Monday, November 25, 2024
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Minnesota

DevelopmentIndustrialMidwestMinnesota

CRG Completes 1 MSF Spec Industrial Development in Dayton, Minnesota

by Kristin Harlow

DAYTON, MINN. — CRG has completed The Cubes at French Lake, a 1 million-square-foot speculative industrial development in Dayton, a northwest suburb of Minneapolis. The project marks the largest speculative industrial project to date in Minnesota, according to CBRE. Dan Swartz, James DePietro and Austin Lovin of CBRE are marketing the property for lease. The facility features a clear height of 40 feet, 652 parking spaces, 231 trailer parking spaces, 100 dock doors, four drive-in doors, 60-foot speed bays and a 185-foot-depth concrete truck court. The 65-acre project is located approximately 35 miles from the Minneapolis-Saint Paul International Airport and offers convenient access to I-94 via the Dayton Parkway exchange. CRG’s integrated partner Lamar Johnson Collaborative served as the architect and its parent company, Clayco, was the design-builder. Construction began in 2022.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMidwestMinnesotaMultifamily

JLL Brokers $53.4M Sale of Elan West End Apartment Complex in Suburban Minneapolis

by Kristin Harlow

ST. LOUIS PARK, MINN. — JLL Capital Markets has brokered the $53.4 million sale of Elan West End in the Minneapolis suburb of St. Louis Park. Built in 2020, the 164-unit apartment complex features studios, one-, two- and three-bedroom units averaging 855 square feet. Amenities include a pool and spa, sky lounge, amenity deck, lounge area with golf and hockey simulator, and a fitness center. Located at 1325 Utica Ave. South, the property is situated in The West End, a prominent shopping, dining, industry and entertainment hub in St. Louis Park. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the undisclosed buyer and seller. Brock Yaffe of JLL arranged $25.5 million in acquisition financing on behalf of the buyer through a life insurance company.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMidwestMinnesotaMultifamily

Continental Properties Opens 280-Unit Apartment Community in Chaska, Minnesota

by Kristin Harlow

CHASKA, MINN. — Continental Properties has opened Springs at McKnight Lake, a 280-unit apartment community in Chaska, a southwest suburb of Minneapolis. The property is located at 3 Oakridge Drive near a new Costco store. Springs at McKnight Lake offers studio, one-, two- and three-bedroom units. Amenities include a pool, clubhouse, outdoor grill area, fitness center, car care area and two dog parks. Situated on the slopes overlooking McKnight Lake, the property provides residents with a direct path to trails and water activities. Springs at McKnight Lake marks the ninth community in Continental’s Minnesota portfolio.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Dominium Completes Final Phase of $160M Affordable Housing Adaptive Reuse Project in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Dominium has completed the final phase of Upper Post Flats, a 192-unit affordable housing development that repurposed buildings at the historic Fort Snelling site in St. Paul. Minneapolis-based BKV Group served as the architect. Preference is given to residents who are military members, veterans, first responders and their families. The 42-acre site included 26 buildings, including barracks, an administration building, gymnasium, morgue and hospital, all of which have been transformed into a residential community. Floor plans range from 285 to 2,676 square feet. The individual buildings were in poor condition, as some had stood vacant since the 1970s. But the project team was able to salvage original walls, doors and windows, entryways and staircases in many of them. Buildings requiring a more extensive structural overhaul were rebuilt to historical standards. Getting the project off the ground took years and the combined efforts of a public-private partnership that included the site’s owner, the Minnesota Department of Natural Resources, the National Park Service, Hennepin County, Minneapolis Park and Recreation Board and the Minnesota Historical Society, which operated the historic fort. Low-Income Housing Tax Credits contributed $70 million of the project’s $160 million total cost, making the below-market-rate rents …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMichiganMidwestMinnesotaOffice

Net Lease Office Properties Sells Four Office Assets Across Three States for $43.1M

by Kristin Harlow

MICHIGAN, MINNESOTA AND ARIZONA — Net Lease Office Properties (NYSE: NLOP) has sold four office assets across three states for gross proceeds totaling approximately $43.1 million. The properties included: a 143,650-square-foot building in Tucson, Ariz., primarily leased to Raytheon Corp.; a 58,722-square-foot asset in Dearborn, Mich., that is home to Carhartt Inc.; a 70,000-square-foot building in Plymouth, Mich., that is primarily leased to AVL Michigan Holding Corp.; and a 29,916-square-foot property leased to BCBSM Inc. in Eagan, Minn. Net proceeds after closing costs, together with funds from other sources, were used to repay approximately $46 million on J.P. Morgan’s senior secured mortgage and approximately $6 million on its mezzanine loan. Subsequent to the dispositions, NLOP owned 55 office properties, 50 of which are in the U.S. and five in Europe.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsDevelopmentMidwestMinnesota

Ryan Cos. Purchases 40-Acre Land Site in Arden Hills, Minnesota for $12.7M

by Kristin Harlow

ARDEN HILLS, MINN. — Ryan Cos. US Inc. has purchased “Outlot A,” a 40-acre land site in Arden Hills, a northeast suburb of Minneapolis, for $12.7 million. The Ramsey County Board of Commissioners approved the purchase and sale agreement for the land parcel, which is situated adjacent to Rice Creek Commons, a planned residential and commercial redevelopment of the former Twin Cities Army Ammunition Plant (TCAAP). The parcel is zoned for commercial use under the city’s TCAAP Redevelopment Code. Alatus LLC continues to serve as the lead developer of the main 390-acre Rice Creek Commons redevelopment area. A preliminary development agreement with Alatus was approved in December. Ryan will offer Outlot A as a build-to-suit that can accommodate 400,000 to 600,000 square feet. Development possibilities include a corporate campus, a research and development center, life sciences offices or manufacturing facilities alongside retail and restaurant space. The parcel will connect to the Rice Creek North Regional Trail for bicycle and pedestrian access. Ryan also expects to incorporate green space and outdoor gathering areas. Ramsey County plans to request $25 million in funding from the Minnesota Legislature to build stormwater infrastructure and construct the main public roadway. The total future development value …

Continue Reading
FacebookTwitterLinkedinEmail
LoansMidwestMinnesotaMultifamilySeniors Housing

Colliers Mortgage Provides $1.5M HUD-Insured Loan for Rehabilitation of Minnesota Seniors Housing Community

by Kristin Harlow

BURNSVILLE, MINN. — Colliers Mortgage has provided a $1.5 million HUD 241(a) loan for the rehabilitation of Parkway Cooperative of Burnsville. The 102-unit seniors cooperative property features one- and two-bedroom units. Amenities include laundry rooms, community areas, underground parking, an exercise facility, library, craft room and workshop. The loan features a 26.5-year term and amortization. Parkway Cooperative of Burnsville was the borrower.

Continue Reading
FacebookTwitterLinkedinEmail
LoansMidwestMinnesotaOffice

Associated Bank Arranges $145.2M in Construction Financing for 400,000 SF Office, Lab Building in Suburban Minneapolis

by Kristin Harlow

MAPLE GROVE, MINN. — Associated Bank has arranged $145.2 million in construction financing for a three-story, single-tenant office and laboratory building in the Minneapolis suburb of Maple Grove. The build-to-suit property for an undisclosed tenant will total 400,000 square feet, including 320,000 square feet of office space and 80,000 square feet of state-of-the-art laboratory space. Employee amenities will include a conference center, credit union/bank, cafeteria, coffee shop, fitness center, bike room, e-bar, game room and green space. Construction is underway with completion slated for late 2025. Ryan Cos. US Inc. is the developer. Steve Clifford of Associated Bank handled the loan arrangements and closing. The syndicated deal included a total of four lenders. Associated Bank served as joint lead arranger and administrative agent, holding $50 million of the total financing package. The other three lenders were First National Bank of Omaha, Alerus Financial NA and Johnson Bank.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges Sale of 217-Unit Via Sol Apartment Complex in Suburban Minneapolis

by Kristin Harlow

ST. LOUIS PARK, MINN. — Marcus & Millichap has arranged the sale of Via Sol, a five-story, 217-unit apartment complex in the Minneapolis suburb of St. Louis Park. The sales price was undisclosed. Completed in 2022 and located along Minnesota State Highway 7, the property features amenities such as an urban art forest, rooftop terrace, fitness center and underground parking. The average unit size is 677 square feet. Abe Roberts, Will Balthrope and Drew Garza of Marcus & Millichap represented the seller, Place E-Generation One LLC. The team also procured the buyer, Bigos-Via Sol LLC, an entity under Bigos Management. The buyer plans to rebrand the community as Zelia on Seven.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMidwestMinnesotaMultifamilySeniors Housing

Inland Purchases Three Seniors Housing Communities in Metro Minneapolis

by Kristin Harlow

MINNEAPOLIS, EDINA AND PLYMOUTH, MINN. — The Inland Real Estate Group of Cos. has acquired three seniors housing communities in metro Minneapolis for an undisclosed price. A JLL seniors housing capital markets team arranged acquisition financing on behalf of Inland. The Waters Senior Living will continue to manage the communities for Inland. The portfolio consists of The Waters of Edina, The Waters of Plymouth and The Waters on 50th. The three properties consist of 321 units, including 223 units for independent living/assisted living and 98 units for memory care. The communities were constructed in the past 10 years.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts