ALBERT LEA, MINN. — Timber Development has broken ground on a $3 million retail center in Albert Lea, approximately 64 miles southwest of Rochester. The 25,000-square-foot project is 90 percent pre-leased to tenants including Maurices, Shoe Sensation, AT&T and Sally Beauty Supply. The development, situated on a three-acre site, is also adjacent to a Walmart Supercenter. PNC Bank financed the development, which is scheduled for completion this fall.
STILLWATER, MINN. — Marcus & Millichap has brokered the $8.6 million sale of an 82,436-square-foot shopping center in Stillwater, approximately 20 miles northeast of St. Paul. Valley Ridge Mall, located at 1250 Frontage Road West, was nearly 100 percent occupied at the time of sale and is home to 29 tenants. Adam Prins, Matthew Hazelton, Sean Doyle and Cory Villaume of Marcus & Millichap listed the property on behalf of the seller, a developer, and also secured the buyer, a private investor from outside Minnesota.
APPLE VALLEY, MINN. — Marcus & Millichap has brokered the $4.2 million sale of a 10,850-square-foot net-leased property in Apple Valley, approximately 20 miles south of Minneapolis. Prestige Preschool Academy occupies the building located at 15848 Emperor Ave. Sean Doyle, Adam Prins, Matthew Hazelton and Cory Villaume of Marcus & Millichap listed the property on behalf of the seller, a developer. The team, along with Josh Talberg, also procured the buyer, a personal trust.
ROCHESTER, MINN. — Mid-America Real Estate Corp. has brokered the sale of a 140,578-square-foot retail property in Rochester, approximately 80 miles southeast of Minneapolis. Texas-based Epic Real Estate Partners purchased the asset, located at the intersection of South Broadway and U.S. Highway 52, from Illinois-based Inland Private Capital for an undisclosed price. Broadway Commons features tenants such as Bed Bath & Beyond, Dress Barn, DSW Shoe Warehouse, Famous Footwear and Michaels. Carly Gallagher and Michael Sims of Mid-America Real Estate represented the seller in the transaction.
ALLENTOWN, PA. — Allentown-based CrossAmerica Partners LP has agreed to acquire 31 franchised Holiday convenience stores located in Wisconsin and Minnesota from SSG Corp. for $48.5 million. Of the 31 company-operated stores, 28 are located in Wisconsin and three are located in Minnesota. The acquisition is subject to customary conditions to closing and is expected to close in the first quarter of this year.
MINNEAPOLIS — Marcus & Millichap has brokered the sale of a mixed-use property in Minneapolis for $5.8 million. The Alden consists of 68 apartment units and two levels of office space that total 10,000 square feet. The property, located at 1201 Hawthorne Ave. W., was originally built in 1925 as a hotel. The building was renovated in 1990 and now features 52 studio apartments ranging from 235 square feet to 418 square feet and 16 one-bedroom units ranging from 457 square feet to 657 square feet. Mox Gunderson and Dan Linnell of Marcus & Millichap secured and represented the buyer, an undisclosed partnership that plans on updating the building. The duo, along with Marcus & Millichap’s Josh Talberg, also listed the property on behalf of the seller, an undisclosed partnership.
MINNEAPOLIS — NAI Everest has completed the sale of a luxury 60-unit apartment building in Minneapolis. The Laramar Group, a Chicago-based owner and manager of multifamily properties, acquired the asset for $15.6 million or $261,250 per unit. The asset is located at 3021 Holmes Ave. S. Built in 2009, the six-story property includes amenities such as an indoor and outdoor party room, heated underground parking, a fitness studio and outdoor patio with grilling areas. Hotel Uptown LLC sold the building and was represented by Gina Dingman of NAI Everest.
ALEXANDRIA, MINN. — Marcus & Millichap has brokered the sale of a 72-unit apartment community for $3.2 million in Alexandria. Lakewood Apartments, located at 204 Kenwood Drive, is comprised of 25 one-bedroom units, 46 two-bedroom units and one three-bedroom unit. Cole E. Harstad, Mox Gunderson and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller, an undisclosed non-profit community development corporation. The trio also secured the undisclosed buyer.
PLYMOUTH, MINN. — Design and construction firm The Weitz Co. and developer LCS have opened the doors to Trillium Woods, a 46-acre continuing care retirement community in the Minneapolis suburb of Plymouth. The 500,000-square-foot community cost $161 million to develop. The buildings are split into a 50,000-square-foot commons building, a 58,000-square-foot health center and three independent living buildings totaling 392,000 square feet. The three-level health center building contains 44 memory care and skilled nursing units. The independent living buildings contain 195 apartments. In addition, there are 14 detached townhome residences in seven separate buildings. Life Care Services, a subsidiary of LCS, will operate the new community.
MINNEAPOLIS — Marcus & Millichap has arranged the sale of a 13-unit apartment property in Minneapolis for $2.4 million. The property is located at 2118 Dupont Ave. S. A Japanese investor purchased the asset from an undisclosed buyer. Bill Bailey and John Bailey of Marcus & Millichap listed the property on behalf of the seller who was a private investor. A Chicago-based investment fund represented the buyer in the transaction.