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Phalen-Shores-Apartment-Property
MidwestMinnesotaMultifamily

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

by Danielle Everson

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.

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Kowalski’s-Markets
MidwestMinnesotaRetail

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

by Danielle Everson

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.

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MidwestMinnesota

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

by Danielle Everson

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.

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MidwestMinnesotaRetail

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

by Danielle Everson

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.

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IndustrialMidwestMinnesota

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

by Danielle Everson

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.

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MidwestMinnesota

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

by John Nelson

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.

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MidwestMinnesotaOffice

Investors Real Estate Trust Arranges Sale of Several Office Showroom Properties

by Danielle Everson

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.

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CubFoodsBlaine
MidwestMinnesotaRetail

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

by Danielle Everson

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.

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LoansMidwestMinnesota

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

by Danielle Everson

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.

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shoppes-at-riverdale
MidwestMinnesotaRetail

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

by Danielle Everson

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.

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