Minnesota

Kraus-Anderson Completes $21.4M Renovation, Expansion for Ely Public Schools in Minnesota

by Kristin Harlow January 6, 2023

ELY, MINN. — Kraus-Anderson has completed a $21.4 million renovation and expansion project for Ely Public Schools in Ely, a city in Northwest Minnesota. The district is comprised of Ely Memorial High School and Washington Elementary and serves approximately 550 students. Designed by Architectural Resources Inc., the project consisted of a renovation of the two existing schools. Kraus-Anderson added a 39,000-square-foot common area that connects both the schools. The addition houses new classrooms, a gymnasium, media center, music room, metals shop, wood shop and a cafeteria with commercial kitchen equipment. Both schools now feature upgraded HVAC systems. New locker rooms were added to the high school and an early family childhood education area was added to the elementary school.

January 6, 2023

Acquisitions Industrial Midwest Minnesota

JLL Arranges Sale of 376,218 SF Industrial Portfolio in Suburban Twin Cities

by Kristin Harlow January 5, 2023

ROSEVILLE, OAKDALE AND WOODBURY, MINN. — JLL Capital Markets has arranged the sale of a seven-building industrial portfolio totaling 376,218 square feet in suburban Twin Cities for an undisclosed price. Five of the buildings are located in Oakdale, while one is in Woodbury and one is in Roseville. The portfolio is 96 percent leased to 18 tenants. Colin Ryan, David Berglund and Erin Fitzgerald of JLL represented the seller, Link Logistics, and procured the buyer, Minneapolis-based Biynah Industrial Partners. Matthew Schoenfeldt, Scott Loving and Lucas Borges of JLL arranged acquisition financing.

January 5, 2023

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $14.7M Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow January 3, 2023

ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has arranged a $14.7 million loan for the refinancing of a 152-unit multifamily property in the Minneapolis suburb of St. Louis Park. The unnamed property features two outdoor pools and is located on a bus line with an express bus to downtown. Tony Carlson and Will Perry of Grandbridge arranged the fixed-rate loan through a bank.

January 3, 2023

Affordable Housing Development Midwest Minnesota Multifamily

LS Black Breaks Ground on $71M Affordable Housing Development in Minneapolis

by Kristin Harlow December 14, 2022

MINNEAPOLIS — LS Black Development recently broke ground on the $71 million Canvas Apartments affordable housing development in Northeast Minneapolis. The property’s 160 units will all be reserved for residents earning between 30 to 80 percent of the area median income (AMI). The project will feature one-, two- and three-bedroom units, as well as 23,000 square feet of production space, which encompasses both commercial and industrial uses. Completion is slated for spring 2024. The Minneapolis Public Housing Authority is providing 11 project-based Section 8 vouchers for the project. Canvas Apartments is LS Black’s first development project since adding a housing division. The St. Paul, Minn.-based company was formed in April 2020 to build, acquire and own affordable and workforce housing properties. It is a subsidiary of LS Black Constructors, a Minnesota-based construction and development services provider.

December 14, 2022

Acquisitions Healthcare Midwest Minnesota Office

Davis Acquires $18M Medical Building in Woodbury, Minnesota

by Jeff Shaw December 12, 2022

WOODBURY, MINN. — Davis, a Minneapolis-based firm, has purchased Woodlake Medical Building, a 42,467-square-foot property located on 4.7 acres at 2080 Woodwinds Drive in Woodbury, a southeast suburb of St. Paul. The $18 million acquisition marks the latest addition to the Davis Medical Investors Fund, which now comprises 13 buildings in five states and a total of 567,356 square feet. The property is fully leased by Woodlake Surgery Center, St. Paul Eye Clinic and Midwest ENT, all of which signed new 15-year leases. Bridgewater Bank provided financing for the deal. The seller was not disclosed.

December 12, 2022

Development Healthcare Midwest Minnesota

Davis to Develop 35,000 SF Medical Office Building in Eagan, Minnesota

by Kristin Harlow December 1, 2022

EAGAN, MINN. — Minneapolis-based developer Davis is developing a 35,000-square-foot multispecialty clinic and ambulatory surgery center in the Twin Cities suburb of Eagan. The Class A medical office building will be anchored by Midwest Surgery Center, which has signed a lease for 27,000 square feet. Midwest Surgery Center, which is a partnership between Midwest ENT and St. Paul Eye, also operates a location in Woodbury, Minn. The Eagan facility is slated for completion in December 2023. The project team includes Minneapolis-based Synergy Architectural Studio and Plymouth, Minn.-based Timco Construction Inc.

December 1, 2022

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $2.9M Sale of Townhome Rental Property in Waseca, Minnesota

by Kristin Harlow December 1, 2022

WASECA, MINN. — Marcus & Millichap has arranged the $2.9 million sale of Charter Oaks Townhomes in southern Minnesota’s Waseca. Built in 2001, the 33-unit, townhome-style property is located at 301 Lake St. NW. Chris Collins, Evan Miller, David Wallace and Matthew Shide of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, a limited liability company.

December 1, 2022

Acquisitions Industrial Midwest Minnesota

CBRE Arranges Sale of 177,153 SF Distribution Center in Burnsville, Minnesota

by Kristin Harlow November 30, 2022

BURNSVILLE, MINN. — CBRE has arranged the sale of the DuPont Distribution Center in Burnsville, about 15 miles south of downtown Minneapolis. The sales price was undisclosed. The 177,153-square-foot industrial property is fully occupied by four tenants and features fenced and paved outdoor storage. Judd Welliver and Bentley Smith of CBRE represented the seller, Biynah Industrial Partners LLC. Sterling Management was the buyer.

November 30, 2022

Acquisitions Industrial Midwest Minnesota NAI

NAI Arranges $2.4M Sale of Industrial Building in Rogers, Minnesota

by Kristin Harlow November 30, 2022

ROGERS, MINN. — NAI Legacy and NAI Sioux Falls have arranged the $2.4 million sale of a 40,656-square-foot industrial building in Rogers, a northwest suburb of Minneapolis. The multi-tenant property is located at 21040 Commerce Blvd. and sits on three acres. Michael Houge of NAI Legacy and Troy Fawcett of NAI Sioux Falls brokered the transaction. Buyer and seller information was not provided. The existing tenants are now governed by a master lease.

November 30, 2022

Acquisitions Midwest Minnesota Office

Bridge Investment Group Acquires 343,000 SF Office Building in St. Louis Park, Minnesota

by Kristin Harlow November 28, 2022

ST. LOUIS PARK, MINN. — Bridge Investment Group’s subsidiary Bridge Office Fund has acquired 10 West End in the western Minneapolis suburb of St. Louis Park. The sales price was undisclosed. The Class A office building rises 11 stories and spans 343,000 square feet. Ryan Cos. US Inc. sold the property in conjunction with The Excelsior Group and Sotarra LLC. The building opened in January 2021. Amenities include a bike room, onsite parking, electric vehicle charging, a fitness center and sky deck. The property is the first Class A office building constructed in the submarket in the last 18 years, according to Ryan. Tom O’Brien, Avery Ticer, Dan Phoel and Jeff Altenau of Cushman & Wakefield represented Ryan in the sale. Bridge now owns more than 1.4 million square feet of commercial real estate space in the Minneapolis market.

November 28, 2022

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