Thursday, May 2, 2024
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AcquisitionsHealthcareMidwestMinnesota

Transwestern Brokers $8M Sale of Medical Office Building in Maple Grove, Minnesota

by Kristin Harlow

MAPLE GROVE, MINN. — Transwestern Real Estate Services has brokered the $8 million sale of Maple Grove Executive Plaza, a 58,000-square-foot medical office building in the Minneapolis suburb of Maple Grove. The property at 7767 Elm Creek Blvd. is home to Children’s Minnesota Specialty Center, iSpine Clinics and Edina Realty. The building is 92 percent occupied, and 66 percent of the tenants are in the medical field. Mike Salmen, Erik Coglianese and Bryan Beltrand of Transwestern represented the seller, Merchant Development LLC. The buyer was an entity linked to MSP Commercial, a real estate firm focused on developing, acquiring and managing healthcare properties in the Twin Cities. MSP is planning capital improvements and extensive renovations to the building, including updating the common areas. The firm plans to prioritize bringing additional medical tenants to the building.

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AcquisitionsMidwestMinnesotaRetail

Marcus & Millichap Arranges $1.3M Sale of Strip Retail Center in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Marcus & Millichap has arranged the sale of Blaine Strip Center in Minneapolis for $1.3 million. The 14,005-square-foot retail property is located at 12050 Central Ave. NE. Tom Gommels of Marcus & Millichap represented the buyer, an individual trust completing a 1031 exchange. According to Marcus & Millichap, the asset traded at an above-market cap rate and features below-market rents.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers Sale of 52-Unit Apartment Property in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Marcus & Millichap has brokered the sale of First Avenue Apartments, a 52-unit apartment property located on First Avenue in Minneapolis. The sales price was undisclosed. Constructed in 1917 and 1919, the asset is comprised of two neighboring buildings within the city’s Stevens Square neighborhood. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the buyer and seller, both of which requested anonymity.  

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HealthcareMarket ReportsMidwestMidwest Market ReportsMinnesota

Twin Cities Medical Office Landscape Evolves With Conversion Initiatives

by Kristin Harlow

By Louis Suarez, Misty Bowe and Brian Bruggeman, Colliers The Twin Cities medical real estate market has experienced many different phases over the last few years, reflecting the region’s journey toward post-pandemic recovery. Currently, this sector is experiencing a notable shift that is fueled by rising vacancy rates for on-campus hospital properties contrasted with a low vacancy rate of 4.9 percent for off-campus medical buildings.  This shift is significantly influenced by the push to outpatient surgery centers, ongoing financial pressures and consolidation trends. Additionally, experts in this region are predicting a scarcity of new medical building supply in 2024, which is expected to exert ongoing pressure on rental rates for existing medical office space, despite the stabilization of interest rates that is anticipated to come later this year.  As of the fourth quarter of 2023, the current construction pipeline consists of a mere 84,000 square feet, all of which is spoken for with no additional supply projected to come to market in the next year, which is a nearly 80 percent decrease year-over-year. The dramatic increase in interest rates, rising construction costs and capital constraints have pushed asking rents for new proposed projects to well above $30 per square foot …

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges Sale of 100-Unit Apartment Complex in St. Cloud, Minnesota

by Kristin Harlow

ST. CLOUD, MINN. — Marcus & Millichap has arranged the sale of The Highlands, a 100-unit apartment complex in the Minneapolis suburb of St. Cloud. The sales price was undisclosed. Located at 2015 27th St., the property was constructed in 2003 and is part of the Low-Income Housing Tax Credit Section 42 program. Amenities include an outdoor pool, playground, community room and underground parking. Chris Collins and Evan Miller of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a limited liability company.

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AcquisitionsHospitalityMidwestMinnesota

Marcus & Millichap Arranges Sale of 108-Room La Quinta Hotel in Woodbury, Minnesota

by Kristin Harlow

WOODBURY, MINN. — Marcus & Millichap has arranged the sale of the La Quinta Inn & Suites St. Paul-Woodbury for an undisclosed price. The 108-room, newly built hotel is located at 700 Bielenberg Drive in the Twin Cities suburb of Woodbury. Jon Ruzicka, Jared Plamann, Jake Erickson and Joseph Ferguson of Marcus & Millichap represented the buyer and seller, both of which requested anonymity.

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AcquisitionsMidwestMinnesotaMultifamily

JLL Brokers Sale of Two Multifamily Properties in Metro Minneapolis

by Kristin Harlow

RICHFIELD AND NEW HOPE, MINN. — JLL Capital Markets has brokered the sale of Southdale Parc Apartments and Wingate Apartments in metro Minneapolis for an undisclosed price. Both properties are located in inner-ring suburbs of Minneapolis. Built in 1962 and totaling 69 units, Southdale Parc Apartments is located in Richfield. The community features one-bedroom units with onsite laundry facilities, a Luxor package system, green spaces and onsite parking. Built in 1967 and totaling 136 units, Wingate Apartments is located in New Hope. The property features one- and two-bedroom units with amenities such as a pool, patio, basketball court, playground and clubroom. Dan Linnell, Mox Gunderson, Josh Talberg, Adam Haydon and Devon Dvorak of JLL represented the seller, Centerspace, and procured the buyers, both local private investors.

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LoansMidwestMinnesotaMultifamilySeniors Housing

JLL Arranges $18.7M HUD-Insured Loan for Refinancing of Minnesota Senior Living Community

by Kristin Harlow

ELK RIVER, MINN. — JLL Capital Markets has arranged an $18.7 million HUD 232/223(f) loan for the refinancing of Elk River Senior Living. The 108-unit senior living community offers independent living, assisted living and memory care services in Elk River, about 34 miles northwest of Minneapolis. Built in 2018, the property offers amenities such as lounges, activity rooms, dining areas and outdoor courtyards. Jeff Lepley and Alex Sheaffer of JLL arranged the financing, which consolidated five different debt obligations that were associated with the construction of the project. The borrower was undisclosed.

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LoansMidwestMinnesota

National New Markets Fund Invests $17.5M for Bongard Creameries Expansion in Minnesota

by Kristin Harlow

CHANHASSEN, MINN. — National New Markets Fund LLC (NNMF), an affiliate of Los Angeles-based SDS Capital Group, has invested $17.5 million of its New Markets Tax Credit (NMTC) allocation into Chanhassen, Minn.-based Bongards Creameries. Bongards is a farmer-owned co-op that relies on its 267 member farms to provide milk for its cheese and whey products. As a result of the investment, Bongards will be able to increase its capacity from 4.1 million pounds of milk per day to 5.4 million pounds per day. Bongards will add an estimated 22 new full-time jobs to its existing base of 143 employees. Member farms are anticipated to add up to 260 full-time farm jobs to their existing 1,000 employees. The NNMF investment utilizes capital from the NMTC program, created by Congress in 2000 and administered by the U.S. Treasury Department. Investment groups such as NNMF compete to be selected to receive NMTC awards each year. The selected “allocatees” in turn sell the tax credits to institutional investors. The proceeds from the tax credit sale are then used as part of the investment into projects benefiting low-income communities. Bongards received the NNMF allocation as part of a complex $81 million NMTC financing package. Dudley …

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AcquisitionsIndustrialMidwestMinnesota

Marcus & Millichap Arranges $1M Sale-Leaseback of Industrial Facility in Becker, Minnesota

by Kristin Harlow

BECKER, MINN. — Marcus & Millichap has arranged the $1 million sale-leaseback of a 14,380-square-foot industrial facility in Becker, about 47 miles northwest of Minneapolis. The property is located at 14105 Commerce Drive. Brandon Houghtaling and Peter Doughty of Marcus & Millichap represented the seller, a private investor. The property was offered as a sale-leaseback with an initial five-year lease term. The buyer was undisclosed.

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