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MidwestMinnesotaOffice

Meritex Brokers Sale of Office Building in St. Paul

by Danielle Everson

ST. PAUL, MINN. — Meritex has brokered the sale of a 282,565-square-foot office building in St. Paul to an undisclosed buyer. The property, located at 444 Lafayette Road, is fully leased to the State of Minnesota-Department of Human Services. The marketing and sale of the property was part of a 677,500-square-foot, four-building portfolio sale coordinated between owners Meritex and NGP Lafayette Portfolio Owners Corp. The sellers cooperated in the joint marketing, contract negotiations, due diligence coordination and final closing for the entire portfolio. Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver of CBRE represented Meritex and NGP. Meritex has been retained by the buyer as property manager for the entire portfolio. Fred Koehler, asset manager for Meritex, will be responsible for park management.

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LoansMidwestMinnesota

Grandbridge Arranges $3M First Mortgage Loan for Apartment Complex in Blaine, Minn.

by John Nelson

BLAINE, MINN. — Grandbridge Real Estate Capital has arranged a $3 million first mortgage loan for a 60-unit apartment complex in Blaine. The fully occupied property features a mix of one-, two, and three-bedroom units. Tony Carlson of Grandbridge’s Minneapolis office originated the 15-year, fixed-rate loan with a 25-year amortization schedule through an unnamed life insurance company. The loan required no personal guaranty for the undisclosed borrower, which plans to use the loan proceeds to retire existing recourse debt.

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BirchRunStation
MidwestMinnesotaRetail

Mid-America Real Estate Corp. Brokers $27.4M Sale of Retail Center

by Danielle Everson

MAPLEWOOD, MINN. — Mid-America Real Estate Corp. – Minnesota LLC has brokered the $27.4 million sale of Birch Run Station in Maplewood, a suburb of Minneapolis. Greenwood Village, Colo.-based GDA Real Estate purchased the 278,347-square-foot retail center. Birch Run Station is located at the northwest quadrant of Beam Avenue and Southlawn Drive and is adjacent to the Maplewood Mall. Marshalls, Jo-Ann Stores, Burlington Coat Factory, Herberger’s and Dollar Tree anchor the shopping center. Joe Girardi and Rick Drogosz of Mid-America Real Estate represented the seller, Los Angeles-based RPD Catalyst.

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MidwestMinnesotaMultifamily

M&M Arranges $4M Sale of 24-Unit Apartment Portfolio

by Danielle Everson

MINNEAPOLIS — Marcus & Millichap has arranged the $4 million sale of a 24-unit apartment portfolio located in Minneapolis. The Billman portfolio near the University of Minnesota consists four properties located at 942 15th Ave. S. Josh Talberg of Marcus & Millichap’s Minneapolis office along with Garrett Nichols, Michael DiSimone and Sean Rosenzweig, of the firm’s Los Angeles office represented the seller, a limited liability company. John Bailey and Bill Bailey of Marcus & Millichap’s Chicago downtown office represented the buyer, a limited liability company.

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Market ReportsMidwestMidwest Market ReportsMinnesota

Brimming with a Renewed Sense of Confidence

by admin

Dotted with construction cranes, Minneapolis’ skyline tells the story of economic growth the likes of which hasn’t been seen in almost a decade. Record-shattering investments in office space and in employee satisfaction speak to the confidence companies have in the accelerating Twin Cities market. This renewed corporate confidence is buoyed by the lowest unemployment rate of any U.S. metro area with a population greater than 700,000, and is evident by the increasing number of long-term lease commitments (seven-plus years) to the Twin Cities market. The office sector began picking up — first with local investors and now with national investors — soon after the opening of a new baseball stadium for the Minnesota Twins in 2010, which kick-started a rash of high-end, urban multifamily developments. The current multifamily boom in the Twin Cities is expected to bring nearly 10,000 units to the residential market in the coming years. Increasingly, people want to live, work and play downtown. Multifamily, retail and office developers are ramping up the quantity and quality of supply. An additional sign of growth is the $1 billion currently being invested in a new football stadium for the Minnesota Vikings. Renovation Ramps Up Class C office buildings accounted …

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Market ReportsMidwestMidwest Market ReportsMinnesota

Franchises Drive Uptick in Retail Leasing in the Twin Cities

by admin

The Twin Cities retail market continued to improve in the second half of 2013 due to robust leasing activity at neighborhood centers. The vacancy rate registered 7.2 percent at the end of 2013, down from 8.6 percent a year earlier, according to Cushman & Wakefield/NorthMarq. That is the lowest vacancy rate since the fourth quarter of 2008. The market saw healthy absorption of 439,000 square feet during the second half of 2013. With retail spaces filling, rental rates declined modestly, dropping from an average of $27.73 per square foot during the second quarter of 2013 to $27.60 per square foot in the fourth quarter. The rental rate decrease was primarily due to the decline in rates at community centers, as discount retailers negotiated lower rents. Many of these discount retailers filled big-box and junior-box spaces that had been vacant for a long time. (To view larger version of chart, click here.) The Franchise Factor The majority of retailers that entered the Twin Cities in 2013, or expanded their operations locally, were focused on food and services such as hair care, massage, cellular and fitness. Five Guys Burgers & Fries and Yogurt Lab, relative newcomers to the market, now operate multiple …

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Market ReportsMidwestMidwest Market ReportsMinnesota

Apartment Market Still Shines In Twin Cities Despite Surge In Development

by admin

Optimism abounds in the Twin Cities apartment market, and for good reason. It’s a top performer in the Midwest, and ranks high in the nation overall. The key indicators are compelling: low vacancies with rental rates rising; steady apartment sales; robust new development, especially in core urban and first-tier markets; and flowing pipelines. Among 52 metropolitan areas showing the most economic momentum heading into 2014, Minneapolis/St. Paul ranked No. 14, according to the Praxis Strategy Group. Criteria included GDP growth, job growth, real median household income growth and current unemployment. Property owners, buyers, developers and funding sources are all benefiting from a strengthening apartment market, a trend that began in 2009. Although statistics vary by source, there is consensus on future apartment trends in the seven-county metro area. For apartment owners, a tight rental market means growing revenues, a far cry from the glut of vacant units that existed a few years ago. Last year, vacancy rates averaged 2.8 percent, compared to 7.9 percent in 2009, according to real estate research firm Reis. A boon for landlords, rising rents are forcing many lower-income renters out of the cities into the suburbs. Statistics show the average rent in the Twin Cities …

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Market ReportsMidwest Market ReportsMinnesota

Apartment Market Still Shines in Twin Cities Despite Surge in Development

by admin

Optimism abounds in the Twin Cities apartment market, and for good reason. It’s a top performer in the Midwest, and ranks high in the nation overall. The key indicators are compelling: low vacancies with rental rates rising; steady apartment sales; robust new development, especially in core urban and first-tier markets; and flowing pipelines. Among 52 metropolitan areas showing the most economic momentum heading into 2014, Minneapolis/St. Paul ranked No. 14, according to the Praxis Strategy Group. Criteria included GDP growth, job growth, real median household income growth and current unemployment. Property owners, buyers, developers and funding sources are all benefiting from a strengthening apartment market, a trend that began in 2009. Although statistics vary by source, there is consensus on future apartment trends in the seven-county metro area. For apartment owners, a tight rental market means growing revenues, a far cry from the glut of vacant units that existed a few years ago. Last year, vacancy rates averaged 2.8 percent, compared to 7.9 percent in 2009, according to real estate research firm Reis. A boon for landlords, rising rents are forcing many lower-income renters out of the cities into the suburbs. Statistics show the average rent in the Twin Cities …

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Market ReportsMidwest Market ReportsMinnesota

Healthy Demand for Luxury Apartments Help Boost Rents

by admin

Strong occupancy throughout the Minneapolis metro area is driving construction activity, and developers are hurrying to get projects off the ground ahead of competitors. Leasing activity is underway for a number of luxury high-rise projects coming on line in the city, heightening competition for renters who desire and can afford top-end amenities. Projects in vibrant locations, such as the Mill & Main Apartments across the river from downtown Minneapolis, have been well received. The Mill & Main building, which is nearly 70 percent leased, has views of the Mississippi River and downtown. New luxury apartments are attracting many nontraditional first-time renters, such as empty nesters. This trend is likely to expand the renter pool across the area as recovering housing prices give the large baby boom cohort more options when selling and downsizing. The higher rents that luxury properties command have reset the bar for Class A rents. Existing Class A properties near top-tier apartments will likely benefit because they can raise rents and remain more affordable than the newer units. Development Pipeline Nearly 3,000 apartments have been delivered in the metro area during the past 12 months, including 2,100 market-rate units. So far in 2013, approximately 1,000 rentals have …

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Market ReportsMidwest Market ReportsMinnesota

Restaurants Continue to Gobble Up Space in the Twin Cities

by admin

The Twin Cities retail market is still on the road to recovery, with 231,913 square feet of absorption since the beginning of the year. With steady positive absorption, the former tenant-favorable market is beginning to even out, especially with regard to the urban core or first-ring suburbs. Lease negotiations have started to tip in favor of landlords. Developers, tenants, landlords and brokers are all expressing increased confidence in the strength of the market. Among the tenants contributing to the healthy absorption of space have been Whole Foods, Walmart, and LA Fitness, all of which are opening stores throughout the suburbs. The overall vacancy rate in the third quarter stood at 5.7 percent, down from 6.2 percent the prior quarter, according to data compiled by the Welsh Cos. Vacancy at regional malls is 2.1 percent. The retail vacancy in the trade areas surrounding these regional centers follows suit with premier areas of demand among growing retailers. Chick-fil-A has also entered the Twin Cities market, opening stores in Apple Valley, Bloomington, Coon Rapids and Maple Grove. This continues the trend of new food tenants seeking more space in the Twin Cities, including Smashburger, Which Wich Superior Sandwiches and Freddy’s Frozen Custard & …

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