Minnesota

Kraus-Anderson Completes 180-Unit Bryk on Broadway Affordable Housing Community in Rochester, Minnesota

by Kristin Harlow June 13, 2023

ROCHESTER, MINN. — Kraus-Anderson has completed construction of Bryk on Broadway, a 180-unit affordable housing community in Rochester’s Destination Medical Center (DMC) district. Local developers, led by Dirk Erickson, own the property. Designed by ISG architects, the project features 7,500 square feet of commercial and retail space on the ground floor as well as 140 climate-controlled parking stalls. Of the 180 units, 54 are restricted to those who earn up to 50 percent of the area median income (AMI), 18 are restricted at 60 percent of AMI and 108 are reserved for 80 percent of AMI. The top floor features a speakeasy-inspired lounge with views of the city. Amenities include a fitness center, storage units, bike storage and landscaped areas. In 2021, the Rochester City Council approved $2.2 million in tax-increment financing to help with project costs. The developers also received $2.2 million in DMC infrastructure funds in the form of a forgivable loan.

June 13, 2023

Leasing Activity Midwest Minnesota Restaurant Retail

Three New Restaurants to Open at Eden Prairie Center in Suburban Twin Cities

by Kristin Harlow June 12, 2023

EDEN PRAIRIE, MINN. — Three new restaurants are opening at Eden Prairie Center, a 1.4 million-square-foot shopping mall in the Twin Cities suburb of Eden Prairie. A dual concept Japanese cuisine restaurant, Gyu Mai Japanese BBQ and Ichiddo Ramen, will occupy 7,996 square feet. The space will be divided to operate the two separate concepts. At the Japanese barbecue restaurant, guests will cook meats and vegetables on personal grills installed on the tables. The other portion is a noodle restaurant that serves authentic ramen noodle soups as well as other Japanese specialties in a counter-service environment. Completion is slated for December. Where’s the Flour?, a gluten-free fast-food restaurant, is slated to open this summer in the food court. The tenant, which is relocating from Blaine, Minn., offers an extensive selection of gluten-free breaded and fried comfort foods. Café Viola is opening an Italian coffee kiosk this month. The café will offer barista-made specialties and nitro cold brew made exclusively from beans from Lavazza, a brand that has been roasting and grinding espresso beans in Italy for over 120 years. Café Viola will also serve pastries and ready-to-eat prepared foods. Opened in 1976, Eden Prairie Center is home to more than …

June 12, 2023

Acquisitions Hospitality Illinois Midwest Minnesota

Hunter Hotel Advisors Brokers Sale of Four-Property Hotel Portfolio in Suburban Chicago, Minneapolis

by Kristin Harlow June 9, 2023

CHICAGO AND MINNEAPOLIS — Hunter Hotel Advisors has brokered the sale of a four-property hotel portfolio totaling 467 rooms in suburban Chicago and Minneapolis for an undisclosed price. Marquee Hospitality and Endeavor Hotels Inc. purchased the portfolio from Summit Hotel Properties. Spencer Davidson of Hunter represented the seller. The portfolio includes the Hilton Garden Inn Eden Prairie, Holiday Inn Express & Suites Minneapolis Minnetonka, Hyatt Place Chicago Lombard Oak Brook and Hyatt Place Chicago Hoffman Estates.

June 9, 2023

Development Midwest Minnesota Multifamily

Ryan Cos. Tops Out Construction of 25-Story Apartment Building in Downtown Minneapolis

by Kristin Harlow June 1, 2023

MINNEAPOLIS — Ryan Cos. US Inc. has topped out construction of Fourth & Park, a 25-story apartment building located one block west of U.S. Bank Stadium in downtown Minneapolis. Ryan is developing Fourth & Park in partnership with Weidner Apartment Homes. The project will include 350 apartment units, 100 parking stalls, a sixth-floor green roof and a rooftop pool deck. The project is now less than a year away from being move-in ready. Fourth & Park is part of Downtown East, a five-block redevelopment project that started in 2014. Ryan partnered with the City of Minneapolis, Minnesota Sports Facilities Authority, the Star Tribune and Wells Fargo to redevelop the neighborhood. The $708 million project includes 1.2 million square feet of office space across two 17-story towers for Wells Fargo, a 200-unit mid-rise apartment complex, multi-tenant office building, 4.2-acre public green space, hotel, parking ramp and skyways.

June 1, 2023

Acquisitions Industrial Midwest Minnesota

Midloch Investment Partners, Fountain Real Estate Capital Sell Last-Mile Industrial Facility in Metro Minneapolis for $15.4M

by Kristin Harlow June 1, 2023

BLOOMINGTON, MINN. — Midloch Investment Partners and Fountain Real Estate Capital have sold a 218,899-square-foot, last-mile industrial facility in the Minneapolis suburb of Bloomington for $15.4 million. Buligo Capital purchased the asset, which is located at 9231 Penn Ave. South. Midloch and Fountain acquired the property in January 2022 for $11.2 million, and invested in capital improvements to enhance leasing. Colin Ryan and Dave Berglund of JLL brokered the sale. Last-mile facilities are located close to urban areas and assist with the distribution of goods to consumers or retailers.

June 1, 2023

Civic Development Midwest Minnesota

Kraus-Anderson Breaks Ground on $40.4M Elementary School in Le Sueur, Minnesota

by Kristin Harlow May 25, 2023

LE SUEUR, MINN. — Kraus-Anderson has broken ground on a new $40.4 million elementary school for Le Sueur-Henderson Public Schools. In August 2022, voters approved a $39.9 million referendum to fund the new school. The project will be built adjacent to the high school and will be located at 901 Ferry St. in Le Sueur, about 57 miles southwest of Minneapolis. Designed by ATS&R Planners, Architects and Engineers, the two-story, 113,090-square-foot school will serve grades K-5. Plans call for classrooms, labs, a music room, kid’s club, cafeteria, administrative offices, nurse’s area, 30,000-square-foot field house, three-court gymnasium and 6,000-square-foot storm shelter. There will also be secure entry, a parking lot, bus drop-off and two playgrounds. Completion is slated for August 2024.

May 25, 2023

Acquisitions Hospitality Midwest Minnesota

Marcus & Millichap Arranges $8.6M Sale of Best Western Hotel in Burnsville, Minnesota

by Kristin Harlow May 25, 2023

BURNSVILLE, MINN. — Marcus & Millichap has arranged the $8.6 million sale of the Best Western Premier Nicollet Inn, a 131-room hotel in the Minneapolis suburb of Burnsville. Located at 14201 Nicollet Ave., the property features a full-service restaurant. With an occupancy rate of 42.3 percent and an average daily rate of $119.62, the hotel’s revenue per available room was $50.60 as of year-end 2022. Jake Erickson, Joseph Ferguson, Jared Plamann and Jon Ruzicka of Marcus & Millichap represented the seller, a limited liability company. The team also secured and represented the buyer, a fund manager.

May 25, 2023

Development Healthcare Midwest Minnesota

Davis Opens 44,000 SF Maple Grove Specialty Center in Suburban Minneapolis

by Kristin Harlow May 25, 2023

MAPLE GROVE, MINN. — Davis has opened Maple Grove Specialty Center, a 44,000-square-foot medical office building in the Minneapolis suburb of Maple Grove. MNGI Digestive is the anchor tenant and occupies the 22,000-square-foot second floor. The property will also be home to Minnesota Oncology, which leased the entire first floor. In addition to serving as developer, Davis owns the building and provides property management and leasing services. The project team included Minneapolis-based Synergy Architecture Studio and Plymouth, Minn.-based Timco Construction Inc.

May 25, 2023

Leasing Activity Midwest Minnesota Office

Transwestern Negotiates Two Office Lease Renewals at SPS Tower in Downtown Minneapolis

by Kristin Harlow May 23, 2023

MINNEAPOLIS — Transwestern Real Estate Services has negotiated two office lease renewals for two separate wealth management companies at SPS Tower in Minneapolis. CAPTRUST signed a five-year renewal for its 6,800-square-foot space. Frank Sherwood of CBRE represented the firm. Strong Tower Wealth Management renewed its 3,500-square-foot lease for 15 months. John Lorence of CBRE represented the company. Jim Montez and Reed Christianson of Transwestern represented ownership, Sumitomo, in both leases. SPS Tower rises 31 stories and totals 655,070 square feet. The building features the Turf Club, the largest green space in the Minneapolis central business district, according to Transwestern. SPS Tower is currently 90 percent leased.

May 23, 2023

Development Industrial Midwest Minnesota

PCCP, Endeavor Development to Build Next Phase of Arbor Lakes Business Park in Maple Grove, Minnesota

by Kristin Harlow May 18, 2023

MAPLE GROVE, MINN. — A joint venture between PCCP and Endeavor Development has begun Phase II of Arbor Lakes Business Park in the Minneapolis suburb of Maple Grove. This second phase includes two buildings totaling 406,000 square feet. The buildings will each feature a clear height of 32 feet along with dock doors, drive-in doors, ample car parking and a shared 180-foot truck court. RJ Ryan is the general contractor. First National Bank of Omaha provided the construction loan. Phase I, which encompasses two buildings totaling 443,097 square feet, is slated for completion soon.

May 18, 2023

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