REBusinessOnline

JLL Brokers $14.5M Sale of Distribution Center in Suburban Minneapolis

MAPLE GROVE, MINN. — JLL Capital Markets has brokered the $14.5 million sale of a 102,994-square-foot distribution center located at 8175 Jefferson Highway in the suburban Minneapolis community of Maple Grove. The single-tenant property is triple net leased to GAF Materials LLC, a roofing manufacturer. David Berglund and Colin Ryan of JLL represented the seller, a partnership between PCCP and Capital Partners. An affiliate of Boston-based STAG Industrial Inc. purchased the

SRS Negotiates $7.2M Sale-Leaseback of Two-Property Retail Portfolio in Indiana, Minnesota

INDIANAPOLIS AND MAPLE GROVE, MINN. — SRS Real Estate Partners has negotiated the sale-leaseback of a two-property retail portfolio in the Midwest for $7.2 million. Christian Brothers Automotive sold both buildings and then signed 15-year leases.  The first property is located at 3985 W. Smith Valley Road in Indianapolis. The 5,264-square-foot building sits on nearly two acres. The second asset is located at 9565 Zachary Lane in Maple Grove, a suburb of Minneapolis. The building spans 5,561 …

Davis Medical Investors Acquires Eight-Property Medical Office Portfolio for $112M

MINNEAPOLIS — Davis Medical Investors LLC has acquired an eight-property, 309,735-square-foot medical office portfolio for $112 million. The Minneapolis-based buyer acquired the assets through a new fund backed by Capital One.Three of the buildings were purchased from Davis Medical Investors-affiliated partnerships and the other five were acquired from undisclosed, third-party sellers. The portfolio comprises three properties in Minnesota, three in Tennessee and one each in Ohio and …

Grandbridge Arranges $23.5M Refinancing for Office Park in Mendota Heights, Minnesota

MENDOTA HEIGHTS, MINN. — Grandbridge Real Estate Capital has arranged a $23.5 million loan for the refinancing of a six-building, 420,000-square-foot office park in Mendota Heights within the Twin Cities metro area. Tony Carlson of Grandbridge arranged the loan on behalf of the undisclosed borrower. A life insurance company provided the loan, which features a fixed rate, 10-year term and 25-year amortization

Merchants Capital Provides $21.5M in Debt Financing for Apartment Property Under Construction in Minneapolis

MINNEAPOLIS — Mortgage banking company Merchants Capital has provided more than $21.5 million in debt financing for The Bessemer at Seward Commons, a 128-unit apartment community currently under construction in Minneapolis. Located at 2200 Snelling Avenue, the transit-oriented development will include a clubroom, fitness center, outdoor terrace, dog run, package system, pet wash station and bicycle storage. The property is part of a larger development known as Seward Commons, which includes …

Peak Capital Partners Acquires 231-Unit Luxury Apartment Complex in Eagan, Minnesota

EAGAN, MINN. — Peak Capital Partners has acquired Royal Oaks Apartments in Eagan for an undisclosed price. The 231-unit luxury apartment complex is located at 3515 Federal Drive. Royal Oaks is less than one mile from Eagan’s retail hub and also features convenient access to I-494 and the Metro Orange line. Built in 1987, the property underwent substantial unit renovations and amenity upgrades during the time the previous owner, Timberland Partners, held the asset. Ted Ambramson, Keith …

TMC Management Sells Four-Property Multifamily Portfolio in Metro Minneapolis

MINNEAPOLIS — TMC Management Corp. has sold a four-property multifamily portfolio totaling 104 units in metro Minneapolis. Two buyers purchased the properties in two separate transactions for undisclosed prices. The properties include Bella Vista in New Hope, Highland Gables in Brooklyn Park, Hanson Court in Crystal and Cedar Lake in Minneapolis. RST Holdings LLC acquired Bella Vista, Highland Gables and Hanson Court, while LHF Equites LLC purchased Cedar Lake. Ted Abramson and Drew Rafshol …

Colliers Mortgage Provides Three HUD Loans Totaling $18.8M for Age-Restricted Properties in Iowa, Minnesota

CEDAR FALLS AND MARSHALLTOWN, IOWA, AND AUSTIN, MINN. — Colliers Mortgage has provided three HUD 223(a)(7) loans totaling $18.8 million for the refinancing of three age-restricted multifamily properties in Iowa and Minnesota. The properties, totaling 162 units, include Village Cooperative of Cedar Falls, Village Cooperative of Marshalltown and Village Cooperative of Austin. The market-rate communities are restricted to residents age 62 and older. The refinancing enabled the undisclosed …

Best Buy’s Comparable Sales Grow 23 Percent in Third Quarter

RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its comparable store sales grew 23 percent in the third quarter versus the same period a year ago, a figure CEO Corie Barry called “remarkable.” The Richfield, Minn.-based retailer’s third quarter ended Oct. 31. Barry cited the company’s supply chain expertise, flexible store operating model and ability to shift quickly to digital for the growth in sales. Best Buy’s domestic online sales grew 174 percent in the third …

Monument Capital Management Acquires Apartment Property Near Minneapolis for $19.7M

SHAKOPEE, MINN. — Monument Capital Management has acquired White Pines Apartments in Shakopee, about 25 miles south of Minneapolis, for $19.7 million. The 123-unit apartment property, built in 1999, is located at 1321-1364 Eagle Creek Blvd. It features one-, two- and three-bedroom units. Amenities include a fitness center, laundry facility, patio areas and Amazon Hub lockers. Ted Bickel of Colliers International represented the seller, Abacus Capital Group. Monument plans to implement a …

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