Minnesota

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

Acquisitions Industrial Midwest Minnesota

MLG Capital Acquires Hampshire Technology Center in Bloomington, Minnesota

by Kristin Harlow May 16, 2023

BLOOMINGTON, MINN. — MLG Capital has acquired Hampshire Technology Center in the Minneapolis suburb of Bloomington for an undisclosed price. The Class B flex industrial property totals more than 144,000 square feet across 14 acres. MLG acquired the asset in partnership with Hoyt Properties and plans to make interior renovations. Hampshire Technology Center marks MLG’s 25th investment in metro Minneapolis and the 11th acquisition within its MLG Private Fund VI, which launched in May 2022.

May 16, 2023

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $2.4M Sale of Minneapolis Multifamily Portfolio

by Kristin Harlow May 12, 2023

MINNEAPOLIS — Marcus & Millichap has arranged the $2.4 million sale of 1709 and 1715 Lagoon Ave., a pair of contiguous parcels with 17 multifamily units in Minneapolis. Constructed in 1916, the two- and three-story buildings are situated in the city’s Uptown neighborhood. Abe Roberts and Michael Jacobs of Marcus & Millichap brokered the sale. Buyer and seller information was not released.

May 12, 2023

Development Life Sciences Midwest Minnesota

Ryan Cos., C. S. McCrossan to Develop Minnesota Science and Technology Center in Suburban Minneapolis

by Kristin Harlow May 10, 2023

MAPLE GROVE, MINN. — Ryan Cos. US Inc. and C. S. McCrossan Inc. have unveiled plans to build the Minnesota Science and Technology Center in Maple Grove, a suburb of Minneapolis. The 100-acre campus will offer build-to-suit opportunities for scientists, innovators and researchers as well as some light industrial and manufacturing components. For more than 60 years, the project site served as a source of high-quality aggregate, which McCorssan used in the construction of many large road and infrastructure projects in the Twin Cities. In addition to its role as co-developer and land partner, Ryan will also serve as the builder and site planner. A timeline for construction was not released.

May 10, 2023

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