PINE ISLAND, MINN. — Kraus-Anderson Construction has completed a $6.1 million early childhood center for Pine Island Schools. The 20,356-square-foot project is located at 223 1st Ave. SE in Pine Island, about 17 miles north of Rochester. Designed by Wendel Architects, the two-story early childhood center features classrooms and a 2,000-square-foot multipurpose area. There are also indoor and outdoor playgrounds and offices for staff.
ST. PAUL, MINN. — Grandbridge Real Estate Capital has arranged a $2.5 million Freddie Mac loan for the acquisition of a 32-unit multifamily property in St. Paul. Jeff Witt and William Perry of Grandbridge arranged the loan, which features a 30-year amortization schedule and interest-only payments for a portion of the term. The borrower was undisclosed.
MINNEAPOLIS AND SAN FRANCISCO — Flynn Properties Inc. and Värde Partners have acquired an 80 percent joint venture interest in 89 select-service and extended-stay hotels in a $1.1 billion deal. Affiliates of Highgate and Cerberus Capital Management LP were the sellers. The portfolio comprises 58 Marriott-branded hotels, 24 Hilton-branded properties, four Radisson-branded assets, two IHG-branded hotels and one Choice-branded property. All of the assets will undergo capital improvements over time. Affiliates of Highgate and Cerberus will retain a 20 percent interest in the investment, and Highgate will continue to manage the properties on behalf of the joint venture. Deutsche Bank Securities Inc. served as financial advisor to Flynn and Värde on the transaction. Flynn Properties, a division of San Francisco-based Flynn Holdings, now owns 115 select-service and extended-stay hotels. Minneapolis-based Värde currently manages over $13 billion in assets worldwide.
MINNEAPOLIS — JLL Capital Markets has brokered the sale of Dock Street Flats in the North Loop neighborhood of Minneapolis for an undisclosed price. Constructed in 2013, the luxury apartment community features 185 units and 2,852 square feet of retail space. Units average 778 square feet. Amenities include a pool deck, rooftop terrace, two courtyards, two stories of underground parking and a fitness center. Guacaya Bistreaux, a Panamanian-inspired restaurant and cocktail lounge, recently opened at the property. Mox Gunderseon, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, The AFL-CIO Building Investment Trust, advised by PNC Realty Investors. The Connor Group, a Dayton-based real estate investment firm, was the buyer.
SHAKOPEE, MINN. — The Opus Group has broken ground on River Valley Business Park in Shakopee, a southwest suburb of Minneapolis. The speculative project will include a 150,000-square-foot building and a 300,000-square-foot building on 51 acres. The smaller facility will feature 42 dock doors, up to 214 auto parking stalls and a clear height of 28 feet. The larger building will include 74 dock doors, up to 413 auto parking stalls and a clear height of 32 feet. Completion is slated for late 2023. Opus is the developer, design-builder, architect and structural engineer for the project. Kris Smeltzer and Danny McNamara of Cushman & Wakefield will market the development for lease.
APPLE VALLEY, MINN. — Colliers Mortgage has provided a $13.4 million HUD 223(f) loan for the refinancing of Boulder Ridge in Apple Valley, a southern suburb of Minneapolis. The 112-unit multifamily property provides naturally occurring affordable housing (NOAH) and is managed by CommonBond Housing. The loan features a 35-year term and a 35-year amortization schedule. CB Boulder Ridge LLC was the borrower.
MINNEAPOLIS — JLL Capital Markets has brokered the sale of Gaar Scott Historic Lofts in the North Loop neighborhood of Minneapolis for an undisclosed price. The property was originally built in 1885 and converted into multifamily units in 2001 with the assistance of historic tax credits. The six-story property features one-bedroom units with an average size of 900 square feet. There are also 4,000 square feet of commercial space. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Gaar Scott LP. Matthew Lawton, Scott Loving and Britta Lund of JLL arranged acquisition financing on behalf of the buyer, FPA Multifamily. North American Banking Co. provided the three-year, fixed-rate loan.
PLYMOUTH, MINN. — Marcus & Millichap has arranged the sale of Lakeview Commons in Plymouth for $11.3 million. Constructed in 1995, the 64-unit apartment community consists of four buildings. The asset is in the final two years of extended-use compliance under the Section 42 Low-Income Housing Tax Credit program. Scott Harris and Abe Roberts of Marcus & Millichap represented the seller, Heartland Properties Inc. The duo also procured the buyer, Glencrest Group, a California-based apartment owner that recently entered the Midwest market.
BROOKLYN PARK AND DAYTON, MINN. — Northmarq has arranged a $33.9 million loan for the construction of two industrial properties in suburban Minneapolis. In Brooklyn Park, 169 Logistics Center will include two buildings totaling 147,250 square feet. Dayton Logistics Center in Dayton will consist of a single building totaling 248,000 square feet. Completion of both properties is slated for spring 2023. Bill Mork of Northmarq arranged the four-year, fixed-rate loan. The borrower was a joint venture partnership between Capital Partners and Eagle Realty Group. The lender was undisclosed.
ROCHESTER, MINN. — Marcus & Millichap has arranged the sale of Douglas Trail Townhomes in Rochester for $11.1 million. The 100-unit property is located at 5041 Weatherstone Circle NW. Built in 2001, the community features a playground, basketball court, laundry facilities and attached garages. Units range in size from 850 to 1,150 square feet. Chris Collins and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company, and procured the buyer, also a limited liability company.
