Monday, January 27, 2025
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Minnesota

AcquisitionsMidwestMinnesotaMultifamily

JLL Arranges $24.5M Sale of Apartment Community in Forest Lake, Minnesota

by Kristin Harlow

FOREST LAKE, MINN. — JLL Capital Markets has arranged the $24.5 million sale of Village Apartments in Forest Lake, about 27 miles northeast of St. Paul. The 252-unit apartment community was constructed in 1969 and consists of three buildings. Amenities include picnic areas, a playground, pool and bike racks. Josh Talberg of JLL represented the seller, Gaughan Cos. The buyer was undisclosed. Village Apartments marks the seventh property to trade in the larger 800-unit Minnesota Legacy Apartment Portfolio that JLL has been marketing for sale.

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AcquisitionsIndustrialMidwestMinnesota

Realterm Acquires Industrial Outdoor Storage Facility in Suburban Minneapolis

by Kristin Harlow

ROSEVILLE, MINN. — Realterm has acquired a 6.3-acre industrial outdoor storage facility in the Minneapolis suburb of Roseville for an undisclosed price. Developed in 2021, the Class A property at 2340 Rose Place West features five oversized drive-in doors, four dock-high loading positions and a two-story, 7,300-square-foot office component. The site is fully leased to an asset-light freight and logistics company that provides services across the United States and Canada. Chris Weirens of Transwestern facilitated the transaction and represented the undisclosed seller. The transaction marks Realterm’s third acquisition in the region.

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AcquisitionsMidwestMinnesotaOfficeRetail

JLL Arranges $17.5M Sale of Office, Retail Building in Suburban Minneapolis

by Kristin Harlow

WAYZATA, MINN. — JLL Capital Markets has arranged the $17.5 million sale of 401 Lake Street, a Class A building with office and retail space in the western Minneapolis suburb of Wayzata. Completed in 2022, the three-story property totals 19,014 square feet and features a 4,600-square-foot roof deck, wraparound balconies on each floor and underground parking for 40 vehicles. Currently 45.8 percent occupied, the asset is home to Brick + Linen and Compass. Colin Ryan and Dave Berglund of JLL represented the seller, Lothenbach Properties LLC, and procured the undisclosed buyer. The sale represents the highest price per square foot for office sales in Minnesota history, according to JLL.

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Leasing ActivityMidwestMinnesotaRetail

Seven New Retail Tenants Open at Eden Prairie Center in Suburban Twin Cities

by Kristin Harlow

EDEN PRAIRIE, MINN. — Seven new retail tenants have opened or are coming soon in 2025 at Eden Prairie Center, a 1.4 million-square-foot retail property in the Twin Cities suburb of Eden Prairie. JLL manages the asset, which features more than 100 shops and restaurants. Now open seasonally, Northwoods Boutique offers seasonal products, including arts, crafts, handmade items, new and vintage décor, furniture, home décor and holiday décor. The 4,470-square-foot boutique is located on the lower level near Target and DSW. The Makers Den is a one-stop shop offering 3D print products, services and design classes for all ages. The 1,581-square-foot print shop is owned and operated by former schoolteacher Phillip Sexton and is located on the upper level near AMC. Gyu Mai Japanese BBQ/Ichiddo Ramen is a dual-concept Asian eatery. The 7,996-square-foot, street-front space will be divided into two restaurants on the lower level of the entertainment wing. Miniso is a variety store chain that specializes in household and consumer goods, including cosmetics, stationary, toys and kitchenware. The Eden Prairie location, opening in January, will be the second franchise store in Minnesota at 3,530 square feet and located in the upper level of Center Court. The U.S. Army Recruiting …

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Leasing ActivityMidwestMinnesotaOffice

St. Croix Hospice Leases Full Building at Mendota Tech Office Park in Minnesota

by Kristin Harlow

MENDOTA HEIGHTS, MINN. — St. Croix Hospice has signed a long-term lease at Mendota Tech – Workplace 3 in Mendota Heights, a southern suburb of the Twin Cities. The end-of-life care provider will occupy the 30,586-square-foot office building in its entirety. St. Croix Hospice, which is relocating from Oakdale, plans to take occupancy in the first quarter of 2025. With over 70 locations throughout the Midwest, the agency provides care to more than 5,200 patients. Tim Olsen of Carlson Partners represented the tenant. Mike Honsa and Eric Rapp of Transwestern Real Estate Services represented ownership, Capital Partners. Mendota Tech Office Park comprises eight buildings.

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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Begins Construction of $33M Public Safety Facility in Virginia, Minnesota

by Kristin Harlow

VIRGINIA, MINN. — Kraus-Anderson has begun construction of a new $33 million public safety facility located at 1004 2nd St. S. in Virginia, a city in northeast Minnesota. Designed by Wold Architects and Engineers, the 50,000-square-foot project features a new fire station, police station and EMS facility, along with 13 dormitories, training spaces and parking lots. The new building also features a training tower, fitness center, day room, kitchen and dining room. Completion is slated for July 2025.

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AcquisitionsAffordable HousingMidwestMinnesotaMultifamilySeniors Housing

Marcus & Millichap Brokers $5.5M Sale of Affordable Senior Living Property in St. Cloud, Minnesota

by Kristin Harlow

ST. CLOUD, MINN. — Marcus & Millichap has brokered the $5.5 million sale of Westwind Apartments, a 60-unit affordable senior living property in St. Cloud, a city in central Minnesota. Located at 765 Savanna Ave. and built in 2004, the community offers a mix of one- and two-bedroom units across 55,686 rentable square feet. Chris Collins, Evan Miller and Eric Wagner of Marcus & Millichap represented the seller, a Minnesota partnership, and procured the buyer, a North Dakota partnership.

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AcquisitionsIndustrialMidwestMinnesota

JLL Income Property Trust Acquires Minneapolis-Area Distribution Center for $66.5M

by Kristin Harlow

MAPLE GROVE, MINN. — JLL Income Property Trust has acquired a Class A industrial business park in the Minneapolis suburb of Maple Grove for $66.5 million. The two-building property totals 443,000 square feet and is fully leased. Constructed in 2023, the asset features 49 dock doors, five drive-in doors, a clear height of 32 feet and ample parking. The seller was undisclosed. As of Sept. 30, industrial investments comprised 32 percent of JLL Income Property Trust’s $6.6 billion portfolio, with $2.1 billion in industrial assets across 59 properties.

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AcquisitionsIllinoisIndianaIowaMichiganMidwestMinnesotaRetailWisconsin

JLL Brokers Sale of Napa Auto Parts Retail Portfolio in Midwest for $70.2M

by Kristin Harlow

MICHIGAN, MINNESOTA, INDIANA, ILLINOIS, WISCONSIN AND IOWA — JLL Capital Markets has brokered the sale of a 41-property Napa Auto Parts retail portfolio in the Midwest for $70.2 million. The net-leased assets total 342,986 square feet and are located in Michigan, Minnesota, Indiana, Illinois, Wisconsin and Iowa. There are roughly 18.5 years of weighted average lease term remaining. Alex Sharrin, Jaime Fink, Marcus Pitts and Matt Hazelton of JLL represented the undisclosed buyer and seller. According to JLL, the portfolio bolsters the buyer’s strong foothold in the auto repair and parts industry.

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Wells Fargo Center in Minneapolis
AcquisitionsMidwestMinnesotaOfficeTop Stories

Joint Venture Purchases 57-Story Wells Fargo Center in Downtown Minneapolis

by Channing Hamilton

MINNEAPOLIS — A joint venture between Cross Ocean Partners, Neuberger Berman Special Situations client funds and Onward Investors has acquired Wells Fargo Center, a 57-story office tower located at 90 S. Seventh St. in Minneapolis’ downtown commercial district. The 1.2 million-square-foot trophy building traded hands for an undisclosed price. Wells Fargo Center is the third tallest building in Minneapolis. Major tenants include a Wells Fargo branch bank, Colliers, the law firm of Faegre Drinker and the local office of accounting firm KPMG. The building contains an indoor pedestrian promenade that houses a 100-foot-high domed ceiling rotunda on one side and a lobby on the other. The building also features The Reserve, which houses amenities such as a fitness center, reservable wellness rooms, lounge with coworking and focus rooms, conference center and catering kitchen on the seventh floor. The property also offers private car and bicycle parking. Wells Fargo Center was 62 percent leased at the time of sale, with up to 110,000 square feet of contiguous availability. The building has averaged roughly 95 percent occupancy since 1988, according to Onward Investors. “This acquisition epitomizes our fundamental value investment strategy of opportunistically capitalizing upon market dislocation and demonstrates Onward Investors’ continued commitment …

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