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Minnesota

Affordable HousingLoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $3.2M HUD-Insured Loan for Refinancing of Affordable Housing Community in Minnesota

by Kristin Harlow

BROOKLYN CENTER, MINN. — Colliers Mortgage has provided a $3.2 million HUD 223(f) loan for the refinancing of Ewing Square Townhomes in the Minneapolis suburb of Brooklyn Center. The 23-unit affordable housing community features three- and four-bedroom units, all of which are covered by a Section 8 HAP contract. Amenities include a playground and a clubhouse with a business center. Frank Hogan of Colliers Mortgage originated the 35-year loan, which features a 35-year amortization schedule. The borrower was Ewing Square Acquisition Partners LP, an affiliate of Vitus Group LLC.

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DevelopmentHealthcareMidwestMinnesota

Ryan Cos. to Construct 30,000 SF Clinic for Southside Community Health Services in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Ryan Cos. US Inc. will construct a 30,000-square-foot clinic for Southside Community Health Services in Minneapolis. The healthcare provider signed a ground lease with Ryan, which owns the land at 1010 E. Lake St. Named One Southside, the clinic will enable Southside to consolidate all of its services under one roof. The facility will include a diagnostic laboratory, mammography suite and administrative offices. Southside is currently operating between two buildings located one mile apart. Southside has received grants totaling $7.8 million from Delta Dental of Minnesota Foundation, Health Resources and Services Administration, K.A.H.R Foundation, Mackenzie Scott’s Yield Giving fund, Mainstreet Revitalization, Mississippi Watershed Management Organization and the Restore-Rebuild-Reimagine Fund. Southside is still seeking financial support from federal, state and local governments for the project. The project team includes 4RM+ULA as architect of record, Perkins&Will as clinic architect, Zuri3 Construction as construction manager and Classic Lake Consulting as Southside’s representative. Construction is estimated to begin in mid-2024 and be completed by mid-2025.

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DevelopmentIllinoisIndustrialMidwestMinnesota

Sam’s Club to Open Two New Distribution Centers in Metro St. Louis, Minneapolis

by Kristin Harlow

EDWARDSVILLE, ILL. AND SHAKOPEE, MINN. — Sam’s Club, a division of Walmart Inc., plans to open two new distribution centers in early 2024 in metro St. Louis and Minneapolis. The retailer says the new facilities are part of a multi-year growth plan to transform the supply chain at Sam’s Club. The first center will open in the greater St. Louis area in Edwardsville, Ill., in January. The 370,000-square-foot property will serve as a distribution and fulfillment center, creating more than 100 jobs across the area. The second facility will be located in Shakopee, Minn., and is scheduled to open in March. The 365,000-square-foot property will serve as a multipurpose distribution center and will employ more than 80 associates.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $7.5M Sale of Multifamily Property in Inver Grove Heights, Minnesota

by Kristin Harlow

INVER GROVE HEIGHTS, MINN. — Marcus & Millichap has brokered the $7.5 million sale of The Commons, a four-building multifamily property in Inver Grove Heights, a southern suburb of St. Paul. Located at 8213 College Trail and constructed in 1987, the community features 60 units. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the undisclosed buyer and seller. The property has undergone renovations for new countertops, appliances and cabinetry.

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LoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $26.7M Loan for Refinancing of Multifamily Property in Little Canada, Minnesota

by Kristin Harlow

LITTLE CANADA, MINN. — Colliers Mortgage has provided a $26.7 million Fannie Mae loan for the refinancing of Montreal Courts Apartments in Little Canada, a northern suburb of St. Paul. The 444-unit multifamily property features a pool, fitness center, community room, playground and laundry facilities. Tony Carlson and Ben Fazendin of Colliers Mortgage originated the 10-year loan on behalf of the undisclosed borrower.

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AcquisitionsIndustrialMidwestMinnesota

Clear Height, Harbert Acquire 121,684 SF Industrial Property in Bloomington, Minnesota

by Kristin Harlow

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.

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Leasing ActivityMidwestMinnesotaRetail

Toys ‘R’ Us Set to Open Flagship Store at Mall of America in Suburban Minneapolis

by Kristin Harlow

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.

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DevelopmentMidwestMinnesotaRestaurantRetail

Kraus-Anderson Completes $2M Renovation for Modist Brewing in Minneapolis

by Kristin Harlow

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.

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AcquisitionsMidwestMinnesotaMultifamily

CBRE Arranges Sale of 435-Unit Gates at Carlson Center Apartment Community in Suburban Minneapolis

by Kristin Harlow

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.

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AcquisitionsHealthcareMidwestMinnesota

Montecito Medical Acquires 32,711 SF Medical Office Building in Woodbury, Minnesota

by Kristin Harlow

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.

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