MENDOTA HEIGHTS, MINN. — HD Supply has signed a lease for a 31,000-square-foot industrial building located at 1400 Commerce Drive in Mendota Heights. The industrial distributor will move into the single-story office warehouse building later this year. The company plans to operate its specialty construction and industrial division at the location, which will expand its reach into the greater Minneapolis area. Tony DelDotto of Cushman & Wakefield|NorthMarq represented the landlord, United Properties, while Matthew Dornak of Stream Realty and Eddie Rymer of Carlson Commercial represented the tenant in the transaction.
MINNEAPOLIS — Davis Group has acquired 6009 Wayzata Blvd. in Minneapolis for a future medical/office development. Westside Office Park LLC sold the property for $3.2 million. The 33,724-square-foot property consists of office and auto sales space. The acquisition is part of an assemblage of land acquired by Davis Group for its medical/office development. Robert Bayer, Dale Severson and Rafik Moore of Coldwell Banker Commercial Griffin Cos. represented the seller in the transaction.
NEW BRIGHTON, MINN. — Marcus & Millichap has arranged the sale of Main Street Village, a retail property located at 525 Main St. in New Brighton. The 21,045-square-foot property sold for $3.2 million. At the time of closing, the property was 93 percent occupied. Michael Ahles, Cory Villaume, Sean Doyle, Matthew Hazelton and Adam Pins of Marcus & Millichap represented the seller, a developer, in the transaction. Doyle, Prins, Villaume and Hazelton, along with Mike Marzinske, also of Marcus & Millichap, represented the buyer, a private investor, in the deal.
MENDOTA HEIGHTS, MINN. — Grandbridge Real Estate Capital has secured a $40 million first mortgage for the acquisition of an office park located in Mendota Heights. The six-building park offers 420,000 square feet of office space. The funding, which was provided by BB&T Real Estate Funding and Grandbridge’s exclusive stabilized loan product, features a fixed rate for the entire 10-year term and 25-year amortization. Tony Carlson of Grandbridge originated the acquisition financing for the undisclosed buyer.
ROCHESTER, MINN. — Knutson Construction and Rochester Community & Technical College (RCTC) have broken ground on a $6.5 million education facility at the University Center Rochester Campus in Rochester. RCTC selected Knutson to provide construction management services for the 22,350-square-foot Career Technical Education Center (CTECH) and Science, Technology, Engineering and Math (STEM) facility addition. The building is expected to service 400 students per year and will offer classroom and laboratory spaces for career, technical education and training, plus administrative and faculty support spaces. Funding for the project is being provided by the city of Rochester. The target date for the project to be completed is July 2016.
MINNEAPOLIS — Marcus & Millichap has brokered the sale of Second Street Lofts, located at 129 N. 2nd St. in the historic North Loop neighborhood of Minneapolis, for $9.1 million. The property consists of 39 apartments and three ground-level office suites. Mox Gunderson, Dan Linnell, Josh Talberg and Chris Collins of Marcus & Millichap’s Minneapolis office represented the buyer, a private investor, and the seller, a limited liability company.
MENDOTA HEIGHTS, MINN. — Cushman & Wakefield | NorthMarq has brokered the sale of a six-building office portfolio to an entity related to MSP Real Estate. The 420,000-square-foot portfolio is located on Northland Drive in Mendota Heights, approximately 10 miles southeast of Minneapolis. Terms of the transaction were not disclosed. The six Class A office buildings offer competitive lease rates and are all located with convenient access to the Minneapolis-St. Paul International Airport, I-35E, I-494 and State Highway 55. The first building in the park was constructed in 1988, with the remainder of the properties built throughout the 1990s and early 2000s. The sale is the first office acquisition by MSP Real Estate, which in recent years has primarily focused on apartment and seniors housing assets. Cushman & Wakefield | NorthMarq will continue to manage the property. Cushman & Wakefield | NorthMarq represented the seller, United Properties.
MINNEAPOLIS — WNC, a national investor in real estate and community development initiatives, has provided $3.2 million in low-income housing tax credit equity (LIHTC) to fund the development of Hi-Lake Triangle Apartments, a newly constructed 64-unit affordable seniors housing community in Minneapolis. Hi-Lake Triangle Apartments is a six-story building comprised of 53 one-bedroom and 11 two-bedroom units. Located at 2230 E. Lake St., approximately three miles from downtown Minneapolis, the elevator-serviced community is part of a mixed-use development containing 5,385 square feet of ground-floor retail space. Hi-Lake Triangle Apartments offers residents a rooftop terrace, outdoor picnic area, community room, recreational facility, common living room with a fireplace, laundry facilities, intercom access and onsite management. Each unit is equipped with central air conditioning. The building’s parking area includes 41 spaces reserved for tenants of Hi-Lake Triangle Apartments. Hi-Lake Triangle LLC served as the general partner of the project, while Stephen B. Wellington Jr. served as the project developer. Wellington Management Inc. received the LIHTC financing to help fund the development, which took nearly 10 months to complete.
EDEN PRAIRIE, MINN. — Mortgage banking firm Dougherty Mortgage LLC has closed a $10.6 million HUD 223(f) loan for the refinancing of Olympic Ridge Apartments, a 143-unit market-rate apartment property located in Eden Prairie. Dougherty Mortgage’s Minneapolis office arranged the fully amortizing 35-year loan for the borrower, Olympic Ridge Limited Partnership. Olympic Ridge Apartments, which is managed by Park Avenue of Wayzata Inc., offers nine three-story, wood-framed walk-up buildings with attached garages, some with individual entrances. Amenities include a whirlpool spa, exercise and party rooms, restrooms with showers, tot lot and volleyball net.
ST. PAUL, MINN. — Colliers International has brokered the sale of the River Park Plaza office building in St. Paul to Cohen Equities, a New-York based real estate firm. Cohen Equities acquired the 343,000-square-foot building at auction. The building sale closed on Friday, July 24. The property is located at 10 River Park Plaza along the Mississippi River. Comcast’s regional office is a main tenant of River Park. Bob Pounds of Colliers’ Minneapolis-St. Paul office represented LNR Property LLC, the seller of the building. In addition to managing the leasing for the building, Colliers has also been selected by Cohen Equities to manage the property. According to the Minneapolis/St. Paul Business Journal, the final bidding price on 10 River Park Plaza before the time of sale was $20.1 million