BLOOMINGTON, MINN. — A joint venture between Clear Height Properties and Harbert US Real Estate has acquired a 121,684-square-foot industrial property in the Minneapolis suburb of Bloomington. Located at 9201 E. Bloomington Freeway, the complex is home to 14 tenants. The facility features 20 dock-high doors and five drive-in doors. Bentley Smith and Judd Welliver of CBRE brokered the transaction. The sales price and seller were undisclosed.
BLOOMINGTON, MINN. — WHP Global, the parent company of Toys ‘R’ Us, is set to open a flagship store at the Mall of America in Bloomington just before Thanksgiving. The store marks the first flagship store in partnership with Go! Retail Group. Additional flagship locations are opening next year. Currently, Toys ‘R’ Us maintains a global flagship store at American Dream, a shopping destination in New Jersey. Additionally, through a partnership with Macy’s, there are more than 452 Toys ‘R’ Us shop-in-shops located inside Macy’s stores nationwide. The new store at Mall of America spans more than 11,000 square feet and offers a wide assortment of toys and games. Beginning in 2024, the store will offer new features such as Geoffrey’s Café and ice cream parlor as well as interactive experiences and product demonstrations from popular toy vendors. Built in 1992 and totaling 5.6 million square feet, Mall of America is the largest shopping and entertainment complex in North America.
MINNEAPOLIS — Kraus-Anderson has completed a $2 million renovation of the 7,000-square-foot headquarters and taproom for Modist Brewing Co. in Minneapolis. The project included new event space, a quality control lab and employee workplaces. The Minneapolis studio of Perkins & Will designed a two-story event space, mezzanine and catwalk that can accommodate 120 people for corporate and private events. The design aesthetic is “punk rock chic” and includes bold colors, neon sculpture lights, dichroic glass that changes colors, glitter concrete epoxy flooring and mirrored ceilings.
MINNETONKA, MINN. — CBRE has arranged the sale of Gates at Carlson Center, a 435-unit apartment community in Minnetonka, a western suburb of Minneapolis. The sales price was undisclosed. Located at 300 Carlson Parkway, the property is 96.8 percent occupied and 98 percent of its units have been renovated since the original construction in 1990. Floor plans consist of one- and two-bedroom units averaging 910 square feet. Amenities include an outdoor heated pool, sun deck, dog park, clubhouse, fitness center and walking trails. Abe Appert, Keith Collins and Ted Abramsom of CBRE represented the seller, a global investment advisor. FPA Multifamily was the buyer.
WOODBURY, MINN. — Montecito Medical has acquired a 32,711-square-foot medical office building in the Twin Cities suburb of Woodbury for an undisclosed price. The property is home to Minnesota Women’s Care, which serves patients throughout the Twin Cities area and western Wisconsin. The group maintains four office locations across this area. The seller was undisclosed.
MINNEAPOLIS — Kraus-Anderson has completed construction on a 15,314-square-foot office build-out for Grant Thornton LLP at the Steelman Exchange building in Minneapolis. Grant Thornton is an audit, tax and advisory firm. The Steelman Exchange building is located at 241 5th Ave. North in the city’s North Loop. The new office features workspaces and layouts designed for collaboration. LB Design Group was the architect.
MINNEAPOLIS — U.S. Bancorp has renewed its 447,000-square-foot lease for its office headquarters at 800 Nicollet Mall in Minneapolis. Brent Erickson and Callie Ronkowski of Newmark represented the owner, Piedmont Office Realty Trust Inc., while JLL represented the tenant. U.S. Bancorp is the parent company of US Bank, the fifth-largest commercial bank in the country, according to Newmark. US Bank has occupied the property, which is also named U.S. Bancorp Center, since 2000. Piedmont acquired the building in 2003. Amenities include a 12,500-square-foot amenity space on the top floor with a fitness center and conference rooms. The property will soon welcome 801 Fish, a fine dining seafood restaurant, and undergo a two-story lobby renovation to include additional tenant collaboration lounges and an onsite coffee lounge.
EDEN PRAIRIE, MINN. — Law firm Fafinski Mark & Johnson (FMJ) has leased 22,220 square feet of office space at One Southwest Crossing in the Minneapolis suburb of Eden Prairie. Jaclyn May, Paul Donovan and Tom DeSautel of Cushman & Wakefield represented FMJ, while Eric Heltne of Avison Young represented the landlord, Eagle Ridge Partners. Jennifer Stumm of FMJ will lead the project management for the build-out of the new office. FMJ is relocating within Eden Prairie and plans to take occupancy at One Southwest Crossing in spring 2024. The property was recently renovated.
MINNEAPOLIS — Mag Mile Capital has arranged $5.2 million of senior debt financing from a Minnesota-based bank and an additional $500,000 of Commercial Property Assessed Clean Energy (C-PACE) financing on behalf of CDT Realty Corp. The Minneapolis-based developer plans to complete an adaptive reuse project of two existing brick-and-timber loft buildings totaling 50,000 square feet in Northeast Minneapolis. The properties were originally constructed in 1910. The buildings will be connected with a new elevator lobby and fully renovated to create loft office space, retail shops and a variety of tenant amenities. The development will be named Burlap Lofts. Planned amenities include a clubroom with tenant lounge and full kitchen, large-screen TVs, private call booths, meeting spaces, a rooftop garden terrace, outdoor seating and an onsite Harmony Coffee location. The building is slated to open in spring 2024. The 81 percent loan-to-cost debt ratio combines floating-rate construction-period financing with fixed-rate permanent debt and 20-year, fixed-rate C-PACE financing. Cody Harper of Mag Mile Capital arranged the financing.
FRIDLEY, EAGAN AND BROOKLYN CENTER, MINN. — CBRE has negotiated the sale of an eight-building industrial portfolio totaling 941,564 square feet in metro Minneapolis for $88.5 million. The buildings, which range in size from 72,268 to 207,558 square feet, are located in Fridley, Eagan and Brooklyn Center. Judd Welliver, Bentley Smith, Mike Caprile, Zach Graham, Ryan Bain and Joe Horrigan of CBRE represented the seller, PCCP. The portfolio, which was 98 percent occupied at the time of sale, sold to a joint venture between Minnesota-based Capital Partners and Cincinnati-based Eagle Realty Group. Bill Mork led a JLL Capital Markets team that arranged $57.3 million in acquisition financing on behalf of the buyer. A life insurance company provided the five-year, fixed-rate loan, which featured a loan to value ratio of 65 percent.
