MINNEAPOLIS — Oak Grove Capital has originated a $27 million fixed-rate Fannie Mae loan for Oak Residential Partners LLC, for the acquisition of Stratford Woods Apartments, a 297-unit, market-rate multifamily property in Minneapolis. The fixed-rate loan has a 10-year term with four years of interest-only payments and seven years of yield maintenance. The garden-style Stratford Woods Apartments community is comprised of 10 buildings, each containing four floors.
COON RAPIDS, MINN. — Marcus & Millichap has arranged the $4.1 million sale of Crest Oak Apartments, a 60-unit apartment property located in Coon Rapids. The property is located at 9930 Bluebird St. Northwest. The 1970s Class C apartment property includes a mix of 26 one-bedroom apartments and 33 two-bedroom apartments. Dan Linnell and Mox Gunderson of Marcus & Millichap’s Minneapolis office represented both the undisclosed seller and the buyer in the transaction.
WAYZATA, MINN. — NorthMarq Capital has arranged the $18.4 million refinancing of Marquee Place, a 72,000-square-foot retail/office property Wayzata, a suburb 11 miles west of Minneapolis. The property is located at 641-681 Lake St. E. The mixed-use property features unobstructed lake views. The 12-year loan incudes a 25-year amortization schedule. NorthMarq arranged financing for the undisclosed borrower through its correspondent relationship with a life insurance company.
WACONIA, MINN. — Upland Real Estate Group has arranged the $1.5 million sale of a Caribou Coffee retail property located in Waconia, approximately 32 miles west of Minneapolis. A local buyer purchased the property, which is a new construction. Caribou Coffee signed a 15-year lease at the building. Upland Real Estate Group represented the undisclosed seller in the transaction.
MINNETONKA, MINN. — NorthMarq Capital’s Minneapolis office has arranged $10.7 million in acquisition financing for the Williston Business Center, a 354,730-square-foot office property in Minnetonka. Patrick Minea and Dan Trebil of NorthMarq arranged financing for the undisclosed borrower through the firm’s correspondent relationship with a life insurance company.
EDEN PRAIRIE, MINN. — Marcus & Millichap has arranged the $5.9 million sale of Southwest Station, a 14,031-square-foot retail property located in Eden Prairie. The property is located at 13300 Technology Drive. Built in 2004, the property is fully occupied with five tenants. Cory Villaume, Sean Doyle and Brian Klancke of Marcus & Millichap’s Minneapolis office represented the undisclosed seller and buyer in the transaction.
MINNEAPOLIS — Marcus & Millichap has arranged the $2.1 million sale of Amber Court Apartments, a 22-unit apartment property in Minneapolis. Amber Court Apartments is located at 5523 and 5531 Washburn Ave. S. Built in 1959, the building features original woodwork and hardwood flooring, built-in air conditioning units, circuit breakers and a parking garage. Josh Talberg of Marcus & Millichap’s Minneapolis office represented the seller, a private investor. Talberg along with Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office represented the buyer, a limited liability company.
PLYMOUTH, MINN. — Upland Real Estate Group Inc. has arranged a 48,000-square-foot industrial lease for MVP Logistics LLC at the Medicine Lake Industrial Center (MLIC) located in Plymouth. Duke Realty owns and operates the 221,579-square-foot distribution center, which is located a half mile west of U.S. Highway 169. MVP is expanding from 12,000 square feet at its current facility in Golden Valley located one mile east of MLIC. Joshua Huempfner of Upland Real Estate Group represented MVP in the transaction.
Buoyed by a healthy economy, the Twin Cities industrial market has experienced strong demand for functional, 24- to 32-foot clear height space, with more companies expanding during the first three quarters of the year, according to Cushman & Wakefield | NorthMarq. The market posted nearly 1.3 million square feet of absorption in the first three quarters of 2014, a solid number. The overall vacancy rate for multi-tenant properties 20,000 square feet and above stood at 10.1 percent at the end of the third quarter, down from a high of 16.4 percent in 2010. The bulk/warehouse segment has posted the most leasing activity with 451,097 square feet of net absorption year-to-date, including 140,514 square feet in the third quarter, and a tight 9.2 percent vacancy rate. Office/warehouse absorption totaled 476,032 square feet year-to-date through the third quarter, and 391,676 square feet in the third quarter alone, lowering the vacancy rate in that segment to 9.6 percent. Office/showroom absorption totaled 359,687 square feet during the first three quarters of 2014, lowering the vacancy rate in that segment to 12.8 percent, the lowest since 2006 when it stood at 11.7 percent. The Northeast submarket posted 222,267 square feet of net absorption in the …
SAINT LOUIS PARK, MINN. — Marcus & Millichap has brokered the $1.4 million sale of Hampshire Apartments, a 16-unit apartment property in Saint Louis Park. The property is located at 2407 Hampshire Ave. S. Josh Talberg, Mox Gunderson, Dan Linnell and Chris Collins of Marcus & Millichap’s Minneapolis office represented the seller, an individual/personal trust, and the buyer, a limited liability company.
