Minnesota

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

Midwest Minnesota Office

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

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