Minnesota

Kraus-Anderson to Begin $8.1M Expansion of Myles Reif Performing Arts Center in Grand Rapids

by John Nelson April 1, 2015

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.

April 1, 2015

Investors Real Estate Trust Arranges Sale of Several Office Showroom Properties

by Danielle Everson March 30, 2015

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.

March 30, 2015

Midwest Minnesota Retail

Transwestern Brokers Sale of 221,239 SF Shopping Center in Blaine, Minn.

by Danielle Everson March 19, 2015

BLAINE, MINN. — Transwestern’s Chicago office has brokered the sale of a 221,239-square-foot shopping center in Blaine. The Village of Blaine Shopping Center is located at 4345 – 4349 Pheasant Ridge Road. Pine Tree Commercial Realty LLC paid an undisclosed amount for the property. A Cub Foods grocery store anchors the shopping center. Other tenants in the 13-year-old center include Michaels, Applebee’s, Pier 1 Imports, DressBarn, Sprint, Maurices, Caribou Coffee, Bath & Body Works, GNC and Great Clips. Janice Sellis and Paul Barile of Transwestern represented the seller, MEPT, and its real estate advisor, Bentall Kennedy. Pine Tree Commercial Realty was represented internally in the transaction.

March 19, 2015

Loans Midwest Minnesota

Dougherty Funding Arranges $12.7M Loan for Aeon MP3 Project in Minneapolis

by Danielle Everson March 13, 2015

MINNEAPOLIS — Dougherty Funding LLC has arranged a $12.7 million tax credit equity bridge loan as part of Aeon’s Minneapolis Portfolio Preservation Project. The borrower will utilize 4 percent low income tax credits (LIHTCs) as well as federal and state historic tax credits as a portion of the equity required for the acquisition and renovation of the property portfolio. The loan will provide bridge financing until receipt of the capital contributions from the sale of the LIHTCs and the Federal HTCs, as well as the receipt of State HTC proceeds. The project includes substantial renovation of ten affordable projects located in the Elliot Park and Loring Park neighborhoods of downtown Minneapolis. As part of the project, 566 existing units will be renovated and 16 new units will be constructed. Dougherty Funding LLC serves as lead lender and servicer for the loan, arranged for Aeon.

March 13, 2015

Midwest Minnesota Retail

Mid-America Arranges 4,168 SF Lease for Title Boxing Club in Coon Rapids, Minn.

by Danielle Everson March 13, 2015

COON RAPIDS, MINN. — Title Boxing Club has signed a lease for 4,168 square feet at Shoppes at Riverdale Commons II located in Coon Rapids. The 32,451-square-foot center is located on Riverdale Boulevard and features a FedEx Kinko’s, Five Guys, Potbelly, AT&T and Cherry Berry. Mid-America’s project leasing team represented the landlord in the transaction.

March 13, 2015

Loans Midwest Minnesota

NorthMarq Capital Arranges $13M Refinancing for Shingle Creek Crossing Phase III

by Danielle Everson March 12, 2015

BROOKLYN, MINN. — Robert Bhat of NorthMarq Capital’s Miami-based regional office has arranged a $13 million loan for the refinancing of Shingle Creek Crossing Phase III, a 20-acre site consisting of eight super pads, five outparcels and a 75,000-square-foot building located at 1341 Brookdale Center in Brooklyn. NorthMarq arranged financing for the borrower, Gatlin Development, through its relationship with a national bank. The development is part of the 60-plus acre redevelopment of the former Brookdale Mall, a regional mall originally built in 1962. Since acquiring the property in 2010, Gatlin Development, along with Mid-America Real Estate, transformed the site into a retail development. Michaels, TJ Maxx and several other tenants plan to open soon at the development.

March 12, 2015

Midwest Minnesota Mixed-Use

Trammell Crow Co. Acquires Site for New Mixed-Use Development in Minneapolis

by Danielle Everson March 5, 2015

MINNEAPOLIS — High Street Residential, the residential subsidiary of Trammell Crow Co., has acquired a nearly two-acre site for the construction of a 164-unit, six-story, Class A mixed-use building in Minneapolis. The residential complex will replace an existing restaurant and associated surface parking lot fronting the West Lake Corridor. Construction is expected to begin during the second quarter and ready for occupancy in the third quarter of 2016. 3118 W. Lake will include a contemporary studio, alcove, one-, two- and three-bedroom apartments with views of the surrounding Lake Calhoun and the Minneapolis Skyline. The commercial portion of the development will include 5,000 square feet of indoor restaurant space and an outdoor patio space. ESG Architects will serve as the project architect. A joint venture between Continuum Construction and Big D Construction will serve as the general contractor. Jerry Ebert, senior vice president of construction, will oversee the development of the project on behalf of High Street Residential and Trammell Crow Co.

March 5, 2015

Industrial Midwest Minnesota

Opus to Develop Spec Industrial Office/Warehouse Building in Brooklyn Park, Minn.

by Danielle Everson March 3, 2015

BROOKLYN PARK, MINN. — The Opus Group plans to develop a 145,800-square-foot speculative industrial office and warehouse facility in Brooklyn Park. The new property will be located at the intersection of 85th Avenue and Wyoming Avenue North. The building will be conducive for single or multi-tenant occupancy. Construction of the facility will begin in May and completion is scheduled for this fall. Opus Development Co. and Founders Properties will own the property. Opus Development Co. will be the project’s developer. Opus Design Build is the design-builder for the project and Opus AE Group is the architect and engineer of record. Cushman & Wakefield/NorthMarq will market the property for lease.

March 3, 2015

Loans Midwest Minnesota Retail

Grandbridge Arranges $5.5M in Refinancing for Retail Property in Sartell, Minn.

by Danielle Everson March 3, 2015

SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $5.5 million loan to refinance a 62,000-square-foot retail property in Sartell. Tony Carlson of Grandbridge’s Minneapolis-based office originated the 11-year loan, which includes a 25-year amortization schedule. A life insurance company provided funding for the loan. The undisclosed borrower will use the loan to pay off existing debt.

March 3, 2015

Loans Midwest Minnesota Office

Grandbridge Finances $4.9M for Office/Warehouse in Chanhassen, Minn.

by Danielle Everson March 2, 2015

CHANHASSEN, MINN. — Grandbridge Real Estate Capital closed a $4.9 million first mortgage loan secured by a 115,520-square-foot office/warehouse located in Chanhassen. Dave Rasmussen of Grandbridge originated the fixed-rate loan for the undisclosed borrower through a life insurance company. The property was fully leased with 55 percent office finish.

March 2, 2015

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