OTSEGO, MINN. — Suntide Commercial Realty and KW Commercial Midwest have arranged the lease of a new 20,887-square-foot retail property at the Great River Centre in Otsego. Igloo LLC will use the space for a hockey rink with a restaurant/sports bar. The Great River Centre of Otsego is a mixed-use development project located at U.S. Highway 101 and County Road 39. The center features more than 230,000 square feet of retail and more than 100,000 square feet of office space. A Super Target anchors the center. Tim Igo of Suntide Commercial Realty and Tammy Brown of KW Commercial Midwest represented the Great River Centre in the transaction.
NORTH BRANCH, MINN. —Marcus & Millichap has arranged the $525,000 sale of North Branch Self Storage, a 123-unit self-storage facility in North Branch. The property is located at 6757 Ash St. Adam Haydon of Marcus & Millichap’s Minneapolis office represented the seller and buyer, both private investors.
APPLE VALLEY, MINN. — IMH Financial Corp. (IMHFC) has broken ground on a 196-unit luxury apartment development in Apple Valley, a suburb of Minneapolis. Gabella at Parkside will be the first of a planned five-phase, 12.5-acre development known as Parkside Village. The class A, four-story property is expected to be complete by February 2016. The total development cost of $36 million will be financed through an equity contribution of $12 million by IMHFC and a construction loan of $24 million secured from the Bank of the Ozarks. Gabella at Parkside will feature a mix of one-, two- and three-bedroom units ranging in size from 800 square feet to 1,388 square feet. Amenities will include a resort-style pool and hot tub, sun deck, cabanas, grills, fire pits, indoor/outdoor gaming area, a fitness center, theater room, lounge, yoga studio, spinning studio, internet cafe and dog walking and washing areas. Kaas Wilson is the project architect and Stonebridge Construction is the general contractor for the project. IMHFC has partnered with developer Titan Investments of Denver, Colo. to design the project and coordinate with the city of Apple Valley over the last two years to receive full entitlements and negotiate the development subsidies from …
MINNEAPOLIS — The Opus Group has completed construction on The Nic on Fifth, a luxury high-rise apartment complex in downtown Minneapolis. The 26-story development is located on the corner of Fifth Street and Nicollet Mall. The apartment building features 20,000 square feet of retail space on the street and skyway levels with 253 apartment units above – including 26 penthouses. Residents began moving into the building in September, and it is now more than 60 percent leased. All units feature condo-level finishes with granite countertops, stainless steel appliances and floor to ceiling windows with floor plans ranging from alcove units to three-bedroom penthouse suites. Opus Development Co. LLC began construction for the building in November 2012. Opus Design Build LLC served as the design-builder for the project. Opus AE Group LLC served as the architect, structural engineer of record, and interior designer. Minneapolis-based Elness Swenson Graham Architects Inc. was the design architect.
MINNEAPOLIS — Grandbridge Real Estate Capital has arranged a $5.9 million first mortgage loan for a 90-bed student-housing complex at the University of Minnesota in Minneapolis. The property, which was fully occupied at closing, features loft style units in a renovated warehouse at the heart of campus. Tony Carlson of Grandbridge’s Minneapolis office originated the refinancing for the undisclosed borrower.
EDEN PRAIRIE, MINN. — Grandbridge Real Estate Capital has arranged a $4.8 million first mortgage loan for a 75-unit apartment complex in Eden Prairie. The garden style community, which features a mix of one-, two- and three-bedroom units, was fully occupied at closing. Tony Carlson of Grandbridge originated the 10-year, fixed-rate loan, which includes a 20-year amortization schedule, through a life insurance company. The undisclosed borrower utilized loan proceeds to retire existing recourse debt.
BROOKLYN CENTER, MINN. — Mid-America Real Estate – Minnesota LLC has arranged a 5,460-square-foot retail lease in Brooklyn Center. Villa Join the Movement will occupy space at Shingle Creek Crossing, an 804,000-square-foot development located at the corner of Brooklyn Boulevard and U.S. Highway 100. Walmart anchors the shopping center. Mid-America represented the undisclosed landlord in the transaction.
HOPKINS, MINN. — Grandbridge Real Estate Capital has arranged a $5.7 million first mortgage loan to refinance an 83-unit apartment complex in Hopkins. The fully occupied property features remodeled unit interiors. Tony Carlson of Grandbridge originated the fixed-rate, 15-year loan, through a life insurance company for the undisclosed borrower. The loan required no personal guaranty and closed with an interest rate in the low 4 percent range.
COON RAPIDS, MINN. — Dougherty Mortgage LLC has arranged a $2.1 million Fannie Mae loan for the refinancing of a 72-unit seniors housing property in Coon Rapids. Margaret Place is an assisted living facility located within a wooded residential setting and offers an urgent response system, 24-hour security system and twice daily wellness checks, as well as daily home-cooked meals and numerous scheduled activities. The 18-year loan includes a 25-year amortization schedule. Dougherty’s Minneapolis office secured the loan for the borrower, Margaret Place LP.
MAPLE GROVE, MINN. — Shingobee Builders Inc. has begun construction of a Paradise Car Wash and Detail Center in Maple Grove. The facility will be located at the former Champp’s restaurant site on Elm Creek Boulevard. The 15,600-square-foot building will provide a tunnel wash, three detail bays, customer lounge and support areas. Construction started in mid-August and is scheduled for completion early in 2015. The site is visible from I-94 and is located near the Maple Grove shopping area. Loretto, Minn.-based Shingobee Builders is a national commercial construction and development company that provides general contracting, project management and real estate services.