Minnesota

JLL Arranges $9.4M Acquisition Loan for Industrial Portfolio in Minneapolis

by Kristin Harlow October 11, 2022

MINNEAPOLIS — JLL Capital Markets has arranged a $9.4 million loan for the acquisition of a six-building industrial portfolio totaling 191,986 square feet in Minneapolis. The properties are home to a variety of tenants such as StreetFactory Media, Children’s Theatre, CenturyLink, Brownstone Distributing and Guthrie Theater. The buildings are situated at the intersection of East Hennepin Avenue and Harrison Street. Trent Niederberger and Britta Lund of JLL arranged the five-year, fixed-rate loan through Justin Adducci of North American Banking Co. Buligo Capital Partners was the borrower.

October 11, 2022

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $4.4M Sale of Two-Building Multifamily Portfolio in St. Paul

by Kristin Harlow October 4, 2022

ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of a two-building multifamily portfolio in St. Paul for $4.4 million. The properties total 40 units and are located along Grand Avenue within the Macalester-Groveland neighborhood. Originally constructed in 1925 and 1926, the buildings were fully leased at the time of sale. Abe Roberts of Marcus & Millichap represented the undisclosed seller and the buyer, a local investor.

October 4, 2022

Acquisitions Midwest Minnesota Retail

CBRE Negotiates Sale of 446,308 SF Retail Power Center in Roseville, Minnesota

by Kristin Harlow October 3, 2022

ROSEVILLE, MINN. — CBRE has negotiated the sale of Har Mar Mall in Roseville, a suburb just north of the Twin Cities. The sales price was undisclosed. Located at 2100 Snelling Ave., the retail power center spans 446,308 square feet and is home to tenants such as Cub Foods, Burlington, Barnes & Noble, Marshalls, HomeGoods, Michaels and K&G Fashion Superstore. CBRE represented the seller, Clarion Partners. Fidelis was the buyer.

October 3, 2022

Healthcare Market Reports Midwest Midwest Market Reports Minnesota

Expanding Providers Boost Minneapolis Medical Office Market

by Kristin Harlow September 29, 2022

By Jill Rasmussen, Davis The Minneapolis – St. Paul medical office building (MOB) market remains strong with calculated strategic growth from both hospital systems and independent clinics. The MOB sector has been resilient during the pandemic, economic challenges and local civil unrest. Providers have been focused on expanding into new market areas to locate close to their patient base, providing full-service medical hubs offering outpatient surgery and specialty services to communities while offering lower-cost care away from a hospital campus. The overall market remains very stable with a current vacancy rate of 8.6 percent on-campus and 10.6 percent off-campus. There remains high interest in off-campus locations for most non-acute care for location access and cost savings. Base rents continue to increase both on- and off-campus due to demand and higher new construction pricing. Base rates have reached nearly $22 per rentable square foot (rsf) on average on-campus and $21/rsf for off-campus existing product. New MOB construction rates have increased from $24.50/rsf to $28+/rsf due to interest rate hikes and supply chain/labor issues, but new construction projects continue to move ahead based on provider’s strategic initiatives. Annual base rent increases are trending up due to current inflation levels from a historical …

September 29, 2022

Development Midwest Minnesota Multifamily

Kraus-Anderson Begins Phase II Construction of Apartment Project in Hopkins, Minnesota

by Kristin Harlow September 28, 2022

HOPKINS, MINN. — Kraus-Anderson has begun construction of the second phase of an apartment project named The Hallon in Hopkins, a western suburb of Minneapolis. The project site is adjacent to the future Blake Road Metro Green Line Extension Transit station. Developed by Trilogy Real Estate Group and designed by ESG Architects, the development will ultimately comprise three buildings and 770 units. Phase I includes a seven-story building with 219 units, 256 parking stalls and street-level retail space. Completion of Phase I is slated for August 2023. Phase II will comprise a seven-story building with 250 units, 350 parking stalls and 10,000 square feet of retail space. Completion of Phase II is slated for summer 2024. A third phase is expected, but details are still pending.

September 28, 2022

Development Industrial Midwest Minnesota Office

Graco Opens New 538,000 SF Facility in Dayton, Minnesota

by Kristin Harlow September 26, 2022

DAYTON, MINN. — GRACO Inc. (NYSE: GGG), a manufacturer of fluid handling equipment, has opened its new 538,000-square-foot facility in Dayton, a northern suburb of Minneapolis. The building, which houses office and factory space, marks Graco’s fourth campus in Minnesota. Graco, working with Impact Power Solutions, is investing in solar energy with the new building. The company added a 1.4-megawatt solar array, consisting of more than 3,100 solar panels on the roof of the building. Over the next 30 years, the solar array is expected to offset more than 23,000 tons of carbon dioxide. The project team included McGough as general contractor, HGA as architect and Tegra Group as project manager.

September 26, 2022

Acquisitions Loans Midwest Minnesota Multifamily

CBRE Negotiates Sale of 121-Unit Apartment Complex in Ramsey, Minnesota

by Kristin Harlow September 22, 2022

RAMSEY, MINN. — CBRE has negotiated the sale of ParkView East in Ramsey, about 22 miles northwest of downtown Minneapolis. The sales price was undisclosed. The 121-unit apartment complex is located at 14450 Rhinestone St. near a Northstar Commuter rail station. Completed in 2017, the property features a clubhouse, fitness center, dog park and dog wash. Ted Abramson, Abe Appert and Keith Collins of CBRE Minneapolis Multifamily represented the seller, Curtis Capital Group. Partner Apartments was the buyer. Dan Trebil of Northmarq originated a $19.9 million Freddie Mac loan for the acquisition. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule.

September 22, 2022

Market Reports Midwest Midwest Market Reports Minnesota Retail

Minneapolis Suburbs Continue to Shine for Retail Real Estate

by Kristin Harlow September 22, 2022

By Jesseka Doherty and Johnny Reimann, Mid-America Real Estate The fundamental strength of the metro Minneapolis economy is on full display in the suburban retail real estate market this summer, where space is tight, new supply is limited, rents are on the rise and construction costs continue to challenge tenants and landlords alike. The macroeconomic picture in the first half of the year was stunning, actually. For the second quarter that ended June 30, the unemployment rate was a remarkable sub-2 percent, which was even lower than the national level of about 4 percent, and consumer spending was robust. Urban submarkets have been more challenged, but even in the Minneapolis central business district, retail rents are holding up as the office market shows stability. Driving demand With work-from-home still a factor, remote employees who live in the suburbs often are more inclined to shop, dine and play close to home, which bodes well for retail in proximity. Across key trade areas, retailers and other tenants in regional and community centers are more in demand than ever. Submarkets faring well include Apple Valley, Burnsville, Coon Rapids, Eagan, Maple Grove, Roseville and Woodbury. The densification of the suburbs also is driving demand …

September 22, 2022

Acquisitions Industrial Midwest Minnesota

JLL Brokers $13M Sale of Frito-Lay Industrial Portfolio in Four Midwest States

by Kristin Harlow September 21, 2022

MINNEAPOLIS — JLL Capital Markets has brokered the $13 million sale of an 18-property industrial portfolio totaling 105,500 square feet across four Midwest states. The majority of the buildings are in Minnesota, while three are in Iowa, two are in Wisconsin and one is in North Dakota. The properties were constructed between 2007 and 2021 as build-to-suit facilities for Frito-Lay, a subsidiary of PepsiCo. Matt Hazelton and Cory Villaume of JLL represented the seller, Ebert Construction. Essjay Investment Co. was the buyer.

September 21, 2022

Acquisitions Industrial Midwest Minnesota

Colliers Brokers Sale of 325,947 SF Industrial Portfolio in Eagan, Minnesota

by Kristin Harlow September 16, 2022

EAGAN, MINN. — Colliers Minneapolis-St. Paul has brokered the sale of The Waters Business Center, a six-property industrial portfolio totaling 325,947 square feet in the Twin Cities suburb of Eagan. The sales price was undisclosed. Constructed between 1999 and 2007, the buildings feature both office and warehouse space. Mark Kolsrud, John McCarthy, Peter Loehrer, Kyle Delarosby, Pia Robertson and Lydia Turczyn of Colliers represented the seller, B9 Polar Waters LLC. Hyde Development was the buyer.

September 16, 2022

Newer Posts

Older Posts