Minnesota

CPA:18 – Global Acquires Office, Research and Development Facility for $43M

by Danielle Everson November 18, 2014

PLYMOUTH, MINN. — CPA:18 – Global, a non-traded REIT managed by W. P. Carey Inc., has acquired a 191,000 square-foot office and research development facility in Plymouth for $43 million. The facility, purchased from Liberty Property Trust, is leased to Alliant Techsystems Inc. (ATK) for 10 years. ATK is an aerospace, defense and outdoor sports and recreation company operating in 21 states, Puerto Rico and internationally. Since moving into the building in 2001, ATK has made investments in the facility to meet its specific criteria for testing and housing specialized labs and equipment.

November 18, 2014

Midwest Minnesota Restaurant Retail

M&M Arranges $2.1M Sale of 2,112 SF Taco Bell Property

by Danielle Everson November 18, 2014

EAGAN, MINN. — Marcus & Millichap has arranged the sale of a 2,112-square-foot Taco Bell, net-leased property in Eagan. The property is located at 2000 Cliff Road. Border Foods Inc. guaranteed the lease. The property is an outparcel for Regal Cinemark Movies 16 and is adjacent to a Target Shopping Center and a Cub Foods. Dan Yozwiak and Mark Lovering of Marcus & Millichap’s Columbus office represented the seller, a limited liability company. Joubin Manoocherhi of JNM Investments in Los Angeles, Calif. represented the undisclosed buyer.

November 18, 2014

Midwest Minnesota Multifamily

M&M Brokers $2.5M Sale of Apartment Property in Cambridge, Minn.

by John Nelson November 12, 2014

CAMBRIDGE, MINN. — Marcus & Millichap has brokered the $2.5 million sale of Calhoun Apartments, a 48-unit apartment property located in Cambridge. Calhoun Apartments is located at 414 Calhoun Place N. and 514 Calhoun Terrace. The 48-unit community consists of two 24-unit buildings that include one- and two-bedroom apartments. Calhoun Apartments was developed in 1978 as part of the USDA Rural Housing 515 Program. In 2009, the property had successfully exited the program and began renting at market rate. Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office represented the seller, a limited liability company. Evan Miller of Marcus & Millichap, along with Gunderson and Linnell, represented the buyer, a limited liability company.

November 12, 2014

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Closes $6M Loan for Oak Ridge Assisted Living of Hastings

by Danielle Everson November 7, 2014

HASTINGS, MINN. — Dougherty Funding LLC has closed $6 million in acquisition financing for Oak Ridge Assisted Living of Hastings. The 67-unit property is located in Hastings and sits on nearly three acres. The facility, built in 2001, is comprised of both assisted living and memory care units and was 96 percent leased as of August 2014. Dougherty Funding LLC serves as lead lender for the loan, which was arranged for the borrower, Hastings ACQ LLC.

November 7, 2014

Midwest Minnesota Retail

Waba Financial Acquires Polar Plaza Center in North St. Paul, Minn.

by Danielle Everson November 7, 2014

NORTH ST. PAUL, MINN. — Waba Financial has acquired the Polar Plaza retail center in North St. Paul from an undisclosed seller. The 23,362-square-foot shopping center is situated on nearly 3.4 acres and is leased to a variety of retail tenants, with 7,769 square feet available for lease. Anderson Property Management will manage the shopping center. Matthew Klein of Eagan, Minn.-based KW Commercial Midwest represented the buyer.

November 7, 2014

Loans Midwest Minnesota Multifamily

Dougherty Closes $5M Fannie Mae Loan for Northtown Crossings

by Danielle Everson November 6, 2014

COON RAPIDS, MINN. — Dougherty Mortgage LLC has arranged a $5 million Fannie Mae loan for the refinancing of Northtown Crossings, a 48-unit market rate apartment property in Coon Rapids. Units feature ceramic tile entries, oversized master suites, large kitchens with microwaves and breakfast bars, nine-foot ceilings and ample closet space. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Northtown Crossings LLC.

November 6, 2014

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Arranges $13.5M HUD Loan for Construction of Seniors Housing Facility

by Danielle Everson November 4, 2014

SHOREVIEW, MINN. — Dougherty Mortgage LLC has arranged a $13.5 million HUD 213 loan for the construction of Applewood Pointe Cooperative of Shoreview, a 77-unit construction senior cooperative property in Shoreview. Dougherty’s Minneapolis-based office arranged the 40-year loan for the borrower, Applewood Pointe Cooperative of Shoreview. The cooperative site is located in a Ramsey County suburb.

November 4, 2014

Midwest Minnesota

Igloo signs 20,887 SF Retail Lease at Great River Centre in Otsego, Minn.

by Danielle Everson November 3, 2014

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.

November 3, 2014

Midwest Minnesota

M&M Arranges Sale of 123-Unit Self Storage Facility in Minnesota

by Danielle Everson October 31, 2014

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.

October 31, 2014

Midwest Minnesota Multifamily

IMH Financial Corp. Breaks Ground on Luxury Apartments in Apple Valley, Minn.

by Danielle Everson October 30, 2014

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 …

October 30, 2014

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