Minnesota

Mid-America Brokers Sale of 140,578 SF Retail Center in Rochester, Minnesota

by Christina Cannon January 28, 2016

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.

January 28, 2016

Midwest Minnesota Retail Wisconsin

CrossAmerica to Acquire 31 Holiday Stores in Wisconsin and Minnesota for $48.5M

by Christina Cannon January 13, 2016

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.

January 13, 2016

Midwest Minnesota Mixed-Use

Marcus & Millichap Brokers $5.8M Sale of Mixed-Use Property in Minneapolis

by Christina Cannon January 11, 2016

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.

January 11, 2016

Midwest Minnesota Multifamily

NAI Everest Completes $15.6M Sale of 60-Unit Apartment Property in Minneapolis

by Christina Cannon January 8, 2016

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.

January 8, 2016

Midwest Minnesota Multifamily

Marcus & Millichap Brokers $3.2M Sale of Apartment Property in Alexandria, Minnesota

by Christina Cannon January 8, 2016

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.

January 8, 2016

Midwest Minnesota Multifamily Seniors Housing

LCS, Weitz Open $161M Seniors Housing Community in Minneapolis Suburb

by Christina Cannon January 6, 2016

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.

January 6, 2016

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $2.4M Sale of 13-Unit Apartment Property in Minneapolis

by Christina Cannon January 6, 2016

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.

January 6, 2016

Midwest Minnesota Retail

Marcus & Millichap Brokers $6.2M Sale of Retail Property in Minneapolis Suburb

by Christina Cannon January 5, 2016

MINNETONKA, MINN. — Marcus & Millichap has arranged the sale of a 38,096-square-foot retail property in Minnetonka, a southwestern suburb of Minneapolis, for $6.2 million. Glen Haven Center was 100 percent occupied at the time of sale and is located at 14400 Excelsior Blvd. Sean Doyle, Cory Villaume, Matthew Hazelton, AJ Prins and Brian Klancke of Marcus & Millichap worked in conjunction with two other brokerages to close the transaction. Both the buyer and the seller are undisclosed limited liability companies.

January 5, 2016

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $2.4M HUD Refinancing Loan for 37-Unit Affordable Housing Building in Minneapolis

by Christina Cannon January 5, 2016

MINNEAPOLIS — Dougherty Mortgage LLC has closed a $2.4 million HUD loan for the refinancing of a multifamily property in Minneapolis. Vantage Flats is a 37-unit affordable workforce housing property. The building is a transit-oriented project located near the METRO Blue line in South Minneapolis. The property, located at 5341-5359 Minnehaha Ave., was built in 2007 and is comprised of one-, two- and three-bedroom floorplans. Amenities include a community room with kitchen, exercise room, bike racks and underground heated parking. Dougherty arranged the 40-year term loan for MDI Limited Partnership #64.

January 5, 2016

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $2M Sale of 48-Unit Multifamily Property

by Christina Cannon January 4, 2016

WILLMAR, MINN. — Marcus & Millichap has arranged the $2 million sale of a multifamily property in Willmar, approximately 100 miles west of Minneapolis. Foot Lake Estates is a 48-unit apartment complex that was built in 1977. The property was 100 percent occupied at the time of sale and is located at 400 30th St. NW. Cole Harstad, Mox Gunderson and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller and secured and represented the buyer. Both parties were undisclosed private investors.

January 4, 2016

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