Echo Park Limited Partnership.
MINNEAPOLIS — CBRE has arranged the sale of 33 South Sixth-City Center, a 51-story office tower and mixed-use complex in downtown Minneapolis. The sales price was not disclosed, but Minneapolis Star Tribune reports the price at $315 million. Located at 33 South Sixth St. alongside the Nicollet Mall, the 1.6 million-square-foot complex is currently 95 percent occupied. Target Corp. occupies 73 percent of the office tower on a long-term lease. Tom Holtz, Ryan Watts, Judd Welliver and Sonja Dusil of CBRE’s Minneapolis office represented the seller, Shorenstein Properties LLC. HNA Holding Group Co., a subsidiary of conglomerate HNA Group, was the buyer.
EDINA, MINN. — The Opus Group has started construction on a four-story, 244-unit multifamily development in Edina, a southwestern suburb of Minneapolis. Activity on the site began this week with the demolition of an existing 94,000-square-foot building that was formerly leased to UnitedHealth Group. A variety of floor plans will be offered with units ranging from 585 square feet to 1,350 square feet. Completion is slated for spring 2018. The project is a collaboration between Opus and Founders Properties LLC. Opus Development Co. LLC is the developer, Opus Design Build LLC is the design-builder and Opus AE Group LLC is the architect and structural engineer of record.
MINNEAPOLIS — Transwestern has arranged a 211,000-square-foot office lease at 1001 Third Ave. South in downtown Minneapolis. The property is a five-story, 476,000-square-foot office building. Select Comfort, which manufactures and sells Sleep Number beds, plans to relocate its headquarters from suburban Plymouth to the downtown facility in October 2017. Approximately 900 employees will be based out of the new headquarters. In addition to executive office space, the building will house a call center and research and development lab. In conjunction with the lease, DCI Technology Holdings will complete a multimillion-dollar renovation of the property. Reed Christianson of Transwestern represented DCI Technology in the 15-year lease.
CHANHASSEN, MINN. — Marcus & Millichap has arranged the sale of Great Plains Center, a 10,186-square-foot retail property located at 7905 Great Plains Blvd. in Chanhassen, about 20 miles southwest of Minneapolis. The asset sold for $4.8 million. The center was built in 2015 and is fully leased to a mix of national and regional tenants. Sean Doyle, Matthew Hazelton, Adam “AJ” Prins and Cory Villaume of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a developer. They also secured and represented the buyer, a limited liability company.
MINNEAPOLIS — CBRE, on behalf of Franklin Street Properties, has unveiled plans to renovate and reposition 801 Marquette Avenue in the heart of downtown Minneapolis. The four-story, 130,000-square-foot building — a former TCF bank that is currently vacant — is located on the corner of Marquette Avenue and 8th Street and dates back to the 1920s. The renovation is currently underway and will enhance the building’s brick exterior while opening the interiors to create tenant spaces with high concrete ceilings and floors. The 801 Marquette building will be available for occupancy in April 2017. At the heart of the renovation is the five-story Atrium, which will become a multipurpose hub for the two-building project. 801 Marquette and the Atrium are also part of a larger project including the adjacent 121 South 8th Street office tower. FSP is the owner of the two office buildings, parking ramp and shared Atrium. Mark McCary and Larissa Champeau of CBRE’s Minneapolis office are exclusively marketing the property for lease.
MINNEAPOLIS — CBRE Capital Markets’ Debt & Structured Finance team has arranged $2.3 million in long-term acquisition financing for a 41-unit multifamily complex located in the Standish neighborhood of South Minneapolis. The two-story building, located at 3725 Cedar Ave. South, was built in 1971 and offers one-, two- and three-bedroom units. The property was 100 percent occupied at the time of closing. The non-recourse financing was obtained through Freddie Mac’s small loan balance program and features a 20-year loan term with a 10-year fixed interest rate of 3.3 percent and a 30-year amortization. Ben Bastian of CBRE’s Minneapolis office represented the borrower, 3725 Cedar LLC, in the transaction. The borrower is affiliated with Baker Management Group LLC, a local multifamily owner and operator with approximately 250 units under management within the Minneapolis metro area.
MINNEAPOLIS — WNC has provided nearly $2 million in low-income housing tax credit (LIHTC) equity to fund the development of Linden Grove Veteran Apartments, a 37-unit affordable housing complex exclusively constructed for homeless veterans of the U.S. Armed Forces in the Minneapolis suburb of St. Cloud. The three-story building sits on six acres of land and is located at 4804 Veterans Drive. The apartments are part of the St. Cloud VA Health Care System and designated as permanent housing for low-income veterans who are homeless or at risk of homelessness. St. Michael Development Group LLC, a subsidiary of The Sand Companies Inc., developed the apartments. Affordable Housing Initiatives LLC served as the managing general partner of the project and Jamie Thelen as its developer.
