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AcquisitionsDevelopmentKansasMidwestMinnesotaSelf-StorageTop Stories

U-Haul Acquires 3,345-Unit Self-Storage Portfolio in Midwest, Plans New 1,150-Unit Project in Twin Cities

by John Nelson

PHOENIX — U-Haul (NYSE:UHAL.B), a national provider of moving and storage services, has acquired a four-property portfolio of self-storage facilities in the Midwest totaling 3,345 units. NexPoint Storage Partners, the self-storage arm of Dallas-based NexPoint, sold the portfolio for an undisclosed price. Three of the facilities are concentrated in the Twin Cities region of Minnesota, and the fourth is located in Kansas City, Kan. The properties include 101 American Blvd. W and 3216 Winnetka Ave N in Minneapolis; 631 Transfer Road in St. Paul, Minn.; and 500 Southwest Blvd. in Kansas City. U-Haul has begun operating the assets under its own brand of self-storage and moving services. Extra Space Storage formerly operated the facilities. The portfolio totals 327,791 net rentable square feet of climate-controlled space. Overall, the portfolio was 88 percent occupied at the time of sale. JLL represented NexPoint Storage Partners in the transaction. In addition to the acquisition, U-Haul is growing its footprint in the Twin Cities area via a new U-Haul Moving & Storage location in Ramsey, located northwest of Minneapolis. The facility represents U-Haul Co. of Northern Minnesota’s first ground-up build. U-Haul acquired the 8.7-acre property at Highway 10 and Riverdale Drive last week. The lot was …

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $3.6M Sale of Multifamily Property in St. Paul, Minnesota

by Kristin Harlow

ST. PAUL, MINN. — Marcus & Millichap has brokered the $3.6 million sale of Birmingham Heights, a 28-unit multifamily property in St. Paul. Built in 1983, the community is located at 1424 Case Ave. E in the city’s Greater East Side neighborhood. Matt Shide, Evan Miller, Chris Collins, Eric Wagner and Zack Olson of Marcus & Millichap represented the seller, a local owner. The buyer was an out-of-state 1031 exchange investor looking to build its portfolio of apartments throughout Minnesota. Jon Ruzicka, broker of record in Minnesota, assisted in closing the transaction.

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Leasing ActivityMidwestMinnesotaRetail

Next-Generation Dick’s Sporting Goods Store to Open at Rosedale Center in Metro Minneapolis

by Kristin Harlow

ROSEVILLE, MINN. — A next-generation Dick’s Sporting Goods store totaling 80,000 square feet is scheduled to open later this month at Rosedale Center in the Minneapolis suburb of Roseville. The store will feature golf hitting bays with TrackMan technology, a HitTrax multi-sport cage, House of Cleats, equipment services counter, expanded footwear selection and apparel, accessories and equipment. Holly Rome and Lane Walsh of JLL handle leasing efforts at Rosedale Center and secured the lease with Dick’s. JLL’s retail development partner, Poag Development Group, led construction of the project at the parcel formerly occupied by Herberger’s. Rosedale Center is a 1.1 million-square-foot shopping center.

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DevelopmentLoansMidwestMinnesotaMultifamily

Associated Bank Provides $55M Construction Loan for Apartment Complex in Suburban Minneapolis

by Kristin Harlow

MINNETONKA, MINN. — Associated Bank has provided a $55 million construction financing package for a 269-unit apartment complex in the Minneapolis suburb of Minnetonka. Greystar is developing the project, which is named Marlowe Opus Station. Amenities will include a pool, courtyard, fitness room, clubroom, sauna, pet wash, private work-from-home offices, bike storage, structured parking, electric vehicle charging stations and storage units. Demolition is currently underway on the vacant office building on the site. Completion is slated for fall 2026. The project is within the 550-acre Opus 2 Parkway, which comprises a mixture of office, industrial, commercial and residential uses. Edward Notz of Associated Bank originated the loan.

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AcquisitionsMidwestMinnesotaRestaurantRetail

Boulder Group Arranges $3.4M Sale of Outback Steakhouse-Occupied Retail Property in Metro Minneapolis

by Kristin Harlow

COON RAPIDS, MINN. — The Boulder Group has arranged the $3.4 million sale of a single-tenant retail property net leased to Outback Steakhouse in Coon Rapids within metro Minneapolis. The 6,268-square-foot restaurant building is located at 8880 Springbrook Drive NW. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a California-based private investor. The seller was a New York-based real estate private equity firm. Outback has 12 years remaining on its lease with three five-year renewal options as well as 1.8 percent annual rental increases in the primary term. The tenant has operated at the property for 27 years. Outback, a subsidiary of Bloomin’ Brands, operates more than 1,000 restaurants worldwide.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Woda Cooper, Project for Pride in Living Open 46-Unit Affordable Housing Community in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride in Living (PPL) have opened Shelby Commons, a 46-unit affordable housing community in the North Loop neighborhood of Minneapolis. The City of Minneapolis and Minnesota Housing each awarded the development Low-Income Housing Tax Credits (LIHTCs) to support primary financing. All of the units are reserved for households earning 30 to 80 percent of the area median income. Shelby Commons marks the first development in Minnesota for Ohio-based Woda Cooper. The four-story building features one-, two- and three-bedroom units along with a community room, central laundry and outdoor spaces such as a rooftop terrace, playground and community gardens. Underground parking is also available onsite. The property will feature two large murals now underway by local artist Jordan Hamilton in association with Juxtaposition Arts. The artwork symbolizes the neighborhood’s history and culture. PPL will provide optional supportive services for residents in the 12 units that are reserved for those who have faced housing insecurity and need assistance. Merchants Capital purchased the LIHTCs in exchange for equity financing. Security Bank and Trust provided a permanent first mortgage, and Huntington Bank provided a construction loan. CRW Architecture & Design Group and BKV Group were …

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IndustrialLeasing ActivityMidwestMinnesotaOffice

GN to Relocate North American Headquarters to Shakopee, Minnesota, in 2025

by Kristin Harlow

SHAKOPEE, MINN. — GN, a hearing, audio, video and gaming gear solutions company, has unveiled plans to relocate its North American hearing headquarters from Bloomington to Shakopee in 2025. The company will occupy the former Shutterfly Midwest production facility along Highway 169. GN finalized a 12-year lease and has begun planning for renovation and construction to turn the site into a 218,437-square-foot hearing aid manufacturing, repair and shipping facility. The property will also house sales, customer service and marketing support for the company’s lead hearing aid brand, ReSound, as well as professional support services for GN’s other hearing aid brands Jabra Enhance and Beltone. The company currently employs approximately 550 people in Minnesota, more than half in manufacturing jobs. GN, with global headquarters in Copenhagen, has occupied the Bloomington facility at 8001 Bloomington Freeway East since 2001. The new lease represents a 79 percent increase in space from the Bloomington location. Andrew Odney and Andrew Heieie of Colliers represented GN in the lease. Built in 2014, the Shakopee property is situated on more than 22 acres at 5005 Dean Lakes Blvd. The building features 160,000 square feet of production and warehouse space along with approximately 58,000 square feet of office …

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Leasing ActivityMidwestMinnesotaRetail

Five New Tenants Open at Eden Prairie Center Shopping Mall in Suburban Minneapolis

by Kristin Harlow

EDEN PRAIRIE, MINN. — Five new tenants have opened or are coming soon to Eden Prairie Center in the Minneapolis suburb of Eden Prairie. Wonders Ice Cream, Reborn Salon and Virtual Realms Adventures are now open. Costumes & Toys and Cielito Lindo are slated to open this fall. Wonders Ice Cream is a family-owned and operated rolled ice cream shop in Minnesota by Julio and Michael Soriano. The 293-square-foot ice cream shop is located on the lower level in Center Court. Reborn Salon offers a full range of professional services, including haircuts, color, treatments, special occasion styling and makeup application. The 1,190-square-foot salon, located on the upper level near Target, is owned and operated by stylist Bella Roberts. Virtual Realms Adventures offers an entertainment experience for guests to enjoy a variety of games through virtual reality goggles. The tenant is located on the lower level near Kohl’s. Costumes & Toys offers children’s superhero costumes, accessories and 3D posters along with kids’ toys and pet accessories. The 1,020-square-foot store will be located on the lower level near Kohl’s. Cielito Lindo, founded in 2016, offers authentic Mexican cuisine. The restaurant’s Eden Prairie location marks its fourth in Minnesota and will be situated …

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AcquisitionsMidwestMinnesotaOffice

MAG Capital Partners Buys 44,298 SF Headquarters Building in Eagan, Minnesota

by Kristin Harlow

EAGAN, MINN. — In a sale-leaseback transaction, MAG Capital Partners has acquired a 44,298-square-foot headquarters building in the Minneapolis suburb of Eagan. The property at 1300 Corporate Center Curve serves as the corporate headquarters of Asset Marketing Services, a direct-to-consumer retailer of collective coins. The building was constructed in 1999 and renovated in 2016. Daniel Macks and Phil DiGennaro of STREAM Capital Partners advised the seller. Led by principals Dax Mitchell and Andrew Gi, Dallas-based MAG Capital Partners invests in industrial real estate and operating companies.

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AcquisitionsMidwestMinnesotaOffice

Transwestern Arranges Sale of 300,000 SF Flex Office Building in Eagan, Minnesota

by Kristin Harlow

EAGAN, MINN. — Transwestern Real Estate Services has arranged the sale of a 300,000-square-foot flex office building located at 1000 Blue Gentian Road in the Minneapolis suburb of Eagan. The sales price was undisclosed. The buyer, Hunt Electric Corp., will relocate its headquarters from nearby Bloomington. A national electric design, build and maintenance firm, Hunt Electric is currently headquartered in 160,000 square feet at 7900 Chicago Ave. S. Hunt Electric will own its new headquarters property and retain the four tenants currently occupying about half of the building. Chris Weirens, Nate Erickson, Alex Baron, Ben Youds and Max Stewart of Transwestern represented the buyer. Water Street Partners was the seller. Weirens, Erickson and Youds will also represent Hunt Electric in marketing its former property for sale or lease.

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