MAPLE GROVE, MINN. — Northmarq has arranged a $39.9 million Freddie Mac loan for the refinancing of Terra Residences in the Minneapolis suburb of Maple Grove. The 250-unit apartment complex was built in 2023. Amenities include an outdoor pool, golf simulator, fitness center and underground heated parking. Andy Finn and Dan Trebil of Northmarq arranged the 10-year, fixed-rate loan with seven years of interest-only payments followed by a 35-year amortization schedule. Roers Cos. was the borrower.
COON RAPIDS, MINN. — Senior Living Investment Brokerage (SLIB) has brokered the sale of The Homestead at Coon Rapids, a 53-unit assisted living and memory care community in the northern Minneapolis suburb of Coon Rapids. The sales price was undisclosed. Built in 1999, the property features 29 assisted living units and 24 memory care units. The building totals 31,195 square feet on roughly three acres. Jason Punzel, Brad Clousing and Jake Anderson of SLIB brokered the sale. The seller was a large, national nonprofit looking to condense its portfolio to focus on core communities. The buyer was an in-state owner partnering with an in-state operator looking to grow its footprint in Minnesota.
MINNEAPOLIS — A partnership between Marcus Hotels & Resorts, Hempel Real Estate and Robinson Park Investments has agreed to acquire the Loews Minneapolis Hotel. The purchase price and seller were undisclosed. Upon closing, Marcus will assume management of the hotel, which will be rebranded under another major global hotel system. Situated in downtown Minneapolis, the full-service luxury hotel features 251 rooms, more than 12,500 square feet of flexible meeting space and a full-service restaurant and lobby bar. The property is connected by skywalk to the Target Center, home of the NBA’s Minnesota Timberwolves, and is one block from Target Field, home of the MLB’s Minnesota Twins. The transaction is expected to close at the beginning of March.
DULUTH, MINN. — Kraus-Anderson Duluth has completed Zenith DCHS, a $34.9 million project that converted the Historic Old Central High School in downtown Duluth into 122 apartment units. Designed by AWH Architects and owned by Saturday Properties, the four-story building boasts the city’s landmark clock tower. The building was constructed in 1892 as Duluth Central High School (DCHS) and is listed on the National Register of Historic Places. Amenities for apartment residents include a fitness center, sauna, coworking space, auditorium and workshop.
EAGAN, MINN. — CBRE has negotiated the sale of Lexington Hills, a 168-unit multifamily property in the Minneapolis suburb of Eagan. The sales price was undisclosed. Built in 1988, the community is located at 4116 Lexington Ave. South and comprises seven buildings. Floor plans average 723 square feet. Amenities include a fitness center, clubhouse, grilling area, playground, pool and laundry facilities. Ted Abramson, Keith Collins and Abe Appert of CBRE represented the seller, Monument Frozen Tundra LLC. Reacor Ltd. was the buyer.
MINNEAPOLIS — Minneapolis-based Kraus-Anderson Construction Co. (KA) has acquired Phoenix-based Sonoran Crest Construction, a 20-year-old firm with a focus on healthcare construction in the Southwest U.S. region. The transaction, financial terms of which were undisclosed, marks the first acquisition of another company in KA’s 126-year history. The acquisition will expand KA’s growth in the Southwest. Sonoran Crest has built projects for regional healthcare providers such as Banner Health, Abrazo Health, Honor-Health and Healthcare Trust of America. The company’s new name will be Sonoran Crest Construction — a division of Kraus-Anderson Construction Co. The office at 1401 N. 24th St. in Phoenix will be led by Jaki Scott, director of operations.
BROOKLYN PARK, MINN. — Hanley Investment Group Real Estate Advisors has arranged the $11.9 million sale of Edinburgh Festival Centre in the Minneapolis suburb of Brooklyn Park. The 91,563-square-foot shopping center was 96 percent occupied at the time of sale. A 54,476-square-foot Festival Foods store anchors the property, which is located on Edinburgh Centre Drive. Bill Asher and Jeff Lefko of Hanley, in association with ParaSell Inc., represented the seller, LS Capital Inc., and the buyer, a private investor from northern California.
EAGAN, MINN. — Ryan Cos. US Inc. has entered into a purchase and sale agreement with Thomson Reuters for 179 acres of the company’s 263-acre campus in Eagan, a suburb of Minneapolis. Financial terms of the transaction were not disclosed. The campus includes a 1.1 million-square-foot office building, three data centers totaling 333,912 square feet and 90 acres of undeveloped land. Ryan will work with the City of Eagan, Thomson Reuters and other area stakeholders to explore redevelopment options for the site. The Minneapolis-St. Paul office of Thomson Reuters will remain in Eagan, but will relocate to its new site, The Landing, in the coming months. The company’s print manufacturing facility was not for sale and will continue operating at its current location. The project marks the third major redevelopment that Ryan has undertaken in the past year. All three are in Minnesota. Canada-based Thomson Reuters is a global content and technology company.
ST. PAUL, MINN. — JLL has arranged the sale of The Cosmopolitan Apartments in St. Paul’s Lowertown neighborhood for an undisclosed price. The 258-unit multifamily building has an estimated market value of about $45 million, according to the Minneapolis/St. Paul Business Journal. Formerly the Finch, Van Slyck and McConville Dry Goods Co. building, The Cosmopolitan Apartments was originally a Neoclassical building from 1911 that was transformed into apartments in 1989. Since then, the eight-story building has undergone $8 million in upgrades. The property features studio, one- and two-bedroom floor plans averaging 805 square feet. Amenities include a fitness center, spin/yoga room, internet lounge, barbecue and picnic area, fire pit, media room, clubhouse, courtyard and bocce court. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the seller, AEW Capital Management. Ken Dayton and Pat McMullen of JLL originated Fannie Mae acquisition financing on behalf of the buyer, Bigos Management. Will Tansey of law firm Felhaber Larson represented Bigos.
BLOOMINGTON, MINN. — Kraus-Anderson Realty & Development has begun to demolish the former Toys ‘R’ Us and Herberger’s buildings at Southtown Shopping Center in the Minneapolis suburb of Bloomington. Located at the corner of I-494 and Penn Avenue South, the shopping center opened in November 1960 and included a two-story, 150,000-square-foot Montgomery Wards, the largest in the retailer’s chain of 550 stores nationwide. The center also opened with 44 other shops, including Musicland, Red Owl, Walgreens and Texaco. The property has undergone numerous additions and renovations since then. Kraus-Anderson is demolishing the large vacant space on the northeast side of the center, often referred to as the old Herberger’s (originally Montgomery Wards) and Toys ‘R’ Us space. The demolition phase is expected to take approximately 12 weeks and is slated for completion at the end of March. The rest of the shopping center will remain open. Future plans regarding tenants or new uses were not released.
