Minnesota

CA Residential, Harlem Irving Cos. to Develop 530,842 SF Mixed-Use Property in Minneapolis

by Christina Cannon August 2, 2016

MINNEAPOLIS — A joint venture between CA Residential LLC and Harlem Irving Cos. has broken ground on RISE at Prospect Park, a 530,842-square-foot, mixed-use development in Minneapolis. The project will include a seven-story structure with 150 apartments; an adjacent 13-story tower with an additional 186 units; and 40,000 square feet of street-level retail. A 30,000-square-foot Fresh Thyme will anchor the development. The project will be located at 2929 University Ave. SE and is scheduled to be delivered in March 2018. Residences at RISE at Prospect Park will offer a mix of studio, one-, two-, three- and four-bedroom floor plans ranging in size from 470 to 1,423 square feet. Each unit will feature 9-foot ceilings, hardwood-style flooring, quartz countertops, stainless steel appliances, USB outlets and in-unit washers and dryers. Building amenities will include a rooftop deck with lounges, fire pits and grilling stations; a dog run; coffee bar; fitness center with locker rooms, a yoga/barre studio, a sauna and a tanning room; an entertainment suite with demonstration kitchen; a golf simulator room; private theater; music rehearsal space; game room; bike storage; and dry cleaning service. Chicago-based Habitat Cos. will manage RISE at Prospect Park. Tushie Montgomery Architects is the architect of …

August 2, 2016

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $19.7M Sale of Apartment Property in Minnesota

by Christina Cannon August 2, 2016

DULUTH, MINN. — Marcus & Millichap has arranged the sale of a 141-unit apartment community in Duluth for $19.7 million, or $140,000 per unit. A Minneapolis-based private investor and development company sold Les Chateaux, which was built in 1973, to a Colorado-based investment group. Amenities at Les Chateaux include heated underground parking, on-site laundry facilities and views of Lake Superior. The property is located at 3800 London Road. Marcus & Millichap represented the seller and procured the buyer.

August 2, 2016

Industrial Midwest Minnesota

Opus Breaks Ground on 122,400 SF Industrial Building Near Minneapolis

by Christina Cannon August 1, 2016

SHAKOPEE, MINN. — The Opus Group has broken ground on a 122,400-square-foot speculative industrial building in Shakopee, approximately 25 miles southwest of Minneapolis. The building, which will be located in the 50-acre Valley Park Business Center, is the final phase of the development. The building can accommodate users looking for anywhere between 20,000 square feet and 122,000 square feet and will feature 28-foot clear heights, 193 parking stalls, 24 docks and six drive-in doors. The project is slated for completion by the end of the year. Opus is providing development, design, construction and architectural services, and Colliers International will market the property for lease.

August 1, 2016

Illinois Loans Midwest Minnesota Retail

Cronheim Mortgage Arranges Two Loans Totaling $16.9M for Gander Mountain Stores

by Christina Cannon August 1, 2016

WOODBURY, MINN. AND JOLIET, ILL. — Cronheim Mortgage has arranged two loans totaling $16.9 million to refinance two Gander Mountain stores in the Midwest. The buildings, located in Woodbury, Minn. and Joliet, Ill., are each approximately 66,000 square feet. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the non-recourse, fixed-rate bank loans. Both the lender and borrower in the deal are undisclosed.

August 1, 2016

Midwest Minnesota Mixed-Use Top Stories

Minnesota Vikings Select Architect, General Contractor for $500M Practice Facility, Headquarters

by John Nelson July 28, 2016

EAGAN, MINN. — The Minnesota Vikings have selected Crawford Architects and Kraus-Anderson Construction Co. as the architect and construction manager for the football team’s new practice facility and headquarters. Located on the former Northwest Airlines campus in Eagan, the development will cost roughly $500 million to complete, according to the Minneapolis/St. Paul Business Journal. The Vikings plan to debut their new campus in March 2018. “Establishing this leadership team is a major step forward on our new Eagan home,” says Steve Poppen, executive vice president and chief financial officer of the Vikings. “We are thrilled to once again engage in a large project with a Minnesota-based construction company such as Kraus-Anderson, as they have a tremendous body of work and strong reputation within the community.” The announcement of Crawford and Kraus-Anderson joining the project team comes on the heels of the opening of U.S. Bank Stadium, the Vikings’ $1.1 billion home arena in Minneapolis. Located at 401 Chicago Ave., the stadium opened on Friday, July 22. In late June, the Eagan City Council unanimously approved the development of the new practice facility and team headquarters on the site, which is located off I-494 at the intersection of Dodd Road and …

July 28, 2016

Midwest Minnesota Multifamily

Opus, Greco Break Ground on 114-Unit Apartment Project in Minneapolis

by Christina Cannon July 27, 2016

MINNEAPOLIS — The Opus Group and Greco LLC have broken ground on a 144-unit apartment project in the North Loop neighborhood of Minneapolis. The project will include 14,000 square feet of ground-level retail space and amenities such as a fitness center, concierge services, dog wash and bike storage. A second-level amenity deck will include an outdoor pool and bar, grilling areas and a wood burning fireplace. The building will also feature a sixth-floor rooftop terrace with a grilling area, outdoor bar, fire pit and pool. The project is slated for completion by the end of summer 2017. Opus Development Co. and Greco will co-develop the project. Opus Design Build will be the design-builder. Opus AE Group and ESG Architects will design the project. TCF Bank is the lender.

July 27, 2016

Midwest Minnesota Multifamily Seniors Housing

United Properties Breaks Ground on 100-Unit Seniors Housing Community in Minnesota

by Christina Cannon July 27, 2016

MINNETONKA, MINN. — Real estate developer United Properties has broken ground on Cherrywood Pointe of Minnetonka, a 100-unit independent living, assisted living and memory care community in the Minneapolis suburb of Minnetonka. The four-story, 139,579-square-foot community will feature 72 independent living/assisted living units, 22 memory care apartments and six care suites — a home-like alternative to skilled nursing. Tushie Montgomery Architects and Henricksen for Human Care designed the project. Weis Construction is building the community, which is scheduled for completion by summer 2017. Cherrywood Pointe of Minnetonka is the fifth United Properties assisted living community managed by Ebenezer Management Services.

July 27, 2016

Midwest Minnesota Office

Opus Completes 222,000 SF Headquarters Building in Downtown Minneapolis for Xcel Energy

by Christina Cannon July 26, 2016

MINNEAPOLIS — The Opus Group has completed a new office headquarters property for Xcel Energy in downtown Minneapolis. The 222,000-square-foot project is located at the north end of Nicollet Mall, a 12-block shopping, dining and commercial district. 401 Nicollet is a two-building campus that consolidated operations that were previously spread throughout Minneapolis. The complex features collaborative work spaces with flexible furniture, technology and conference areas, as well as a skyway that connects the two nine-story buildings.

July 26, 2016

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $4.5M Loan for 81-Unit Affordable Apartment Complex Near St. Paul

by Christina Cannon July 25, 2016

MAPLEWOOD, MINN. — Dougherty Mortgage LLC has closed a $4.5 million Fannie Mae loan to refinance Sibley Cove Apartments, an 81-unit affordable housing complex in Maplewood, five miles north of St. Paul. Units include washers and dryers, walk-in closets and kitchen appliances. Community amenities include a heated underground parking garage, playground, fitness center and a car wash station. The adjustable-rate loan features a seven-year term and 30-year amortization schedule. The borrower is Sibley Cove LP.

July 25, 2016

Midwest Minnesota Mixed-Use

Gaughan Cos. Completes 20,400 SF Office, Retail Property in Minneapolis Suburb

by Christina Cannon July 25, 2016

FOREST LAKE, MINN. — Gaughan Cos./CORFAC International has developed a 20,400-square-foot mixed-use property in Forest Lake, approximately 30 miles northeast of Minneapolis. The property is situated within the City Center Commons retail center. Tenants at the property include Keller Williams, Maplewood Oral Surgery and Thrifty White. There is approximately 3,000 square feet still available for a fast-casual restaurant.

July 25, 2016

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