Wednesday, November 27, 2024
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Minnesota

Leasing ActivityMidwestMinnesotaOffice

Workbox Signs 27,748 SF Office Lease in Downtown Minneapolis

by Kristin Harlow

MINNEAPOLIS — Workbox, a flexible office operator, has signed a 27,748-square-foot lease at Deluxe Plaza in downtown Minneapolis. The firm will open its new space on Wednesday, Nov. 2. The lease represents the fifth location for Workbox and its first outside of Chicago. Deluxe Plaza has recently undergone renovations and offers amenities such as a tenant lounge, rooftop deck, fitness center and training center. Larissa Bodine, Ann Rinde and Mark McCary of CBRE represented ownership, Franklin Street Properties. Ryan Cos. is the property manager.

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DevelopmentMidwestMinnesotaMultifamily

Northland Breaks Ground on 194-Unit Expansion to Multifamily Property in Rochester, Minnesota

by Kristin Harlow

ROCHESTER, MINN. — Northland has broken ground on a 194-unit expansion to SoRoc on Maine in Rochester. Northland acquired the 186-unit, garden-style community in February of this year. Once complete, the property will include 380 units across five buildings. Amenities will include a pool, green area, three fitness centers, clubhouse with private event space and a commercial kitchen. Northland is partnering with several local companies on the project, including Miller Architects & Builders. Minnwest Bank provided $28 million in construction financing. Completion is slated for early 2024.

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AcquisitionsMidwestMinnesotaMultifamily

CBRE Brokers Sale of Value-Add Multifamily Portfolio in Minneapolis

by Kristin Harlow

MINNEAPOLIS — CBRE has brokered the sale of a four-property, value-add multifamily portfolio in Minneapolis for an undisclosed price. Grannes Properties LLC sold the portfolio to two separate buyers. Webdigs LLC purchased a 14-unit building at 3710 Minnehaha Ave. Millennial Properties LLC acquired a 12-unit property at 315 University Ave. SE, a six-unit building at 3505 22nd Ave. and an 11-unit property at 420 73rd St. The assets were built in the 1960s and were fully occupied at the time of sale. Drew Rafshol of CBRE Minneapolis Multifamily represented the seller.

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IndustrialMidwestMinnesota

CBRE Arranges JV Partnership for 627,980 SF Industrial Portfolio in Metro Minneapolis

by Kristin Harlow

MINNEAPOLIS — CBRE has arranged a joint venture partnership between Capital Partners and Eagle Realty Group on a five-building industrial portfolio totaling 627,980 square feet in metro Minneapolis. Two of the newly constructed buildings are fully occupied, while the remaining three are still under construction. Judd Welliver and Bentley Smith of CBRE arranged the partnership on behalf of their client, Minneapolis-based Capital Partners. There is potential for a second phase of the partnership with an additional 550,000 square feet of development.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $11.3M Sale of Townhome Property in Plymouth, Minnesota

by Kristin Harlow

PLYMOUTH, MINN. — Marcus & Millichap has brokered the $11.3 million sale of a 64-unit townhome rental property in the Twin Cities suburb of Plymouth. Built in 1995, the property is situated along 18th Avenue near Parker Lake. Abe Roberts and Scott Harris represented the buyer and seller, neither of which were disclosed.

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LoansMidwestMinnesotaMultifamily

Associated Bank Provides $30M Loan for Construction of Luxury Apartment Complex in Chaska, Minnesota

by Kristin Harlow

CHASKA, MINN. — Associated Bank has provided a $30 million loan for the construction of The Gallery of Chaska in suburban Twin Cities. The four-story luxury apartment complex will feature 175 units at 3200 Clover Ridge Drive. Amenities will include a courtyard and pool. Units will feature condo-style finishes, and residents will have access to an underground parking garage with 182 parking spaces. Completion is slated for February 2024. Randy Stille of Associated Bank managed the loan and closing on behalf of the borrower, Chase Real Estate.

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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Completes $16M Police Department Facility for City of Crystal in Minnesota

by Kristin Harlow

CRYSTAL, MINN. — Kraus-Anderson has completed construction of a $16 million police department facility located on the Crystal City Hall campus at 4141 Douglas Drive North. Crystal is located about five miles north of Minneapolis. Designed by Wold Architects & Engineers, the 53,300-square-foot facility features workspaces, a secure evidence storage area, indoor fleet storage and a dedicated space for K9 officers. The building also includes a detention space, garage, locker rooms and offices.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges $2M Sale of Apartment Building in Bloomington, Minnesota

by Kristin Harlow

BLOOMINGTON, MINN. — Marcus & Millichap has arranged the sale of a 14-unit apartment building in the Minneapolis suburb of Bloomington for $2 million. Built in 1960, the property is located along Penn Avenue. Residents enjoy two parking spaces per unit as well as a community green space with a playground. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller and buyer, both of which were limited liability companies.

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IndustrialLoansMidwestMinnesota

JLL Arranges $9.4M Acquisition Loan for Industrial Portfolio in Minneapolis

by Kristin Harlow

MINNEAPOLIS — JLL Capital Markets has arranged a $9.4 million loan for the acquisition of a six-building industrial portfolio totaling 191,986 square feet in Minneapolis. The properties are home to a variety of tenants such as StreetFactory Media, Children’s Theatre, CenturyLink, Brownstone Distributing and Guthrie Theater. The buildings are situated at the intersection of East Hennepin Avenue and Harrison Street. Trent Niederberger and Britta Lund of JLL arranged the five-year, fixed-rate loan through Justin Adducci of North American Banking Co. Buligo Capital Partners was the borrower.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $4.4M Sale of Two-Building Multifamily Portfolio in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of a two-building multifamily portfolio in St. Paul for $4.4 million. The properties total 40 units and are located along Grand Avenue within the Macalester-Groveland neighborhood. Originally constructed in 1925 and 1926, the buildings were fully leased at the time of sale. Abe Roberts of Marcus & Millichap represented the undisclosed seller and the buyer, a local investor.

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