Minnesota

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

Midwest Minnesota Retail

Marcus & Millichap Arranges $3.2M Sale of 18,027 SF Retail Property in Lino Lakes, Minnesota

by Kristin Harlow November 29, 2016

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.

November 29, 2016

Industrial Midwest Minnesota Office

CBRE Brokers $46.2M Sale of 560,378 SF Office, Warehouse Portfolio Near Minneapolis

by Kristin Harlow November 23, 2016

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.

November 23, 2016

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $21.7M Fannie Mae Loan for Multifamily Property in Burnsville, Minnesota

by Kristin Harlow November 17, 2016

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.

November 17, 2016

Midwest Minnesota Mixed-Use

CBRE Arranges $315M Sale of 1.6 MSF Mixed-Use Complex in Minneapolis

by Kristin Harlow November 14, 2016

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.

November 14, 2016

Midwest Minnesota Multifamily

The Opus Group Breaks Ground on Apartment Building in Edina, Minnesota

by Kristin Harlow November 11, 2016

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.

November 11, 2016

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