MINNEAPOLIS — Doran Construction has completed construction on Latitude 45, a luxury apartment building located at 301 Washington Ave. South for Alatus LLC. The building is 13 stories and contains 319 units, with 10,000 square feet of retail on the ground floor. The facility came in under budget and ahead of schedule. Alatus is a real estate developer with expertise in residential high-rise development, office redevelopment, parking management and single-family home redevelopment. The Doran Cos. offer commercial development, general contracting and management of multifamily residential and commercial properties.
MINNEAPOLIS — Cushman & Wakefield/NorthMarq has brokered a lease extension for Lindquist & Vennum LLP. The property is located at the IDS Center in Minneapolis, and the company has leased the space since it became available 43 years ago. Lindquist & Vennum, a law firm, plans to downsize and relocate its 300 attorneys and staff personel within the Minneapolis Landmark Office Tower. For the past 43 years, the company has occupied space on floors 40 through 44 that has totaled 120,000 square feet. The lease renewal is for 81,000 square feet on floors 18 through 21. The lease renewal is good through 2032. Paul Donovan, Brent Erickson and Jaclyn May of Cushman & Wakefield/Northmarq represented Lindquist. Brent Robertson, Jon Dahl and Sam McGuire of JLL represented the IDS Center. Greiner Construction built the property, and Yellow Dog Studio was the architect. The Minneapolis Landmark Office Tower was constructed in a zig-zag design that allows there to be 32 corner offices on each floor instead of the typical four.
MINNETONKA, MINN. — Carter Validus Mission Critical (CVMC) REIT II Inc. has acquired its third data center property for $19.9 million from an undisclosed seller. The property has 135,000 square feet for rent and is comprised of three buildings located on 15.5 acres close to St. Paul. The data center property is a tier II carrier grade facility that offers three megawatts of UPS infrastructure in the main building, 1.25 megawatts of UPS infrastructure in the secondary building and houses a research lab and office space in the third building. The property is 100 percent leased. Tenants include TW Telecom of Minnesota LLC and Uroplasty LLC. Carter Validus Mission Critical REIT II Inc. is a public non-traded company. CVMC REIT II Inc. intends to focus its acquisitions on assets in the data center and healthcare sectors.
BROOKLYN PARK, MINN. — Marcus & Millichap has brokered the $7.1 million sale of a 34,000-square-foot retail property in Brooklyn Park, a northern suburb of Minneapolis. Sean Doyle, Matthew Hazelton, Cory Villaume, and Adam Prins of Marcus & Millichap represented both the undisclosed buyer and seller. Petco anchors the shopping center, and other tenants include Chipotle, Caribou Coffee, Panda Express and Gamestop.
MINNEAPOLIS — Through managed funds, Värde Properties, a global alternative investment firm, has acquired Atlanta-based Trimont Real Estate Advisors, a real estate financial services firm. Under the acquisition terms, the Värde funds will be majority owners and Trimont’s current owners will have a minority investment in the new entity, which will retain the Trimont name. Financial terms of the transaction were not disclosed. With $85 billion of client capital under management, Trimont provides real estate financial services, including asset management, asset servicing, construction loan administration and services, and underwriting to a roster of clients that spans the real estate world. Trimont’s business will allow Värde to expand its growing real estate business platform. Additionally, Värde will integrate the operations of First City Financial Corp., a commercial finance company owned by Värde funds, with Trimont to create a new Dallas office for the new entity. Greg Winchester, John Charles and Ernie Davis of Trimont have agreed to stay with the new entity through a transition period and will be shareholders in the company.
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.