Minnesota

Brookdale Completes $30M Renovation to Seniors Housing Community in Suburban Minneapolis

by Christina Cannon December 17, 2015

EDINA, MINN. — Brookdale Senior Living has completed a $30 million renovation to Brookdale Edina, formerly Edina Park Plaza. The seniors housing community is located in Edinborough Park in the Minneapolis suburb of Edina. Brookdale remodeled the independent living and assisted living apartments and added 36 memory care units. The project also adds a new main lobby, bistro, library, dining room and activity area to the community. The new and renovated units will be available for residents in January. Based in Brentwood, Tenn., Brookdale Senior Living is the largest owner and operator of seniors housing in the United States, managing more than 110,000 units, according to the American Seniors Housing Association’s ASHA 50 rankings.

December 17, 2015

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $15.1M Loan for Apartment Conversion Project in Minneapolis

by Christina Cannon December 11, 2015

MINNEAPOLIS — Dougherty Mortgage LLC has closed a $15.1 million HUD 221(d)(4) loan for the rehabilitation of two conjoined warehouses in Minneapolis. The property, 700 Central, will be converted into 80 market-rate housing units. The apartment buildings will also feature 5,600 square feet of ground-floor retail. The project has been placed on the National Register of Historic Places, and the borrower, 700 Central Owner LLC, was able to utilize equity from the sale of historic tax credits for the project.

December 11, 2015

Midwest Minnesota Retail

Marcus & Millichap Arranges $2.6M Sale of Shopping Center Near Minneapolis

by Christina Cannon December 10, 2015

BROOKLYN PARK, MINN. — Marcus & Millichap has arranged the $2.6 million sale of a 17,927-square-foot shopping center in Brooklyn Park, a northwestern suburb of Minneapolis. Jefferson Plaza is located at 8501-8511 Jefferson Lane North. Mike Marzinske, Matthew Hazelton, Adam Prins, Sean Doyle and Cory Villaume of Marcus & Millichap represented both parties in the transaction. Both the buyer and seller were private investors.

December 10, 2015

Midwest Minnesota Retail

Bloom Commercial Brokers Sale of 25,000 SF Retail Property in St. Paul

by Christina Cannon December 10, 2015

ST. PAUL, MINN. — Bloom Commercial Real Estate has arranged the sale of a 25,000-square-foot retail building in St. Paul. Salvation Army purchased the building for an undisclosed price and will occupy the space. M and J Investments LLC was the seller. The property is situated on two acres and is located at 1905 Suburban Ave. Josh Bloom and Tim Bloom of Bloom Commercial Real Estate represented the seller in the transaction. The Salvation Army was self-represented in the deal.

December 10, 2015

Midwest Minnesota Retail

Mid-America Arranges Three Retail Leases Totaling 9,729 SF in Minnesota

by Christina Cannon November 30, 2015

EAGAN, SHAKOPEE AND MINNEAPOLIS, MINN. — Mid-America Real Estate-Minnesota has arranged three retail leases. In the first transaction, New Bohemia signed a lease for 4,209 square feet at Eagan Towne Centre in Eagan. Cub Foods, Big Lots and Dollar Tree anchor the 153,781-square-foot center. Andrea Christenson and Blaine Beety of Cushman & Wakefield represented the tenants in the transaction, and Mid-America represented the landlord. In the second deal, Title Boxing Club will occupy 3,495 square feet at a retail property in Minneapolis. The 4,736-square-foot center is shadow-anchored by Walgreens, Midas, Enterprise and Kowalski’s. Ian Halker of Colliers International represented the tenant in the transaction and Mid-America represented the landlord. In the third transaction, Starbucks Coffee signed a 2,025-square-foot lese at Southbridge Crossing in Shakopee. The landlord was self-represented, and Mid-America represented the tenant in the transaction.

November 30, 2015

Midwest Minnesota Multifamily Seniors Housing

Evans Senior Investments Arranges $30M Sale of 105-Unit Seniors Housing Community in Minnesota

by Christina Cannon November 23, 2015

MAPLEWOOD, MINN. — Evans Senior Investments has arranged the $30 million sale of The Shores of Lake Phalen, a seniors housing community located in the Twin Cities suburb of Maplewood. A non-traded REIT purchased the property at a price of $285,714 per unit. The Shores of Lake Phalen features 22 independent living units, 51 assisted living units and 32 memory care units. Constructed in 2011, the Class A community is adjacent to the Gateway State Trail for walking or biking. The new owner plans to lease the facility to a national operator. The final capitalization rate was 6.3 percent based on a 2015 budgeted net operating income of $1.9 million. Evans Senior Investments is a Chicago-based seniors housing investment banking firm.

November 23, 2015

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $2.1M Sale of Multifamily Property in St. Paul Suburb

by Christina Cannon November 9, 2015

COTTAGE GROVE, MINN. — Marcus & Millichap has arranged the sale of a 24-unit apartment property in Cottage Grove, a southeastern suburb of St. Paul. Cottage Grove Estates sold for $2.1 million and is located at 7505 79th St. South. The property consists entirely of three-bedroom / two-bathroom units. Each unit has an attached tuck under garage and two balconies. The complex was built in 1986 and was 100 percent occupied at the time of sale. Mox Gunderson, Dan Linnell and Annie Arneberg of Marcus & Millichap represented the seller, a private investor. Gunderson and Linnell also secured and represented the buyer, also a private investor.

November 9, 2015

Industrial Midwest Minnesota Office

Fairbridge Properties Sells Industrial, Research Facility in Minneapolis Suburb for $14M

by Christina Cannon November 5, 2015

COON RAPIDS, MINN. — Fairbridge Properties has sold a 261,805-square-foot flex facility in Coon Rapids, a northern suburb of Minneapolis, for $14 million. The industrial and research facility is located at 8840-8880 Evergreen Blvd. and is occupied by Honeywell Aerospace and MEDRAD. Shopoff Realty Investments purchased the property. Fairbridge realized an internal rate of return of 75 percent. After obtaining ownership of the building in 2013, Fairbridge made renovations including repainting the building’s exterior, replacing windows, resurfacing a portion of the parking lot and retrofitting the parking lot lighting. Fairbridge sold the property as part of a 1031 exchange, and the company is in the process of identifying a new investment to complete the exchange.

November 5, 2015

Midwest Minnesota Retail

Marcus & Millichap Brokers $2M Sale of 7,823 SF Retail Property in Minneapolis Suburb

by Christina Cannon November 2, 2015

SHAKOPEE, MINN. — Marcus & Millichap has brokered the sale of Dean Lakes in Shakopee, a southwest suburb of Minneapolis. The 7,826-square-foot retail center, located at 4041-4061 Dean Lake Blvd., sold for $2 million. The property is 100 percent occupied. Tenants include Qdoba, Shakopee Wine and Siriouthay. Matthew Hazelton, Adam Prins, Cory Villaume and Sean Doyle of Marcus & Millichap represented both undisclosed parties in the transaction. Brian Klancke also assisted in procuring and representing the buyer.

November 2, 2015

Midwest Minnesota Retail

Marcus & Millichap Brokers $7M Sale of Retail Property in Minneapolis Suburb

by Christina Cannon October 29, 2015

RICHFIELD, MINN. — Marcus & Millichap has brokered the sale of a 28,208-square-foot retail property in Richfield, a southern Minneapolis suburb. Kensington Park was sold to an undisclosed buyer for $7 million. The asset is located at 7610 Lyndale Ave. S. Brian Klancke, Sean Doyle, Cory Villaume, Matthew Hazelton and Adam Prins of Marcus & Millichap had the rights to market the property on behalf of the seller. Marcus & Millichap also secured and represented the buyer.

October 29, 2015

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