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Minnesota

Leasing ActivityMidwestMinnesotaOffice

HNTB Signs 15,187 SF Office Lease in Downtown Minneapolis

by Kristin Harlow

MINNEAPOLIS — Infrastructure design firm HNTB has signed a 15,187-square-foot office lease at 60 South Sixth, an office tower in downtown Minneapolis formerly known as RBC Plaza. KBS Real Estate Investment Trust III owns the 40-story, 710,332-square-foot property. Since purchasing the building in 2015, KBS has invested over $24 million in renovations. In 2022, KBS spent more than $6.5 million on the refurbishment of common areas and the fitness center. KBS also plans to add another tenant lounge. Brent Robertson and Andrea Leon of JLL represented KBS in the lease, while Eddie Rymer of JLL represented HNTB.

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DevelopmentMidwestMinnesotaMultifamily

Red Leaf Partners, Monarch Development Partners to Build 49-Unit Apartment Complex in Excelsior, Minnesota

by Kristin Harlow

EXCELSIOR, MINN. — Locally based Red Leaf Partners LLC and Monarch Development Partners LLC are developing One West Drive, a 49-unit apartment building in Excelsior, a western suburb of Minneapolis. The project site is situated near Lake Minnetonka and dozens of restaurants and shops. The development will include a 322-stall parking garage, of which 78 stalls will be dedicated to One West Drive residents. Andy Finn of Northmarq arranged equity and debt financing for the project. Denver-based Brue Baukol Capital Partners is the equity partner, and MidWestOne Bank is providing a construction loan. The loan features a 65 percent leverage on a three-year term with three years of interest-only payments.

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AcquisitionsMidwestMinnesotaRetail

Mid-America Brokers Sale of 74,182 SF Shopping Center in Eagan, Minnesota

by Kristin Harlow

EAGAN, MINN. — Mid-America Real Estate Corp. has brokered the sale of Cliff Lake Centre in the Minneapolis suburb of Eagan for an undisclosed price. The 74,182-square-foot shopping center is home to Dollar Tree, Davanni’s, Great Clips, The UPS Store, Snap Fitness and H&R Block. Target and Cub Foods shadow anchor the property. Joe Girardi and Amy Senn of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. The asset sold to MVK Capital and True North Investments. Pine Tree was the property manager.

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DevelopmentHealthcareMidwestMinnesota

Ryan Cos. to Open 60,000 SF Medical Office Building at Highland Bridge in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Ryan Cos. will host a ribbon-cutting ceremony on Tuesday, March 7 for the opening of a two-story, 60,000-square-foot medical office building at Highland Bridge in St. Paul. The building is 85 percent leased by M Health Fairview, Dermatology Consultants, LifeStance Health, Highland Foot and Ankle Clinic and RAYUS Radiology. M Health Fairview’s clinic will occupy the second floor, with a pharmacy on the first floor. The clinic will provide primary care services, including family, women’s and general pediatric care. Urgent care with extended and weekend hours will also be offered to the community. M Health Fairview Rehabilitation Services, which offers physical therapy and sports medicine, will also be part of the new space. The existing M Health Fairview clinic at 2155 Ford Parkway is now operating out of the Highland Bridge location. Dermatology Consultants will occupy 12,000 square feet on the first floor and will move its practice from its existing St. Paul location at 280 Snelling Ave. in May. LifeStance Health will occupy 4,100 square feet on the first floor. Highland Foot and Ankle Clinic relocated its practice from 2221 Ford Parkway and will lease 1,600 square feet. RAYUS Radiology will occupy 6,400 square feet. …

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DevelopmentMidwestMinnesotaOffice

LSE Architects Opens New 36,000 SF Headquarters in North Minneapolis

by Kristin Harlow

MINNEAPOLIS — LSE Architects has opened a new 36,000-square-foot headquarters at 1401 Glenwood Ave. in North Minneapolis. The two-story office features 60 workstations, three private offices, an enclosed garage with 10 parking stalls and an exterior lot with 50 parking spaces. Kraus-Anderson served as construction manager. LSE projects near the new office include Hennepin County’s Sumner Library, the Washburn Center for Children, North Market, the MPS North High School Career and Technology Center renovation and the V3 Sports new aquatics center.

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DevelopmentHealthcareMidwestMinnesota

Ryan Cos. to Open 60,000 SF Medical Office Building at Highland Bridge in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Ryan Cos. will host a ribbon-cutting ceremony on Tuesday, March 7 for the opening of a two-story, 60,000-square-foot medical office building at Highland Bridge in St. Paul.The building is 85 percent leased by M Health Fairview, Dermatology Consultants, LifeStance Health, Highland Foot and Ankle Clinic and RAYUS Radiology. M Health Fairview’s clinic will occupy the second floor, with a pharmacy on the first floor. The clinic will provide primary care services, including family, women’s and general pediatric care. Urgent care with extended and weekend hours will also be offered to the community. M Health Fairview Rehabilitation Services, which offers physical therapy and sports medicine, will also be part of the new space. The existing M Health Fairview clinic at 2155 Ford Parkway is now operating out of the Highland Bridge location. Dermatology Consultants will occupy 12,000 square feet on the first floor and will move its practice from its existing St. Paul location at 280 Snelling Ave. in May. LifeStance Health will occupy 4,100 square feet on the first floor. Highland Foot and Ankle Clinic relocated its practice from 2221 Ford Parkway and will lease 1,600 square feet. RAYUS Radiology will occupy 6,400 square feet. There …

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DevelopmentMidwestMinnesotaOffice

LSE Architects Opens New 36,000 SF Headquarters in North Minneapolis

by Kristin Harlow

MINNEAPOLIS — LSE Architects has opened a new 36,000-square-foot headquarters at 1401 Glenwood Ave. in North Minneapolis. The two-story office features 60 workstations, three private offices, an enclosed garage with 10 parking stalls and an exterior lot with 50 parking spaces. Kraus-Anderson served as construction manager. LSE projects near the new office include Hennepin County’s Sumner Library, the Washburn Center for Children, North Market, the MPS North High School Career and Technology Center renovation and the V3 Sports new aquatics center.

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AcquisitionsMidwestMinnesotaRestaurantRetail

Marcus & Millichap Brokers $2.3M Sale of Buca Di Beppo-Occupied Restaurant Property in Minnesota

by Kristin Harlow

EDEN PRAIRIE, MINN. — Marcus & Millichap has brokered the $2.3 million sale of an 8,276-square-foot restaurant property occupied by Buca Di Beppo in the Minneapolis suburb of Eden Prairie. The net-leased building is located at 7711 Mitchell Road. Tom Gommels of Marcus & Millichap represented the seller, a limited liability company. Alvin Mansour and Sim Liberow of Marcus & Millichap represented the buyer, a limited liability company completing a 1031 exchange.

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Leasing ActivityMidwestMinnesotaOffice

SFM Mutual Insurance Co. Renews 49,490 SF Office Lease in Metro Minneapolis

by Kristin Harlow

BLOOMINGTON, MINN. — SFM Mutual Insurance Co. has renewed its 49,490-square-foot office lease at Northland Center in the Minneapolis suburb of Bloomington. KBS owns the two-building, 492,514-square-foot property. Amenities include a 40,000-square-foot concourse level offering public areas, 5,000-square-foot fitness center, full-service café, training and conference facilities, atrium lounge, onsite car wash and sundry shop. Bill Rothstein of Cushman & Wakefield represented KBS in the lease. KBS recently completed a $1 million renovation of Northland Center.

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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Completes Construction of $26M Middle School in Lakefield, Minnesota

by Kristin Harlow

LAKEFIELD, MINN. — Kraus-Anderson (KA) has completed construction of Jackson County Central Middle School in Lakefield, a city in southern Minnesota. JLG Architects designed the $26 million, 84,000-square-foot project. The school features multiple classrooms, including career and tech education learning spaces, as well as a gymnasium, kitchen and band and choir areas. Voters passed a $35.4 million district bond referendum in late 2019. The referendum addressed the district’s needs for facility replacement and improvements. KA renovated the district’s Pleasantview Elementary School in April 2021.

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