Minnesota

CPA:18 – Global Buys $17M Warehouse/Distribution Facility in Minnesota

by Amy Works June 12, 2015

PLYMOUTH, MINN. — CPA:18 – Global, a non-traded REIT managed by W. P. Carey Inc., has acquired a 208,900-square-foot warehouse and distribution facility in Plymouth. A private investment group sold the property for $17 million. The facility is net leased to Core-Mark International, a subsidiary of Core-Mark Holding Company Inc., for a period of 13 years. Originally constructed in 1975, the facility has been expanded twice and features more than 23,000 square feet of cooler/freezer storage space. The seller is contributing $1 million for tenant improvements to the office space and to enhance the HVAC and lighting of the warehouse.

June 12, 2015

Midwest Minnesota

Marcus & Millichap Arranges $1M Sale of Apartment Building

by Amy Works June 10, 2015

ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of an apartment building, located at 2003 Grand Ave., in St. Paul. A private investor acquired the property for $1 million. Built in 1953, the property features one studio unit and 10 one-bedroom apartments. Each apartment features original hardwood floors, art deco-tiled bathrooms, granite countertops and new cabinets. Annie Arneberg, Mox Gunderson and Dan Linnell of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the transaction.

June 10, 2015

Midwest Minnesota Retail

Marcus & Millichap Brokers $2M Sale of 240-Unit Self-Storage Facility

by Amy Works June 9, 2015

COON RAPIDS, MINN. — Marcus & Millichap has brokered the sale of Dot Mini Storage, a self-storage facility with 6.7 acres of developable land in Coon Rapids. The asset, which features 240 units, sold for $2 million. Located at 9900 Vale St., the facility, which was built in 1984, features an on-site manager’s office and apartment, coded-access gate, perimeter fencing and a heated warehouse. Adam Haydon of Marcus & Millichap represented the seller, a private investor, while Haydon and Adam Schlosser, also of Marcus & Millichap, represented the seller, a private investor, in the transaction.

June 9, 2015

Hospitality Loans Midwest Minnesota

HFF Secures $25M Refinancing for DoubleTree Suites by Hilton Hotel Minneapolis

by Amy Works June 3, 2015

MINNEAPOLIS — HFF has secured $25 million in refinancing for the DoubleTree Suites by Hilton Hotel Minneapolis, a 12-story hotel located in downtown Minneapolis. HFF arranged the three-year, floating-rate loan with two optional one-year extensions through BBVA Compass Bank for the borrower, Wheelock Street Capital LLC. Proceeds of the loans will be used to refinance a loan, which was assumed by the borrower upon its acquisition of the property in 2012. Located at 1101 LaSalle Ave., the 150,752-square-foot property was renovated in 2013 and features 229 suites, 1,162 square feet of meeting space, a second-floor merchandising suite, parking garage, 24-hour business and fitness centers, in-house Starbucks Coffee and Lot 57, a full-service restaurant and lounge. Steven Klein and Sam Nidenberg of HFF represented the borrower in the financing.

June 3, 2015

Industrial Midwest Minnesota

The Opus Group, AmerisourceBergen Partner on Build-to-Suit in Minnesota

by Amy Works June 3, 2015

SHAKOPEE, MINN. — The Opus Group and AmerisourceBergen, a global healthcare solutions provider, have partnered to develop a build-to-suit distribution center within Valley Park Business Center in Shakopee. Opus’ design-build capabilities will allow for a quick turnkey building customized for AmerisourceBergen’s needs. The facility will include warehouse space and two stories of office space. Construction is slated to begin in July with a scheduled completion in 18 to 24 months. Opus Development Co. will be the developer, Opus Design Build will be the design-builder and Opus AE Group will be the architect and engineer of record.

June 3, 2015

Midwest Minnesota Retail

Coldwell Banker Commercial Griffin Cos. Arranges 12,694 SF Sale in Minnesota

by Amy Works May 28, 2015

RICHFIELD, MINN. — Coldwell Banker Commercial Griffin Cos. has brokered the sale of a retail center located at 1208 E. 66th St. in Richfield, a suburb of Minneapolis. The 12,694-square-foot property sold for $850,000. The center is currently occupied by a nationally recognized veterinary clinic and offers the buyer lease-up opportunities. Dale Severson and Bob Bayer of The Coldwell Banker Commercial Griffin Special Assets & Retail team arranged the transaction. The names of the seller and buyer were not released.

May 28, 2015

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $9.6M Loan for Apartment Property in Minnesota

by Amy Works May 26, 2015

MOORHEAD, MINN. — Dougherty Mortgage has arranged a $9.6 million Fannie Mae loan for the refinancing of Summit Ridge Apartments in Moorhead, a suburb of Fargo, Minn. The 12-year loan features a 30-year amortization schedule. The borrower was Apartments at Johnson Farms LLC. The 125-unit apartment property features one-, two- and three-bedroom units with open floor plans, 9-foot ceilings on the first and second floors, vaulted ceilings on the third floor, walkout patios or balconies, in-unit washers/dryers and garages.

May 26, 2015

Midwest Minnesota

Composites One Relocates to North Distribution Center I in Brooklyn Park

by Amy Works May 19, 2015

BROOKLYN PARK, MINN. — Composites One LLC has signed a 10-year lease for 39,680 square feet of industrial space at North Distribution Center I in Brooklyn Park. The Arlington Heights, Ill.-based distributor of composites materials is relocating and expanding from its Lino Lakes, Minn., facility to the new space at 7035 Winnetka Ave. North. Noam Newman and Mark Sims of DTZ represented the tenant, while Steven Nilsson of Colliers represented the landlord, Chicago-based First Industrial Realty Trust, in the lease.

May 19, 2015

Loans Midwest Minnesota

Grandbridge Finances $6M Debt and Equity for Property in Fridley, Minn.

by Danielle Everson May 14, 2015

FRIDLEY, MINN. — Grandbridge Real Estate Capital has provided a $4.1 million first mortgage and raised additional equity funds from a regional equity fund secured by a 150,000-square-foot office/tech/warehouse property in Fridley. Minneapolis-based Dave Rasmusen of Grandbridge originated the debt and equity. Grandbridge worked with the borrower, an affiliate of Hoyt Properties, and lender to structure the transaction to meet the borrower’s objectives. The client sought to purchase the value-add property, which was 60 percent leased. Grandbridge brought $4.1 million of non-recourse debt from a local bank and approximately $2 million of equity from a regional equity fund to complete the purchase.

May 14, 2015

Midwest Minnesota Retail

M&M Arranges Sale of Two Childcare Properties in Minnesota

by Danielle Everson May 12, 2015

SAINT PAUL AND ROSEVILLE, MINN. — Marcus & Millichap has arranged the $850,000 sale of two Kindercare Learning Centers located in Minnesota. The properties are located at 1541 Humboldt Ave. in Saint Paul and 2186 Fairview Ave. N. in Roseville. Reed Fenton and Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office represented the seller and the buyer, both private investors. Craig Patterson of the firm assisted in closing the transaction. The property at 1541 Humboldt Ave. was built-to-suit for Kindercare in 1977. The building spans approximately 4,950 square feet. The property at 2186 Fairview Ave. N. was built-to-suit for Kindercare in 1976 and also spans approximately 4,950 square feet.

May 12, 2015

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