BLOOMINGTON, MINN. — Mesa West Capital has provided an $85 million loan for the acquisition of Hampshire Hill, a 534-unit multifamily property in the Minneapolis suburb of Bloomington. Located at 10660 Hampshire Ave., the community was 96 percent occupied at the time of loan closing. The property was built in 1987 and partially renovated in 2019. Murray Kornberg of Colliers arranged the loan on behalf of the borrower, Minneapolis-based multifamily investment firm Bader Diamond Funds.
MENDOTA HEIGHTS, MINN. — Northmarq has arranged a $28.8 million loan for the acquisition of Centre Pointe Business Park in Mendota Heights, a southern suburb of the Twin Cities. The eight-building office park is located at 2060 Centre Pointe Blvd. Totaling 263,279 square feet, the property was built in phases beginning in 1997. The last phase was completed in 2019. The park, which was 95 percent leased at the time of sale, is home to 18 tenants, including Permasteelisa North America Corp. and HealthPartners Inc. Bill Mork of Northmarq arranged the 10-year loan, which features a fixed interest rate and a 25-year amortization schedule. A local credit union provided the loan to the buyer, Edina-based Capital Partners. CBRE represented the undisclosed seller.
LAKEVILLE, MINN. — Allina Health has unveiled plans to build a multi-specialty center and primary care clinic in Lakeville, about 20 miles south of Minneapolis. Together, the two projects total 100,000 square feet. The 75,000-square-foot multi-specialty center will house an ambulatory surgery center and provide residents with services such as orthopedics, oncology and women’s health. The 25,000-square-foot primary care clinic will be situated near Cedar Avenue and Dodd Road. Both projects are slated to open in summer 2023. Brian Bruggeman and Louis Suarez of Colliers represented Allina Health in its site selection.
MAPLEWOOD, MINN. — Arizona Partners has acquired Birch Run Station in the Minneapolis suburb of Maplewood. The purchase price was undisclosed. The 279,343-square-foot shopping center is home to tenants such as Burlington, Jo-Ann and Dollar Tree. CBRE represented the seller, Voya Investment Management.
ROCHESTER, MINN. — CBRE Investment Management has acquired The Berkman, a 350-unit luxury apartment complex in Rochester, a city in Southeast Minnesota. The purchase price was $187.6 million, according to local media reports. The sellers were Kayne Anderson Real Estate and Alatus LLC. Located at 217 14th Ave. SW, The Berkman sits across the street from the Mayo Clinic’s Saint Marys Campus, which is the nation’s largest intensive care unit. The property is also less than one mile from the Mayo Clinic’s downtown campus. The community opened in 2020. The Berkman features several environmentally friendly components, including low-flow plumbing fixtures, efficient electric heat pumping technology and sustainable building materials. David Selznick, chief investment officer with Kayne Anderson, says the objective of the development was to provide an environmental, social and governance (ESG)-oriented community to support the Mayo Clinic’s staff, patients and overall Rochester resident base. “We believe that this asset’s proximity to the area’s elite base of education, research and world-renowned medical institutions, combined with strong demographic fundamentals, will position this property as a quality asset that will capitalize on durable demand from ‘eds and meds,’” says Benjamin Green, managing director of residential transactions at CBRE Investment Management. Community amenities …
EDEN PRAIRIE, MINN. — Redwood Capital Group, in a joint venture with an affiliate of Heitman LLC, has acquired ReNew Eden Prairie, a 375-unit apartment complex located at 13905 Chestnut Drive in suburban Minneapolis. The purchase price was undisclosed. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller, FPA Multifamily, which completed some unit upgrades and amenity enhancements. The property was built in 1986. Amenities include three pools, basketball courts, a clubhouse, fitness center and playground.
MINNEAPOLIS — CEDARst Cos. is completing the adaptive reuse of five historic warehouses in the North Loop neighborhood of Minneapolis into two apartment developments. The first project, named The Duffey, is slated to open in April. The $71.1 million project features 188 units along with 24,000 square feet of retail space. Amenities include a fitness center, resident coworking space and rooftop deck. The second project, which is yet to be named, is set to begin construction in the coming months. Development costs are estimated at $160 million for the 358-unit project, which will feature 38,500 square feet of retail space. Amenities will include a rooftop lounge, coworking suite, 8,000-square-foot fitness center, game room with bowling lanes and 293 parking spaces. Construction is scheduled to last 18 months.
MINNEAPOLIS — Red Lake Nation and design firm Cuningham have completed Mino-bimaadiziwin Affordable Housing, a 110-unit affordable housing development located in the American Cultural Corridor of Minneapolis. Mino-bimaadiziwin means “living the good life” in Ojibwe. The nearly $42 million project provides housing to Red Lake Ojibwe Band members and other local Native American residents. It is the first housing project developed by a tribal government in a major city, according to Sam Olbekson, founder and CEO of Full Circle Indigenous Planning + Design LLC as well as a Cuningham consultant. The six-story development features a Red Lake Nation embassy and healthcare clinic in addition to the housing units. Project funding came from the City of Minneapolis, Hennepin County, the Shakopee Mdewakanton Sioux Community and 15 other sources. The project was built on a site that formerly served as a temporary navigation center for unsheltered residents in response to an encampment of over 300 people called the Wall of Forgotten Natives. The Cuningham team collaborated closely with the Red Lake Ojibwe community members on the property’s design.
FRIDLEY AND MONTICELLO, MINN. — JLL Capital Markets has brokered the sale of a two-building industrial portfolio in Fridley and Monticello for $9.8 million. Foundation Building Materials occupies both properties, which total 92,008 square feet and feature more than 150,000 square feet of outside storage space. David Berglund and Colin Ryan of JLL represented the undisclosed seller. Steve Nelson of Hoyt Properties co-brokered the deal. Lincoln Property Co. was the buyer.
ST. PAUL, MINN. — Kraus-Anderson has completed Phase III of the Andrew Boss Laboratory of Meat Science on the St. Paul campus of the University of Minnesota. The $9 million project, which began in May 2019, was conducted in multiple phases in order to allow portions of the building to be occupied during construction. The four-story, 14,283-square-foot project completes the replacement of all mechanical and electrical systems building-wide. BWBR Architects designed the project, while University Services Capital Project Management served as project manager. The meat processing facility contains research and teaching labs, a stadium-seating presentation classroom, a meat and dairy consumer salesroom and offices.
