Minnesota

PwC Signs 66,304 SF Lease in Class A Office Building in Downtown Minneapolis

by Christina Cannon October 14, 2015

MINNEAPOLIS — City Center Realty Partners LLC has signed auditing and consulting firm PricewaterhouseCoopers (PwC) to a 66,304-square-foot office lease at Plaza Seven in downtown Minneapolis. Plaza Seven is a Class A office building located in the heart of the Nicollet Mall corridor. PwC will occupy four-and-a-half floors at the top of the mixed-use tower. The office space is 335,000 square feet and sits on top of the Radisson Blu Hotel, which recently underwent a multi-million dollar renovation undertaken by City Center Realty Partners. The Radisson Hotel occupies floors 3-16 of the Plaza Seven building, with the office tower occupying floors 17-36. The first three floors of the tower are allocated for parking. The lease term is 12.5 years, and PwC will move into its new location in mid-2016. PwC has acquired naming rights to Plaza Seven and will rename the building in the coming months. The lease signing brings the building to 100 percent occupancy. Other tenants include Epsilon, Northland Securities, Haworth Marketing + Media and Jacobs Marketing. JLL represented the owner, San Francisco-based City Center Realty Partners, in the transaction. CBRE and Frauenshuh represented PwC. Angelo, Gordon & Co. served as investment advisor to City Center Realty Partners.

October 14, 2015

Loans Midwest Minnesota

Dougherty Closes $11M Fannie Mae Refinancing Loan for Senior Apartments in Minneapolis Suburb

by Christina Cannon October 8, 2015

OAK PARK HEIGHTS, MINN. — Dougherty Mortgage LLC has closed an $11 million Fannie Mae loan for the Villas of Oak Park Senior Apartments in Oak Park Heights, a suburb of Minneapolis. The loan proceeds were used to refinance the 62-unit, age-restricted property. The 12-year loan, which includes a 30-year amortization schedule, was arranged by Dougherty’s Minneapolis office for the borrower, Oakgreen Senior Villas LLC.

October 8, 2015

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $4.3M Fannie Mae Loan for Apartments in Minneapolis suburb

by Christina Cannon October 7, 2015

CRYSTAL, MINN. — Dougherty Mortgage LLC has closed a $4.3 million Fannie Mae refinancing loan for LouAnn Terrace Apartments in Crystal, a Minneapolis suburb. The 71-unit complex is located at 7201 36th Ave. N. and was built in 1971. The loan has a 10-year term. The borrower is Lou-Ann Terrance Limited Partnership. Amenities include controlled access entry, a grilling area, on-site management and on-site laundry.

October 7, 2015

Midwest Minnesota

Mortenson Construction Tops Out 1.7 Million SF Stadium for Minnesota Vikings

by Christina Cannon September 29, 2015

MINNEAPOLIS — Mortenson Construction has topped out the U.S. Bank Stadium, future home of the Minnesota Vikings. Topping out is a major milestone celebrated when the highest or last steel beam is placed in a building under construction. Mortenson broke ground on the project 21 months ago and the stadium is now 75 percent complete and is set to open in July 2016. More than 11,000 tons of steel help make up the roof of the facility, including the 989-foot-long, 1,700-ton ridge truss, which stands 214 feet above the playing field. The stadium will seat 65,000 people and span 1.7 million square feet. Mortenson Construction and Thor Construction are managing the building project. The Minnesota Sports Facilities Authority will own and operate the stadium. In early 2013, the Vikings and the University of Minnesota negotiated a use agreement allowing the Vikings to play the 2014 and 2015 seasons at TCF Bank Stadium on the university’s campus.

September 29, 2015

Midwest Minnesota Mixed-Use Uncategorized

Opus Group Begins Construction on Mixed-Use Property in St. Paul

by Christina Cannon September 28, 2015

ST. PAUL — The Opus Group has broken ground on a six-story, mixed-use luxury apartment and retail development located on West Seventh Street in St. Paul. The redevelopment replaces an 80-year-old former Seven Corners Hardware store as well as an adjacent church. Demolition work has already occurred. The property will include a combination of 191 studio, one- and two-bedroom units and three-bedroom townhouse-style residences, as well as 11,500 square feet of ground-level retail space. The residential development will include an outdoor courtyard featuring a pool, hot tub, bocce ball and grill areas, as well as a terrace-level patio and club room with river views. Opus Development Company LLC is the developer, Opus Design Build LLC is the design builder and Opus AE Group LLC is the architect and structural engineer. Elness Swenson Graham Architects Inc. is the design architect. The project is scheduled for completion in January 2017.

September 28, 2015

Midwest Minnesota Mixed-Use Uncategorized

Doran Construction Completes 319-Unit Luxury Apartment Building in Minneapolis

by Christina Cannon September 28, 2015

MINNEAPOLIS — Doran Construction has completed construction on Latitude 45, a luxury apartment building located at 301 Washington Ave. South for Alatus LLC. The building is 13 stories and contains 319 units, with 10,000 square feet of retail on the ground floor. The facility came in under budget and ahead of schedule. Alatus is a real estate developer with expertise in residential high-rise development, office redevelopment, parking management and single-family home redevelopment. The Doran Cos. offer commercial development, general contracting and management of multifamily residential and commercial properties.

September 28, 2015

Midwest Minnesota Office

Cushman & Wakefield/NorthMarq Brokers Law Office Lease of 81,000 SF in Minneapolis

by Christina Cannon September 24, 2015

MINNEAPOLIS — Cushman & Wakefield/NorthMarq has brokered a lease extension for Lindquist & Vennum LLP. The property is located at the IDS Center in Minneapolis, and the company has leased the space since it became available 43 years ago. Lindquist & Vennum, a law firm, plans to downsize and relocate its 300 attorneys and staff personel within the Minneapolis Landmark Office Tower. For the past 43 years, the company has occupied space on floors 40 through 44 that has totaled 120,000 square feet. The lease renewal is for 81,000 square feet on floors 18 through 21. The lease renewal is good through 2032. Paul Donovan, Brent Erickson and Jaclyn May of Cushman & Wakefield/Northmarq represented Lindquist. Brent Robertson, Jon Dahl and Sam McGuire of JLL represented the IDS Center. Greiner Construction built the property, and Yellow Dog Studio was the architect. The Minneapolis Landmark Office Tower was constructed in a zig-zag design that allows there to be 32 corner offices on each floor instead of the typical four.

September 24, 2015

Midwest Minnesota

Carter Validus Acquires $19.9M Data Center Property Near St. Paul

by Christina Cannon September 22, 2015

MINNETONKA, MINN. — Carter Validus Mission Critical (CVMC) REIT II Inc. has acquired its third data center property for $19.9 million from an undisclosed seller. The property has 135,000 square feet for rent and is comprised of three buildings located on 15.5 acres close to St. Paul. The data center property is a tier II carrier grade facility that offers three megawatts of UPS infrastructure in the main building, 1.25 megawatts of UPS infrastructure in the secondary building and houses a research lab and office space in the third building. The property is 100 percent leased. Tenants include TW Telecom of Minnesota LLC and Uroplasty LLC. Carter Validus Mission Critical REIT II Inc. is a public non-traded company. CVMC REIT II Inc. intends to focus its acquisitions on assets in the data center and healthcare sectors.

September 22, 2015

Midwest Minnesota Retail

Marcus & Millichap Brokers Sale of $7.1M Retail Property in Suburban Minneapolis

by Christina Cannon September 17, 2015

BROOKLYN PARK, MINN. — Marcus & Millichap has brokered the $7.1 million sale of a 34,000-square-foot retail property in Brooklyn Park, a northern suburb of Minneapolis. Sean Doyle, Matthew Hazelton, Cory Villaume, and Adam Prins of Marcus & Millichap represented both the undisclosed buyer and seller. Petco anchors the shopping center, and other tenants include Chipotle, Caribou Coffee, Panda Express and Gamestop.

September 17, 2015

Midwest Minnesota

Värde Properties Acquires Trimont Real Estate Advisors

by Amy Works September 9, 2015

MINNEAPOLIS — Through managed funds, Värde Properties, a global alternative investment firm, has acquired Atlanta-based Trimont Real Estate Advisors, a real estate financial services firm. Under the acquisition terms, the Värde funds will be majority owners and Trimont’s current owners will have a minority investment in the new entity, which will retain the Trimont name. Financial terms of the transaction were not disclosed. With $85 billion of client capital under management, Trimont provides real estate financial services, including asset management, asset servicing, construction loan administration and services, and underwriting to a roster of clients that spans the real estate world. Trimont’s business will allow Värde to expand its growing real estate business platform. Additionally, Värde will integrate the operations of First City Financial Corp., a commercial finance company owned by Värde funds, with Trimont to create a new Dallas office for the new entity. Greg Winchester, John Charles and Ernie Davis of Trimont have agreed to stay with the new entity through a transition period and will be shareholders in the company.

September 9, 2015

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