LAKE ELMO, MINN. — Bibliotheca, a library technology service company, has signed a long-term lease for 32,000 square feet at I-94 Logistics Center, a new development at 11190 Hudson Blvd. in Lake Elmo near St. Paul. Bibliotheca is the first tenant to move into the 150,000-square-foot property. The lease enables the company to consolidate its shipping and operations into one location. Bibliotheca’s space comprises 10,000 square feet of office space and 22,000 square feet of industrial space. Kevin Salmen and Danny Callahan of Transwestern Real Estate Services represented the tenant. Colliers represented the landlord, Launch Properties.
ST. LOUIS PARK, MINN. — Thorofare Capital, an affiliate of asset management platform Callodine Group LLC, has provided a $42.9 million bridge loan to refinance Risor of St. Louis Park, a 170-unit active adult community in the Minneapolis suburb of St. Louis Park. The borrower, Roers Cos., will use the financing primarily to retire an existing construction loan on the Class A property at 3510 Beltline Blvd. Completed in November 2023, the community is 78 percent leased. The six-story building features an interior courtyard and 4,000 square feet of ground-floor retail space. Amenities include a coffee bar, golf simulator, pet wash, fitness center, movie theater, library lounge, clubroom, pool, spa and pickleball court. Scott Loving, William Hintz, Scott Streiff and Gary Marchiori of JLL arranged the loan.
COON RAPIDS, MINN. — Marcus & Millichap has arranged the $7.3 million sale of Crest Oak Apartments in Coon Rapids, a northern suburb of Minneapolis. The 60-unit multifamily property, built in 1972, features a mix of one-, two- and three-bedroom floor plans across 47,150 rentable square feet. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller, which was disposing of a four-building portfolio. The asset sold to a 1031 exchange buyer.
EDINA, MINN. — Cushman & Wakefield has arranged an $11.3 million take-out refinancing package for The E, a boutique office building in the Minneapolis suburb of Edina. Located at 7201 Metro East Blvd., The E totals 108,000 square feet. Constructed in 1981 and fully renovated and rebranded in 2021, the property is 94 percent occupied by 11 tenants. More than 97,000 square feet of new tenancy followed a $6.7 million renovation of the asset. Adam Hoffman, Jeff Altenau, Zach Yarnoff and Avery Ticer of Cushman & Wakefield represented the owner, City Center Realty Partners/Contrarian Capital Management, in securing the bank financing.
WHITE BEAR LAKE, MINN. — Kraus-Anderson has completed a $226 million renovation and addition at White Bear Lake Area High School – North Campus in White Bear Lake, a northern suburb of St. Paul. The project allowed for the former North Campus site to become the single high school site serving grades 9-12 for the White Bear Lake Area School District. Designed by Wold Architects and Engineers, the three-story, 595,000-square-foot high school features a 250,000-square-foot addition with new classrooms, a 37,000-square-foot performing arts center and a 92,000-square-foot athletic facility with track and field house. Kraus-Anderson also completed 216,000 square feet of renovations to existing classrooms, the media center, gym and union space. Construction began in June 2021. The high school project is part of a long-range facilities plan that in total includes 16 district projects, all funded by a 2019 $326 million school bond referendum. The former White Bear Lake Area High School – South Campus has been converted into Mariner Middle School.
MINNEAPOLIS — Onward Investors has acquired Ameriprise Financial Center, a 31-story office tower located at 707 2nd Ave. S in downtown Minneapolis. The 960,000-square-foot building has served as the corporate headquarters of Ameriprise Financial since its construction in 2000. Ameriprise Financial announced in 2022 that the company would be vacating the property in order to consolidate its headquarters at another building in downtown Minneapolis. Ameriprise Financial Center is soon to be vacant, according to Onward Investors. A sales price was not disclosed. However, locally based newspaper The Minnesota Star Tribune reported that the property sold for $6.3 million, a steep discount from the last time the building traded hands. Most recently in September 2016, a joint venture between Axar Capital Management and Morning Calm Management acquired the building for $200 million. Ameriprise Financial Center is located within the Minneapolis skyway system, a network of enclosed pedestrian bridges that provide direct access to buildings including the Minneapolis Club, Capella Tower, SPS Tower and Baker Center. The property also includes a four-story parking ramp that offers below-grade parking for roughly 300 vehicles. Onward Investors stated that it is exploring variety of options for the property, including converting portions of the building to uses other than …
CHANHASSEN, MINN. — Marcus & Millichap Capital Corp. (MMCC) has arranged $89.6 million in construction financing for Bennett Apartments and Harlow Apartments in Chanhassen, about 15 miles southwest of Minneapolis. Bennett will feature 184 units and 11,853 square feet of retail space, while Harlow will include 126 units and 3,029 square feet of retail space. The adjacent projects are both slated for completion in 2026. Gary Sefcik of MMCC arranged the financing on behalf of the borrower, Minnesota-based Roers Cos. Kayne Anderson provided $77.5 million in senior proceeds, and SteepRock Capital provided $12.1 million in mezzanine financing.
PACE Loan Group Provides $15.8M C-PACE Loan for Office-to-Multifamily Conversion Project in St. Paul
ST. PAUL, MINN. — PACE Loan Group has provided a $15.8 million C-PACE loan for the conversion of the former Ecolab office building in downtown St. Paul into multifamily units. Developers Kaeding Development, Ron Clark and Inland Real Estate began construction in July. The 197,692-square-foot property will be transformed into 174 apartment units and will be named Stella. The C-PACE assessment is part of a total $68 million capital stack, which also includes federal and state historic tax credits of $18 million. Inland Real Estate Group of Cos. purchased the project site for $17.9 million in 2022. The PACE proceeds will be used to finance qualifying energy conservation measures, including building envelope, windows, HVAC, plumbing, lighting systems, mechanical and domestic hot water pumps. The renewable and energy conservation measures are expected to save $1.2 million annually in the payback period of 13.6 years. Matthew McCormack of PLG originated the loan. When complete, the project will include 2,339 square feet of retail space, a coffee lounge, mailroom and leasing office on the main floor. The lower levels will include tenant storage, bike storage and a pet run. The second floor will feature a fitness area, three “Zoom room” coworking rooms, a …
EDEN PRAIRIE, MINN. — HM Cragg, a provider of backup power solutions, has signed a 92,224-square-foot industrial lease at Nexus at Opus Park in the Minneapolis suburb of Eden Prairie. Endeavor Development is the owner and developer for the two-building, 174,230-square-foot project. HM Cragg is relocating from 7490 Bush Lake Road in Edina and will open its new facility in early 2026. James DePietro and Matt Oelschlager of CBRE represented Endeavor, while Jay O’Brien of Great Places Co. represented the tenant. Nexus at Opus Park is a redevelopment of the former American Family Insurance office campus. Demolition of the 14.4-acre site is scheduled to begin in March, with both buildings slated for delivery in the fourth quarter. Opus Park is a larger mixed-use development.
MINNEAPOLIS — Law firm Messerli Kramer has signed a full-floor office lease at 50 South Sixth, a 29-story office building in the central business district of Minneapolis. The firm, which plans to occupy the space in the third quarter, is upgrading its facilities. Trinette Wacker and Reed Christianson of Transwestern Real Estate Services represented the owner, Mapletree Investments. Transwestern also manages the building, which opened in 2001. David Buyse and Rory Johnson of Corporate Tenant Advisors represented Messerli Kramer.