Minnesota

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

Midwest Minnesota Mixed-Use

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

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