BURNSVILLE, MINN. — Marcus & Millichap has brokered the $7 million sale of Whispering Oaks, a 72-unit apartment property in Burnsville. The property is located at 1600 W. 143rd St. and was originally constructed as condominiums. Units include fireplaces, in-unit washers and dryers, and multiple in-unit balconies. The building itself is equipped with underground parking, a swimming pool, community rooms and an elevator. Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, and the buyer, a limited liability company.
FARIBAULT, MINN. — The Opus Group has completed an 18,500-square-foot renovation at The Inn at Shattuck-St. Mary’s, and the expansion of the historic Phelps Infirmary, built in 1867. The on-campus inn and event space was repurposed for the Shattuck-St. Mary’s School in Faribault, located approximately 50 miles south of Minneapolis. Opus remodeled the 147-year-old building, adding approximately 10,000 square feet of new space to the two-story complex. Shattuck-St. Mary’s School is an Episcopal boarding and day school serving students from around the world. The completed Inn at Shattuck-St. Mary’s will serve as the Diocesan retreat and meeting center for the Episcopal Church in Minnesota. Opus Design Build LLC served as general contractor on the project. Construction began in June 2014 and the Inn’s doors opened for use in October.
ROCHESTER, MINN. — Marcus & Millichap has brokered the $795,000 sale of O’Reilly Auto Parts, a 5,600-square foot net-leased property located in Rochester. The property is located at 2610 Broadway Ave. N. Adam Prins, Matthew Hazelton and Mike Marzinske of Marcus & Millichap’s Minneapolis office represented the seller, a limited liability company.
MINNEAPOLIS — Dougherty Mortgage LLC has closed on a $22.9 million new construction/rehabilitation loan for Grain Belt Terraces, a 150-unit apartment property in Minneapolis. Dougherty arranged the 40-year loan for Orth-Grain Belt LLC. Grain Belt Terraces is part of the redevelopment of the Grain Belt brewery site in the historic Sheridan neighborhood of northeast Minneapolis. Unit amenities at the rental property will include oversized windows and black appliances with granite countertops. The penthouse units will have stainless steel appliances, upgraded flooring and 10-foot ceilings. Property amenities include three elevators, a lounge, an outdoor plaza and underground garage.
ROCHESTER, MINN. — Homewood Suites by Hilton Rochester Mayo Clinic Area/Saint Mary’s has opened in Rochester. The six-story hotel is located at 165 13th Ave. S.W., across from St. Mary’s Hospital and a short distance from the Mayo Clinic. Carpenter & Torgerson II LLC own the 108-room hotel. Guestrooms feature fully equipped kitchens and amenities at the hotel include a fitness center and an indoor swimming pool and a whirlpool Jacuzzi.
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.
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.
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.
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.
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.