Minnesota

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

Midwest Minnesota Office

SARA Investment Real Estate Acquires River Park Plaza in St. Paul

by Amy Works September 30, 2016

ST. PAUL, MINN. — SARA Investment Real Estate has acquired River Park Plaza, an office building located at 10 River Park Plaza in St. Paul, for an undisclosed sum. The eight-story property features 328,947 square feet of office space. At the time of sale, the building was 88 percent occupied by a variety of tenants, including St. Paul Pioneer Press, Comcast and Gillette Children’s Specialty Healthcare. The transaction is SARA’s first acquisition in the St. Paul market. The name of the seller was not released.

September 30, 2016

Market Reports Midwest Midwest Market Reports Minnesota Retail

Grocers, Redevelopment Projects Highlight Twin Cities Retail

by Jeff Shaw September 28, 2016

It’s hard to argue with the fact that the Minneapolis and St. Paul metropolitan areas are among the most economically dynamic and socially vibrant cities in the United States. With a thriving business environment, strong growth and impressive demographics, Minnesota consistently ranks in the top five of the most educated states in America, according to the United States Census Bureau. The Twin Cities also boast an expanding workforce, outstanding public transportation network and a booming economy. With 17 Minnesota-based Fortune 500 companies, it’s not surprising that the Twin Cities are competitive on a national and even global scale. The competitive energy and high-level activity in the city’s retail marketplace is being fueled in part by a surge of new retailers. The aggressive entry of new tenants to the market, along with the challenge of a 4 percent vacancy rate, is prompting quality spaces to be absorbed almost immediately. As stated in the Welsh Q2 2015 market report, over 1.1 million square feet of retail space were absorbed during 2015, the highest number in the market in over a decade. The vacancy rate for regional mall trade areas is actually closer to 2.6 percent, with numbers for the Minnetonka/Ridgedale Mall trade …

September 28, 2016

Midwest Minnesota

JLL Income Property Trust Acquires Apartments in Downtown St. Paul for $65.5M

by Haisten Willis September 26, 2016

PAUL, MINN. — JLL Income Property Trust has acquired The Penfield, a 254-unit apartment complex with a grocery store on the ground floor. The Class A property is located in downtown Saint Paul. The purchase price was $65.5 million.

September 26, 2016

Midwest Minnesota Multifamily

RJM to Oversee Construction of Legacy Lofts in Minneapolis

by Haisten Willis September 26, 2016

MINNEAPOLIS — RJM Construction, a Minneapolis-based general contractor, will oversee construction of Legacy Lofts, a condominium project in downtown Minneapolis’ mill district. Led by Jim Stanton, the 1 million-square-foot project will include a 14-story and an 18-story tower with underground and aboveground parking along with 374 individually owned units. Plans call for a playground, pet exercise area, fitness room, pool and spa, bike racks, community room, game room and a green roof with lawn bowling. RJM Construction will manage the core and shell construction. Riverdale Ventures LLC, which Stanton owns, will complete the units. Site preparations are underway, with the building scheduled for completion in summer 2018. In addition to RJM, project partners include Oertel Architects and BKBM Engineers.

September 26, 2016

Hospitality Midwest Minnesota

Stahl Construction Completes Hyatt Place in St. Paul, Minn.

by Haisten Willis September 22, 2016

PAUL, MINN. — Stahl Construction has completed construction of a Hyatt Place hotel located in St. Paul’s historic Custom House building. The rededication of the Custom House building and grand opening of the Hyatt Place was held Sept. 21. The Custom House served as a post office and federal customs port in the early 1900s. It also served as the main postal facility for St. Paul from 1934 through 2010. The riverfront building has been converted into a mixed-use property including a 149-room hotel, 202 apartments and space for a future restaurant. The $125 million renovation of the 748,000-square-foot building has been ongoing over the last 17 months.

September 22, 2016

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