Minnesota

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

Midwest Minnesota Retail

Mid-America Brokers Sale of 62,308 SF Retail Center Near Minneapolis

by Christina Cannon October 22, 2015

SHOREWOOD, MINN. — Mid-America Real Estate Corp. has brokered the sale of Shorewood Village Shopping Center in Shorewood, a southwestern suburb of Minneapolis. Kraus-Anderson Realty Co. purchased the 62,308-square-foot retail center for an undisclosed amount. Tenants in the retail center include Dollar Tree, True Value, Caribou Coffee and Great Clips. Shorewood Village is shadow anchored by Cub Foods. Mark Robinson and Joe Girardi of Mid-America represented the seller, a local private investor. Kraus-Anderson Realty Co. was self-represented.

October 22, 2015

Indiana Industrial Loans Midwest Minnesota Office

Associated Bank Provides Two Loans Totaling $35.2M for Projects in Indiana and Minnesota

by Christina Cannon October 21, 2015

COLUMBUS, IND. AND MAPLE GROVE, MINN. — Associated Bank has provided two loans totaling $35.2 million for projects in Indiana and Minnesota. In the first project, LandMark Group Cos. took out a construction loan for a 391,355-square-foot manufacturing and distribution facility in Columbus, Ind. The second loan for $6.9 million was awarded to an affiliate of Westminster Capital to acquire and reposition a 97,368-square-foot office building located at 6820 N. Wedgewood Road in Maple Grove, Minn. The Class A building, built in 2005, was originally developed as a build-to-suit regional operations center with a commercial cafeteria for The Hartford, a Fortune 500 company. The investment and insurance giant consolidated operations at an existing office in Bloomington, Minn., and did not extend its lease. Edward Notz, senior vice president of Associated Bank, managed the transactions.

October 21, 2015

Midwest Minnesota Multifamily

Marcus & Millichap Brokers $9M Sale of 54-Unit Apartment Building in Minneapolis

by Christina Cannon October 16, 2015

MINNEAPOLIS — Marcus & Millichap has brokered the $9 million sale of Dean Parkway, a 54-unit apartment property located at 2920 Dean Parkway in Minneapolis. Josh Talberg, Mox Gunderson, Dan Linnell and Adam Haydon of Marcus & Millichap represented the undisclosed seller. Talberg also represented the undisclosed buyer.

October 16, 2015

Loans Midwest Minnesota Mixed-Use

Oak Grove Capital Originates $9.3M FHA Loan for New Mixed-Use Property in Minneapolis

by Christina Cannon October 16, 2015

MINNEAPOLIS — Oak Grove Capital has originated a $9.3 million FHA loan for the construction of Broadway Flats, a mixed-use property located in north Minneapolis. The property will include commercial space and workforce housing. Ken Dayton and Pat McMullen of Oak Grove Capital arranged the loan. The property is being built in an effort to revitalize the damage resulting from a tornado in 2011. The 19,000-square-foot commercial space is slated to open in April 2016, followed by the opening of 103 housing units in July 2016. Building amenities will include a business center, fitness room, conference room and underground parking. Plans to integrate a metro transit shelter into the exterior of the building should go into effect in 2017.

October 16, 2015

Midwest Minnesota

Stahl Construction Breaks Ground on 600-Seat Performing Arts Center in Minneapolis Suburb

by Christina Cannon October 15, 2015

PLYMOUTH, MINN. — Stahl Construction has broken ground on a 56,000-square-foot performing arts center for Providence Academy in Plymouth, a western Minneapolis suburb. The new arts center will be an all light-emitting diode (LED) performance theater. Studio 55 Architects designed the building, which is being constructed over a 15-month period. The three-story building will include 600 seats, an auditorium, lobby, parking garage and mechanical and storage areas. Providence Academy is a private school for grades K-12.

October 15, 2015

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