Minnesota

Dougherty Funding Arranges $10.3M Loan for Apartment Project in Minneapolis

by Danielle Everson April 24, 2015

MINNEAPOLIS — Dougherty Funding has arranged a $10.3 million construction loan for a new six-story, 45-unit apartment project in Minneapolis. The site for the project is located at Lagoon Avenue and Irving Avenue in the Uptown neighborhood. Dougherty Funding arranged financing for the borrower, Laguna Property Investors LLC. CPM Development will begin construction on the project in May. Construction is expected to take 12 months. Dougherty Funding LLC serves as lead lender and servicer for the loan.

April 24, 2015

Industrial Midwest Minnesota

Hillcrest Development, Opus to Develop Industrial Park in Cottage Grove, Minn.

by Danielle Everson April 23, 2015

COTTAGE GROVE, MINN. — Hillcrest Development LLLP and The Opus Group will develop a 40-acre industrial business park in Cottage Grove. The property is located south of U.S. Highway 61 at the northwest corner of Hemingway Avenue South and 91st St. South adjacent to Hamlet Park. Plans for the site include a variety of development scenarios ranging from 425,000 to 550,000 square feet of rail-served industrial space with the ability to support a 38-foot ceiling height and outside storage. Canadian Pacific will provide rail service to the site.

April 23, 2015

Midwest Minnesota Office

Ecolab to Acquire Travelers North Tower in St. Paul, Minn.

by Danielle Everson April 17, 2015

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.

April 17, 2015

Midwest Minnesota Ohio Retail

Phillips Edison Acquires Three Grocery-Anchored Centers in Ohio, Minnesota and Maryland for $51M

by Danielle Everson April 16, 2015

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.

April 16, 2015

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $9.5M Loan for Crosby Pointe Apartments

by Danielle Everson April 16, 2015

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.

April 16, 2015

Midwest Minnesota Multifamily

M&M Brokers the $4.1M Sale of Phalen Shores Apartment Property

by Danielle Everson April 14, 2015

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.

April 14, 2015

Midwest Minnesota Retail

Marcus & Millichap Arranges Sale of 98,157 SF Shopping Center in Stillwater, Minn.

by Danielle Everson April 10, 2015

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.

April 10, 2015

Midwest Minnesota

Doran Cos. Buys 40-Acre Site in Maple Grove, Minn. for $10.5M

by Danielle Everson April 9, 2015

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.

April 9, 2015

Midwest Minnesota Retail

M&M Arranges $1.3M Sale of 40,000 SF Self-Storage Facility in Forest Lake, Minn.

by Danielle Everson April 8, 2015

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.

April 8, 2015

Industrial Midwest Minnesota

Dougherty Real Estate Equity Advisors Acquires 153,028 SF Office Building

by Danielle Everson April 2, 2015

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.

April 2, 2015

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