Minnesota

Kraus-Anderson Breaks Ground on 130,000 SF Neuroscience Center

by Jonathan Mehall July 10, 2015

ST. PAUL, MINN. — Kraus Anderson Construction Co. has broken ground on a new 130,000-square-foot neuroscience building for HealthPartners in St. Paul. The medical center will be the largest freestanding neuroscience facility in the Upper Midwest, according to Kraus-Anderson. Located at 295 Phalen Blvd. near I-35E, the four-story medical building will include administration offices and a four-story, 298,000-square-foot parking ramp. Architectural firm BWBR is designing the building to accommodate future expansion. The neuroscience building is expected to be complete in early 2017.

July 10, 2015

Midwest Minnesota Restaurant Retail

Marcus & Millichap Brokers $2.1M Sale of Taco Bell Net-Leased Property in Minnesota

by Jeff Shaw July 8, 2015

COON RAPIDS, MINN. — Marcus & Millichap has arranged the sale of a net-leased property occupied by Taco Bell, located at 13057 Round Lake Blvd. in Coon Rapids, approximately 15 miles north of Minneapolis. The 2,016-square-foot building sold for $2.1 million. Mark Lovering and Dan Yozwiak of Marcus and Millichap’s office in Columbus, Ohio, represented the seller, a limited liability company. Calvin Lee of Marcus & Millichap’s Los Angeles office secured and represented the buyer, a private investor. Craig Patterson, regional manager and broker of record in Marcus & Millichap’s Minneapolis office, assisted in closing the transaction.

July 8, 2015

Industrial Midwest Minnesota

Opus to Develop 96,000 SF Spec Industrial Property in Minnesota

by Amy Works July 1, 2015

PLYMOUTH, MINN. — The Opus Group is developing a 96,000-square-foot speculative industrial office and warehouse facility in Plymouth, about 13 miles west of Minneapolis. Construction will begin this month on the property, which is located on a site that offers access to I-494 from Highway 55. Designed for multi-tenant use, the property will feature 24-foot clear heights, ESFR sprinkler systems, five loading docks and parking for 204 cars. The building will be ready for occupancy by January 2016. The property will be owned by a joint venture partnership between Opus Development Co. and Founders Properties. Opus Development is the developer, Opus Design Build is the design-builder and Opus AE Group will be the architect and engineer of record. Matt Oelschlager of CBRE has been retained to lease the property.

July 1, 2015

Hospitality Midwest Minnesota

Ashford Trust to Acquire The W Minneapolis, Le Meridien Minneapolis for $101M

by Amy Works June 26, 2015

MINNEAPOLIS — Ashford Hospitality Trust Inc. has signed a definitive agreement to acquire two hotels in Minneapolis for a total of $101 million, or $349,000 per key. The hotels include the 229-room W Minneapolis Hotel – The Foshay and the 60-room Le Meridian Chambers Minneapolis. As part of the transaction, Ashford will assume approximately $56 million of mortgage debt on the W Minneapolis Hotel. The assumed debt matures in May 2023 and carries a fixed interest rate of 5.4 percent. After closing, both properties will continue to be managed by Starwood Hotels. W Minneapolis features 6,700 square feet of meeting space, the open-aired Foshay Tower Museum and Observation Deck, a FIT gym, 24-hour business center and Manny’s Steakhouse. Le Meridien Chambers Minneapolis offers 3,648 square foot of meeting space, a bar and restaurant, a fitness center, and more than 200 pieces of original contemporary artwork in the guestrooms and public areas.

June 26, 2015

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Mortgage Closes $12.3M HUD Loan for Construction of Seniors Housing Community in St. Paul

by Amy Works June 26, 2015

ST. PAUL, MINN. — Dougherty Mortgage LLC has closed a $12.3 million HUD 221(d)(4) loan for the construction of The Cambric, an affordable seniors housing community in St. Paul. Restricted to residents 55 years of age or older, the property will offer 113 apartments units, with 23 set aside at fair market rates. Dougherty’s Minneapolis office arranged the 40-year loan for the borrower, St. Paul Leased Housing Associates VI LLLP.

June 26, 2015

Civic Midwest Minnesota

The Opus Group Completes Renovations, New Construction at St. Catherine University

by Amy Works June 25, 2015

ST. PAUL, MINN. — The Opus Group has completed a 41,500-square-foot expansion and renovation at St. Catherine University’s Aimee and Patrick Butler Center for Sports and Fitness in St. Paul. The two-phased project created more recreation and wellness facilities for students, facility and staff, while also improving the functionality of the major campus hub. The project included the renovation of 10,000 square feet in Fontbonne Hall and the construction of 31,500 square feet of new space within the Butler Center, featuring separate varsity locker rooms and lounge space, a cardio room with fitness equipment, a dance studio and a multi-purpose training center and field house. Construction for the first phase began in May 2014 and was completed in August 2014, while the second phase started in fall 2014 and was completed in January 2015. Opus Design Build LLC was the design-builder, while Opus AE Group was the architect of record.

June 25, 2015

Market Reports Midwest Midwest Market Reports Minnesota Multifamily Office

Office, Multifamily Developers Capitalize on Growth in Twin Cities’ West End

by Haisten Willis June 25, 2015

You can hardly open the local paper lately without reading that “Downtown is hot right now; urban living is great.” Yes, downtown is booming. The suburbs are also riding the wave of new mixed-use development and could see more success. It may surprise some, but office vacancy rates and rental rates along I-394 and I-494 rival, and sometimes trump, downtown Minneapolis. The message is clear: convenience has value. The idea of a mixed-use neighborhood where people are living, working, shopping and having fun in one place is a relatively new concept to the Twin Cities. Minneapolis no longer turns into a ghost town after 6 p.m., but many people don’t want to live downtown. They find it too congested and far from work, with little green space and few parking options. If only there was a way to have the vitality of a mixed-use neighborhood without the drawbacks of the concrete jungle, right? Today that question is answered all around the metro area. West End’s Advantages In particular, the West End region of the Twin Cities shares that same long-term vision. With a strong office market long in place, Duke Realty’s addition in 2009 of The Shops at West End, …

June 25, 2015

Hospitality Midwest Minnesota

Stahl Construction Begins Hyatt Place Hotel Project in St. Paul

by Katie Sloan June 17, 2015

ST. PAUL, MINN. — Stahl Construction has begun interior demolition for a planned 149-room, five-story Hyatt Place hotel located at 180 Kellogg Boulevard East in the historic United States Post Office and Custom House building in the Lowertown neighborhood of St. Paul. The $19.7 million project will include remodeling of approximately 145,000 square feet on the first five floors. The hotel will be completed in spring 2016. Nelson Construction & Development hired Stahl to complete the hotel portion of the mixed-use redevelopment. The new Custom House will also include 202 luxury apartments on the upper floors as well as retail and commercial components. LodgeWorks Partners LP will operate the Hyatt Place upon completion.

June 17, 2015

Midwest Minnesota Mixed-Use Office Retail

Cushman & Wakefield | NorthMarq to Market 42-Acre Redevelopment in Edina

by Katie Sloan June 17, 2015

EDINA, MINN. — Pentagon Revival LLC has selected Cushman & Wakefield | NorthMarq (CWN) to market a 42-acre future multi-use redevelopment in Edina. The site, formerly known as Pentagon Park, is located at the northeast intersection of Highway 100 and I-494. The proposed redevelopment plan, named The Link, will include 1.4 million square feet of Class A office and medical space and 60,000 square feet of retail, alongside a new hotel and structured parking. The city of Edina approved the redevelopment in May 2014. CWN’s Bob Revoir, Peter Fitzgerald and Tate Krosschell will be in charge of leasing at The Link.

June 17, 2015

Industrial Midwest Minnesota

NAI Everest Arranges $13.7M Sale of Former Superior Plating Site in Minneapolis

by Katie Sloan June 16, 2015

MINNEAPOLIS — NAI Everest has arranged the sale of a 5.45-acre property located at 315 First Avenue NE, two blocks from the Mississippi River, in Minneapolis for $13.7 million. Superior Plating previously owned the site for nearly 90 years. The company went bankrupt in 2011. The property was then sold to First & University Investors LLC, which sold the site to Lennar Multifamily Communities. The first phase of development will include 278 apartment units as well as 22,000 square feet of commercial space.

June 16, 2015

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