Minnesota

Transwestern Arranges 211,000 SF Lease for Select Comfort’s New Headquarters in Downtown Minneapolis

by Kristin Harlow November 7, 2016

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.

November 7, 2016

Midwest Minnesota Retail

Marcus & Millichap Arranges $4.8M Sale of Retail Property in Chanhassen, Minnesota

by Kristin Harlow November 7, 2016

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.

November 7, 2016

Midwest Minnesota Office

Franklin Street Properties to Renovate, Reposition 801 Marquette Avenue Building in Minneapolis

by Kristin Harlow November 3, 2016

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.

November 3, 2016

Midwest Minnesota

CBRE Arranges $2.3M Acquisition Loan through Freddie Mac for Apartment Property in Minneapolis

by Kristin Harlow November 1, 2016

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.

November 1, 2016

Midwest Minnesota Multifamily

WNC Provides Nearly $2 Million in LIHTC Equity for Homeless Veterans in Suburban Minneapolis

by Kristin Harlow October 31, 2016

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.

October 31, 2016

Midwest Minnesota Retail

Mid-America Brokers Sale of 130,000 SF Shopping Center in St. Cloud, Minnesota

by Kristin Harlow October 31, 2016

ST. CLOUD, MINN. — Mid-America Real Estate-Minnesota LLC has brokered the sale of Division Place, a 130,000-square-foot shopping center in St. Cloud. Division Place is located on the corner of Division Street West and 27th Avenue South. Tenants include TJ Maxx, Dollar Tree and Famous Footwear. Joe Girardi and Mark Robinson of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of the seller, Vanbarton Group. An affiliate of Core Acquisitions LLC purchased the center, and hired Mid-America Real Estate-Minnesota as the exclusive leasing and management firm.

October 31, 2016

Midwest Minnesota Retail

Carlyle Realty Partners V Sells Centennial Shops for $32M in Edina, Minnesota

by Kristin Harlow October 28, 2016

EDINA, MINN. — Carlyle Realty Partners V LP has sold Centennial Shops in Edina to Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust for $32 million. The sale of the shopping center, located along France Avenue at 3825 Gallagher Drive, is the largest transaction by dollar amount for a retail property in the Minneapolis-St. Paul market so far this year. The 85,200-square-foot lifestyle center was 100 percent leased at the time of sale and includes tenants such as West Elm and the Container Store. George Good, executive vice president in CBRE’s Chicago office, and Jim Leary, senior vice president in Minneapolis, marketed the property for sale.

October 28, 2016

Midwest Minnesota

RJM to Renovate Chambers of Woodbury City Council near St. Paul, Minnesota

by Katie Sloan October 26, 2016

WOODBURY, MINN. — The City of Woodbury, a suburb of St. Paul, has selected general contractor RJM Construction to renovate its city council chambers. Beginning in December, RJM will install new finishes in the chambers, including increasing the size of an adjacent conference room used for city workshops and meetings. The city also plans to add security and make improvements to the audio, visual and lighting systems. The project team also includes Welsh Architecture.

October 26, 2016

Industrial Midwest Minnesota

Signature Associates Arranges Two Industrial Sales Totaling 22,350 SF in Kalamazoo

by Amy Works October 19, 2016

KALAMAZOO, MICH. — Signature Associates has brokered two industrial sales totaling 22,350 square feet in Kalamazoo. In the first transaction, Hinkle Properties sold a 15,930-square-foot industrial property, located at 433 Ransom St., to WAI LLC for an undisclosed price. Jeff Chrystal of Signature Associates represented the seller in the deal. In the second transaction, Raitt Corp. sold a 6,420-square-foot industrial building, located at 3785 Franklin St., to Mikowski Holdings Co. for an undisclosed sum. Chrystal and Eric Holdorf of Signature Associates represented the seller in the transaction.

October 19, 2016

Midwest Minnesota Multifamily

Timberland Partners Acquires 304-Unit Apartment Community in White Bear Lake, Minnesota

by Amy Works October 5, 2016

WHITE BEAR LAKE, MINN. — Timberland Partners has purchased White Bear Woods, an apartment community located at 4776 Centerville Road in White Bear Lake. Chicago-based LivCor Multi-Family Asset Management sold the 304-unit property for an undisclosed sum. Built in 1998, the property features a mix of studio, one- and two-bedroom apartments in four garden-style buildings. On-site amenities include a clubhouse facility with resort-style swimming pool, outdoor gas fireplaces and seating areas, fitness center, community gathering room and leasing offices. The buyer has improvements planned for the property, including higher-grade kitchen finishes, lighting and appliance packages, parking lot improvements, tennis court updates, and new fencing and landscaping. Abe Appert and Keith Collins of CBRE represented the seller. Joel Torborg of CBRE secured the acquisition financing for the buyer.

October 5, 2016

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