Minnesota

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

Midwest Minnesota Office

Golub & Co., Oaktree Capital Acquire RSM Plaza in Downtown Minneapolis

by Christina Cannon December 24, 2015

MINNEAPOLIS — Golub & Co. and Oaktree Capital Group LLC have acquired RSM Plaza in downtown Minneapolis for an undisclosed price. The building, formerly known as McGladrey Plaza, is a 415,000-square-foot office tower. The duo also acquired an 850-stall parking garage at the corner of 8th Street and Nicollet Avenue. The asset was purchased from United Properties and the building represented the largest company-owned asset that United Properties has sold in its nearly 100-year history. Tenants in the RSM Plaza include RSM (formerly McGladrey), Amec Foster Wheeler, Unilever, the Clorox Company, Abbott Nutrition, Portico Benefits, First American Title Insurance Co., Panera Bread and Barnes & Noble. Golub and its partners plan to conduct a $10 million renovation, which is slated for completion in mid-2017. The renovation will include improvements to the building common areas as well as the addition of amenities such as a fitness center, conference center, tenant lounge and improvements to the parking garage and retail areas. Scott Pollock of Cushman & Wakefield/NorthMarq represented United Properties in the transaction. Adam Short of Cushman & Wakefield/NorthMarq represented the Golub acquisition team.

December 24, 2015

Industrial Midwest Minnesota Office

Duke Realty to Develop 134,384 SF Office/Warehouse Build-to-Suit Facility in Plymouth, Minn.

by Christina Cannon December 18, 2015

PLYMOUTH, MINN. — Duke Realty Corp. has agreed to develop a 134,384-square-foot office and warehouse build-to-suit facility for Intereum Inc. in Plymouth, a western suburb of Minneapolis. Intereum supplies commercial office and healthcare furniture, floor coverings and related products to corporations and government entities. As part of the deal, Intereum has entered into a long-term lease agreement with Duke Realty, which will develop the facility on nearly 14 acres that it owns adjacent to Waterford Ponds, an office and retail complex. The building will include nine dock doors, one drive-in door, 152 automobile parking spaces, a 125-foot truck court and a 30,000-square-foot showroom. Construction on the facility is slated to begin in May 2016 and be completed in March 2017. This development marks the fifth time in the last 18 months that Duke Realty has undertaken an industrial build-to-suit project in Minneapolis. Jon Yanta and Brent Erickson of NorthMarq represented Intereum in the build-to-suit transaction. Matt Oelschlager of CBRE represented Duke Realty.

December 18, 2015

Midwest Minnesota Multifamily Seniors Housing

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

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