ST. PAUL, MINN. — Ecolab Inc., a provider of water, hygiene and energy technologies and services, has signed a purchase agreement to acquire the 17-story North Tower from Travelers in downtown St. Paul. The transaction is expected to close in the third quarter. By the end of 2018, Ecolab will relocate its associates from the three buildings that comprise its world headquarters in downtown St. Paul to the North Tower. Ecolab will begin the process of relocating associates to the North Tower in the latter part of this year. Built in 1999, the North Tower includes 882,000 square feet of space, of which 484,500 square feet comprises office space, a data center and building common areas.
CINCINNATI — Phillips Edison Grocery REIT II has acquired three properties in Ohio, Minnesota and Maryland. Glennwood Crossing in Cincinnati was purchased from Glenwood Crossing LLC for $7.1 million and includes 101,021 rentable square feet. Currently, the center is 96 percent leased to 11 tenants, with anchor grocery Kroger occupying 62,541 rentable square feet. Rosewick Crossing in La Plata, Md., was purchased from Excel Rosewick LLC, for $25 million and includes 115,972 rentable square feet. Currently the center is 82 percent leased to 12 tenants. Anchor grocery Giant occupies 61,932 rentable square feet. Waterford Park Plaza in Plymouth, Minn., was purchased from Provident/Waterford LLC for $19.5 million and contains 127,586 rentable square feet. Currently the shopping center is 96 percent leased to 24 tenants. Anchor grocery Cub Foods occupies 64,673 rentable square feet.
ST. PAUL, MINN. — Dougherty Mortgage has arranged a $9.5 million HUD 223(f) loan for the refinancing of Crosby Pointe Apartments, a 73-unit multifamily market rate apartment property located in St. Paul. The 35-year loan includes a 35-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Crosby Pointe LLC. Real Estate Equities LLC manages Crosby Pointe Apartments. The property features an outdoor pool, fitness center and an underground parking garage. Units are currently undergoing renovations that include the addition of stainless steel appliances, granite countertops and new finishes.
SAINT PAUL, MINN. — Marcus & Millichap has brokered the $4.1 million sale of Phalen Shores, a 53-unit apartment property located in Saint Paul. Phalen Shores is located at 985 East Ivy Ave. The 53-unit building includes 24 one-bedroom units, 29 two-bedroom units and was 97 percent occupied at the time of sale. Dan Linnell, Mox Gunderson and Annie Arneberg of Marcus & Millichap’s Minneapolis office listed the property on behalf of the seller, a partnership. Linnell and Gunderson also represented the buyer, a private investor.
STILLWATER, MINN. — Marcus & Millichap has arranged the $8.9 million sale of Oak Park Ponds, a 98,157-square-foot shopping center in Stillwater. Oak Park Ponds is located at 5801 Neal Ave. N. Kowalski’s Markets is a long-term anchor at the property. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office, along Sean Doyle and Cory Villaume of the firm’s Minneapolis office, represented the seller, a limited liability company. Matt Hazelton, Adam ‘AJ’ Prins and Michael Marzinske of Marcus & Millichap’s Minneapolis office represented the buyer, another limited liability company.
MAPLE GROVE, MINN. — Doran Cos. has purchased a 40-acre development site adjacent to The Shops at Arbor Lakes in Maple Grove for $10.5 million. The Frances A. Seleen Trust was the seller of the land. Located on the northeast corner of Hemlock Lane and Elm Creek Boulevard, the property was once farmed by multiple generations of the Seleen family. The Doran Cos. has no immediate plans for the property, but plans to work with the city of Maple Grove to determine the future development of the land.
FOREST LAKE, MINN. — Marcus & Millichap has arranged the $1.3 million sale of TNC Mini Storage, a 40,000-square-foot, 203-unit self-storage facility located in Forest Lake. TNC Mini Storage is a two-property self-storage facility separated into two parcels that are located less than one-half mile from each other. The facility was 96 percent occupied at the time of sale. Adam Haydon and Adam Schlosser of Marcus & Millichap represented the seller, a private investor, and the buyer, another private investor.
EDEN PRAIRIE, MINN. — Dougherty Real Estate Equity Advisors LLC, an affiliate within the Dougherty group of companies, has acquired C.H. Robinson Worldwide Operations Center, a 153,028-square-foot office building in Eden Prairie. The facility is net-leased to C.H. Robinson and is part of its world headquarters campus. The transaction represents an off-market opportunity handled by the CBRE Minneapolis Investment Sales Team of Holtz/Buss/Watts/Welliver/Dusil.
GRAND RAPIDS, MINN. — Kraus-Anderson Construction Co. (KA) will begin an $8.1 million expansion and renovation of the Myles Reif Performing Arts Center in Grand Rapids. A groundbreaking ceremony for the project will take place on Monday, April 6 at the arts center, located at 720 N.W. Conifer Drive. The 45,000-square-foot regional arts center was designed by Alliance of Minneapolis and will include the addition of 60 seats in the main theater, a new 200-seat studio theater and an expanded lobby. The Myles Reif Performing Arts Center was built in 1981. The Reif Center also serves as a facility for private events, concerts and conferences. The project is estimated to be completed February 2016.
MINNEAPOLIS — Investors Real Estate Trust (IRET) has sold four office showroom properties in metro Minneapolis for $26.6 million. The properties include the 205,494-square-foot Plymouth Tech I-V in Plymouth; the 61,138-square-foot Whitewater Plaza in Minnetonka; the 58,300-square-foot Southeast Tech Center in Eagan; and the 45,019-square-foot Burnsville Bluffs II office property in Burnsville. CBRE arranged the sale on behalf of IRET. The sales advance IRET’s portfolio transformation plan to narrow its focus to multifamily, healthcare and bulk industrial properties. IRET continues to sell off substantially its commercial office and retail property portfolios.