EDEN PRAIRIE, MINN. — Three new tenants are set to open at Eden Prairie Center, a 1.4 million-square-foot shopping center in the Twin Cities suburb of Eden Prairie. Let’s Roar, which sells activewear and gold-plated jewelry, occupies 650 square feet and opened Aug. 1. The company sources its jewelry from Cebu, an island in the Philippines where the store’s owner was born and raised before moving to Minnesota. Influenced by the owner’s seven years of military service in both the U.S. Army and Air Force, Let’s Roar donates 10 percent of sales to Protect Our Defenders, a charitable organization that supports and advocates on behalf of military sexual assault survivors. First opened in 2009 by a father-son duo, High Score is relocating to Eden Prairie Center and will occupy 5,045 square feet on the upper level. High Score sells video games and vintage collectibles. At the front of the store is the newest gaming technology while toward the back are vintage systems, games, toys and collectibles organized by decade dating back to the 1970s. High Score follows a buy-sell-trade model, allowing customers to bring games, toys and systems for appraisal in exchange for cash, store credit or High Score merchandise. …
MINNEAPOLIS — Marcus & Millichap has brokered the sale of a 12-unit apartment building located at 519 10th Ave. SE in Minneapolis for $1.1 million. Constructed in 1966, 519 Apartments is situated in the Saint Anthony Main/Marcy-Homes neighborhood near the University of Minnesota Twin Cities campus. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the buyer and seller, both of which were undisclosed.
COTTAGE GROVE, MINN. — Home Choice has opened a new store at 6990 80th St. in Cottage Grove, about 10 miles south of St. Paul. A ribbon-cutting ceremony and grand opening celebration is scheduled for Friday, Aug. 4. Home Choice, part of the Rent-A-Center Inc. family, operates 20 locations in Minnesota. The retailer sells furniture, appliances, computers and electronics.
WEST ST. PAUL, MINN. — JLL Capital Markets has provided a $34.6 million Fannie Mae loan for the refinancing of Savor Apartments in West St. Paul. The 200-unit, mid-rise apartment complex was built in 2022. Amenities include an entertainment suite, community room, game room, coffee bar, rooftop lounge and sky deck, fitness center and work-from-home suites. Scott Streiff and Scott Loving of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Roers Cos.
DOWNERS GROVE, ILL. — The Opus Group has opened Dash Downers Grove, a 167-unit apartment complex in the Chicago suburb of Downers Grove. The seven-story, 259,000-square-foot building is located at 926 Maple Ave. Residents have started moving in. Amenities include work-from-home suites, a clubroom, fitness center, conference room, coffee bar, outdoor pool, pet spa, outdoor dog run and gaming areas. Monthly rents start at $1,917. As part of the development, Opus is providing 71 dedicated covered parking spaces to neighboring First Baptist Church of Downers Grove. Opus served as developer, design-builder, interior designer, architect and structural engineer. Greystar is the property manager. Opus has completed 15 projects in Downers Grove over the last 40 years.
ST. PAUL, MINN. — Colliers Mortgage has provided an $18.3 million HUD 221(d)(4) loan for the substantial rehabilitation of Sherman Forbes Housing in St. Paul. The Section 8 multifamily property features 104 one- and two-bedroom units. Amenities include onsite laundry, a playground, community patio and leasing office. In addition to the HUD-insured first mortgage, the project will utilize 4 percent Low Income Housing Tax Credits and tax-exempt bonds. Colliers Securities LLC, an affiliate of Colliers Mortgage, underwrote the bonds. The 40-year loan features a 40-year amortization schedule. Sherman Forbes Housing Partners LLC, an affiliate of Vitus Group LLC, was the borrower.
MINNEAPOLIS — CBRE has arranged the $225 million sale of the office component of RBC Gateway Tower, a newly constructed mixed-use development located at 250 Nicollet Mall in Minneapolis. The portion acquired by San Francisco-based Spear Street Capital includes 525,000 square feet of office space, a ground-floor office lobby and 296 below-grade parking spaces. Ryan Watts, Tom Holtz, Brandon McMenomy, Steven Ward, Greg Greene and Harrison Wagenseil of CBRE represented the seller, United Properties, in the transaction. The office portion of the property was 99 percent leased at the time of sale to six tenants including RBC Capital Markets, United Properties and Pohlad Cos. The 1.2 million-square-foot tower also includes the 222-room Four Seasons Hotel Minneapolis — Minnesota’s first five-star hotel, according to CBRE — and 34 luxury Four Seasons Private Residences on the uppermost floors. Three restaurants are also on-site, including a full-service restaurant and bar, Mara, and Socca Café. “RBC Gateway Tower is a crown jewel in the Gateway District, with unmatched location and amenities,” says Watts of CBRE. “Premier properties like this offer exceptional workspaces that cater to the needs of modern employees, making them highly desirable as companies adapt to new workplace trends.” Minneapolis-based United Properties …
MAPLE GROVE, MINN. — MAS HVAC has signed a 150,000-square-foot industrial lease at Building VI within Arbor Lakes Business Park in the Minneapolis suburb of Maple Grove. The tenant plans to occupy the space beginning in January for its new headquarters, manufacturing and logistics operations. The build-out also includes 15,000 square feet of office space. Brent Masica of Cushman & Wakefield represented the tenant, which moved to the Minneapolis market four years ago.
MINNEAPOLIS — A joint venture between PCCP and Capital Partners has acquired a six-building light industrial portfolio totaling 690,742 square feet in Minneapolis for an undisclosed price. The properties, built between 2001 and 2014, are 91 percent leased to 15 tenants with an average size of 38,400 square feet and a weighted average lease term of 6.3 years. The portfolio was previously under institutional ownership. Peter Mork and Jason Simek, managing partners of Capital Partners, helped design, develop and lease the portfolio throughout the early 2000s when they previously worked for CBRE.
MINNEAPOLIS — Northmarq has provided a $21.7 million Freddie Mac loan for the refinancing of Oaks Minnehaha Longfellow, a 179-unit apartment community in Minneapolis. Built in 2020, the property is situated near Minnehaha Regional Park. Mike Padilla of Northmarq originated the five-year loan, which features three years of interest-only payments and a 35-year amortization schedule.