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DevelopmentMidwestMinnesotaOffice

Kraus-Anderson Completes 23,800 SF Office Build-out for Värde Partners in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Kraus-Anderson (KA) has completed the office build-out for Värde Partners at North Loop Green in Minneapolis. The new office tower is located at 350 N. 5th St. Värde Partners is a global alternative investment firm specializing in credit and credit-related assets. Designed by ESG Architecture & Design, the 23,800-square-foot office features a spacious lobby and reception area. In addition to offices, there are conference rooms, versatile workspaces, a café and wellness rooms. KA worked on the office build-out with JLL Project & Development Services, the construction manager. In May, KA completed construction of North Loop Green, which comprises the 365,000-square-foot office building as well as a 449-unit apartment tower. The project team for North Loop Green included developer Hines and ESG Architecture & Design.

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AcquisitionsMidwestMinnesotaMultifamily

CBRE Arranges Sale of Multifamily Property in Mound, Minnesota for $9.8M

by Kristin Harlow

MOUND, MINN. — CBRE has arranged the sale of Grandview Terrace in Mound, a far west suburb of Minneapolis, for $9.8 million. Built in 1970, the 88-unit multifamily property is located at 5600 Grandview Blvd. The asset features one- and two-bedroom floor plans averaging 800 square feet. Ted Abramson, Abe Appert and Keith Collins of CBRE represented the seller, IPG. An entity related to Lion Rock Properties was the buyer.

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Leasing ActivityMidwestMinnesotaOffice

Gamer Packaging Signs 20,192 SF Office Lease in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Gamer Packaging has signed a 20,192-square-foot office lease at Fifth Street Towers in Minneapolis. The full-service packaging company is moving its headquarters to the entire 19th floor of 100 S. Fifth St., the companion tower to 150 S. Fifth St. Reed Christianson and Trinette Wacker of Transwestern Real Estate Services handle leasing for the 1 million-square-foot office complex, which features amenities such as Sculpt Fitness, Connect Lounge and Sphere Bar + Restaurant. Gamer Packaging is currently designing its new headquarters and expects to take occupancy in the second half of 2026. Tad Jellison, John Lorence and Blake Hastings of CBRE represented Gamer Packaging.

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DevelopmentMidwestMinnesotaMultifamily

Trident Development Opens 112-Unit Apartment Complex in Chaska, Minnesota

by Kristin Harlow

CHASKA, MINN. — Trident Development is set to open The Plaza at Hazeltine on Wednesday, Oct. 30. The four-story, 112-unit apartment complex is located at 1130 Hazeltine Blvd. in the Minneapolis suburb of Chaska. Amenities include an outdoor patio, walking trails, children’s play area, putting green, dog park, pet wash, community room, coffee bar, package room, fitness room, golf simulator and rooftop patio. The property is situated near a retail area with Kohl’s, McDonald’s, Aldi, Chipotle and Starbucks. Lyon Contracting was the general contractor, and Village Green is the property manager. Residents can now receive 1.5 months of free rent, according to the property’s website. Monthly rents start at $1,334 for one-bedroom units.

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AcquisitionsMidwestMinnesotaMultifamily

Colliers Negotiates Sale of 424-Unit Multifamily Portfolio in Downtown Minneapolis for $32.5M

by Kristin Harlow

MINNEAPOLIS — Colliers has negotiated the sale of a two-property multifamily portfolio totaling 424 units in the Loring Park neighborhood of downtown Minneapolis for $32.5 million. The properties are located at 215 and 330 Oak Grove St. They feature newly renovated one- and two-bedroom units. Amenities include a patio, garden, resident lounge, fitness center, laundry room, package room and garage parking. Both assets are more than 80 percent leased. Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of Colliers represented the seller, Laramar Group. Grove Estates was the buyer.

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DevelopmentLife SciencesMidwestMinnesotaMixed-UseTop Stories

Mortenson, University of Minnesota Foundation Plan 3 MSF Mixed-Use Village

by John Nelson

MINNEAPOLIS — A partnership between locally based developer Mortenson and The University of Minnesota Foundation Real Estate Advisors (UMFREA) is in the planning stages of a 12-acre mixed-use village on the eastern edge of the University of Minnesota’s Twin Cities campus. The project, which will span 3 million square feet, is named The Minnesota Innovation Exchange, or “The MIX.” Located in Minneapolis, the development site is bounded to the north by the school’s Biomedical Discovery District and the football stadium, Huntington Bank Stadium. The MIX is bounded to the south by the university’s future clinical campus expansion. Mortensen and UMFREA, which oversees the real estate decisions of the University of Minnesota Foundation, recently selected commercial real estate services giant CBRE to lease The MIX. At full build-out, the private development will include research-and-development space, creative offices, hotel rooms, apartments, shops and restaurants. The project team, which includes architectural firm HGA, hopes to attract life sciences users to The MIX to capitalize on the Twin Cities’ reputation as a hub for health and science activity, including a concentration of medical device manufacturers headlined by Medtronic and 3M. “This is an incredibly exciting opportunity for prospective tenants to participate in the most unique …

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AcquisitionsHealthcareMidwestMinnesota

Davis Acquires 201,000 SF Outpatient Medical Center in Suburban Minneapolis for $72M

by Kristin Harlow

PLYMOUTH, MINN. — Davis has acquired WestHealth, a three-building outpatient medical center totaling nearly 201,000 square feet in Plymouth, a western suburb of Minneapolis. The purchase price was $72 million. The campus comprises two outpatient medical buildings, an ambulatory surgical center and an emergency/urgent care facility. The buildings were 96 percent occupied at the time of sale. The anchor tenant is Allina Health, which occupies roughly 73 percent or 146,000 square feet within the property. Originally purpose-built by Allina Health and acquired by the current ownership in 2013 through a long-term ground lease, the asset has undergone expansions to meet the increasing demand for outpatient services. Eric Gundersen of Alerus Financial and Healthpeak arranged acquisition financing. Brian Bruggeman of Colliers represented Allina Health. Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jemmett, Jesse Greshin and Ryan Watts of CBRE partnered with Steve Brown of Forte Real Estate Partners as the seller’s advisors.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Negotiates Sale of 103-Unit Wheelock Parkway Apartments in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Marcus & Millichap has negotiated the sale of Wheelock Parkway Apartments in St. Paul for an undisclosed price. Located at 1609 N. Woodbridge St., the property features 44 one-bedroom units and 59 two-bedroom units across 85,580 rentable square feet. Amenities include an outdoor pool, laundry facilities, picnic areas, a walking path and playground. Constructed between 1965 and 1967, the community is situated near Como Park Zoo and Rosedale Center. Chris Collins, Evan Miller, Eric Wagner, Matthew Shide and Zack Olson of Marcus & Millichap represented the seller, a Minnesota-based limited liability company, and procured the undisclosed buyer.

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AcquisitionsMidwestMinnesotaMultifamilySeniors Housing

Inland Acquires Two Luxury Senior Living Communities in Metro Twin Cities

by Kristin Harlow

LAKEVILLE AND SAVAGE, MINN. — Inland Real Estate Acquisitions LLC has acquired two luxury senior living communities in metro Twin Cities for an undisclosed price. Kingsley Shores Independent Senior Living in Lakeville features 101 units. Amenities include a dining room, library, wellness center, warm-water pool, salon, rooftop veranda, theater room, scheduled transportation and onsite social activities. Kingsley Place, an active adult community with 55 units, was also acquired as part of Kingsley Shores. Savage Senior Living at Fen Pointe in Savage features 122 units. Amenities include a dining room, library, fitness center, clinic space, community gardens, salon, theater room, chapel, art studio, coffee bar and walking paths. Both properties were 95 percent occupied at the time of sale. Matthew Tice and David Neboyskey of Inland completed the transaction on behalf of an Inland affiliate.

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Market ReportsMidwestMidwest Market ReportsMinnesotaOffice

Minneapolis-St. Paul Office Market: It’s a Great Time to Be a Tenant

by Kristin Harlow

By Michael Gelfman, Colliers Like many major cities across the U.S., the Minneapolis-St. Paul office market remains soft while office users continue to adjust to the shifting dynamics of work brought on by the global pandemic. The gap between performing and non-performing buildings, driven by challenging debt markets, evaporation of building owners’ equity and the impact of hybrid work on office space demand, is growing.  Building owners are faced with difficult and often expensive decisions: spend what’s needed to create a highly amenitized environment (necessary to compete) that attracts tenants and draws employees back to the office or face a race to the bottom. For tenants in the market, this perfect storm has created unprecedented opportunity.  Hybrid work is here to stay For the last several years, many have wondered where the office market in Minneapolis-St. Paul was heading. The pandemic fundamentally changed the way companies use office space — was hybrid work a temporary solution to a once-in-a-lifetime event or was it here to stay? Today we know the answer: hybrid work is here to stay.  As a result of this seismic shift, some of which is due in part to artificial intelligence, many tenants over the last few …

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