Minnesota

Stoneleigh Cos. Completes Development of 243-Unit Waterford Bay Apartment Community in St. Paul

by Kristin Harlow March 9, 2022

ST. PAUL, MINN. — Stoneleigh Cos. has completed development of Waterford Bay, a 243-unit apartment community located at 380 Randolph Ave. in St. Paul. BKV Group designed the four-story project. Amenities include an outdoor pool and deck, fitness center and yoga studio, resident lounge, business center, rooftop clubroom, dog wash station, bicycle and kayak storage and indoor parking garage. The development sits along the Mississippi National River and Recreation Area. BKV Group worked closely with representatives from Friends of the Mississippi River and the National Park Service during the entitlement process to ensure the project would support the ecological health of the waterway. The community is one of the first opportunity zone projects in St. Paul, according to the developer. Monthly rents start at $1,301 for studios, and residents can now earn up to two months of free rent.

March 9, 2022

Acquisitions Midwest Minnesota Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Arranges Sale of Five-Property Seniors Housing Portfolio in Minneapolis

by Kristin Harlow March 3, 2022

MINNEAPOLIS — Walker & Dunlop has arranged the sale of five Class A seniors housing communities in Minneapolis. Minnetonka-based Roers Cos. developed the communities, which Walker Methodist and Jaybird Senior Living operate. The communities opened between 2018 and 2021. The portfolio consists of 567 independent living, assisted living and memory care units. The buyer, an affiliate of Lone Star Funds, will utilize Grace Management to oversee daily operational responsibilities. The sales price was not disclosed. Alex Vice, Joshua Jandris, Brett Gardner and Mark Myers of Walker & Dunlop provided advisory services and facilitated the disposition of the portfolio.

March 3, 2022

Market Reports Midwest Midwest Market Reports Minnesota Retail

Work-from-Home Boosts Suburban Minneapolis Retail Market

by Kristin Harlow March 3, 2022

The metro Minneapolis retail real estate market is healthy overall coming out of 2021, with suburban submarkets on fire in many cases and urban submarkets generally subdued. A major overhang of supply was absorbed across the region last year as construction slowed dramatically, pushing retail vacancies down, rents up and sales prices of single and multi-tenant assets higher overall. It’s a testament to the market’s overall stability and resilience given the multiple waves of COVID, and events surrounding the George Floyd case that was prosecuted last year in the city. Work-from-home effect With many white-collar professionals still working from home and the center-cities tougher on mask mandates and vaccine requirements, the suburbs have shone the brightest. Vacancies were as low as 6 percent in some areas, with the overall market at 8.2 percent at year-end, according to the Minnesota Commercial Association of Real Estate/Realtors (MNCAR). Among the strongest performing submarkets have been Apple Valley, Maple Grove, Coon Rapids and Woodbury. The metro’s eight regional malls are generally faring well, unlike in some other markets across the U.S. that are more over-supplied. That said, there’s some adaptive reuse going on, including in the northwest suburb of Maple Grove where a freestanding …

March 3, 2022

Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Construction of $100M Apartment Complex in Minneapolis

by Kristin Harlow March 1, 2022

MINNEAPOLIS — Kraus-Anderson has completed construction of The Larking, a $100 million apartment complex located at 615 S. 8th St. in downtown Minneapolis. Designed by ESG Architects, the project rises 16 stories with 341 market-rate units. The development also includes three levels of underground parking, a Wells Fargo bank branch an additional 9,100 square feet of street-level retail space. Amenities include a sky lounge, pool deck, fitness center, sauna, golf simulator, pet spa, work-from-home suites and a conference room. Monthly rents start at $1,315 for studios.

March 1, 2022

Acquisitions Midwest Minnesota Office

JLL Brokers $23.5M Sale-Leaseback of Office Campus in Suburban Minneapolis

by Kristin Harlow February 25, 2022

EDEN PRAIRIE, MINN. — JLL Capital Markets has brokered the $23.5 million sale-leaseback of 11000 Viking Drive, a two-building office campus totaling 258,850 square feet in the Minneapolis suburb of Eden Prairie. Colin Ryan, David Berglund and Pat Williams of JLL represented the seller, photography company Shutterfly LLC, and the buyer, Tempus Real Estate Partners. Shutterfly will continue to occupy the east building, which rises five stories and was built in 2004. The City of Eden Prairie plans to tear down the vacant west building, which rises four stories and was constructed in 1997. The space will be utilized for native grasses, wildflowers and a paved trail.

February 25, 2022

Acquisitions Healthcare Midwest Minnesota

Quantum Arranges Sale of Medical Office Asset in Rochester, Minnesota

by Kristin Harlow February 23, 2022

ROCHESTER, MINN. — Quantum Real Estate Advisors Inc. has arranged the sale of a freestanding medical office building in Rochester for an undisclosed price. Located at 124 Elton Hills Lane, the property is home to Bluestem Center for Child and Family Development. Seth Gilford of Quantum represented the seller, a Midwest healthcare provider. Zackary Hilgendorf of Quantum represented the buyer, a New York City-based medical acquisition fund.

February 23, 2022

Acquisitions Midwest Minnesota Restaurant Retail

Hanley Investment Group Negotiates $3.5M Sale of Raising Cane’s Ground Lease in Metro Minneapolis

by Kristin Harlow February 23, 2022

ST. CLOUD, MINN. — Hanley Investment Group Real Estate Advisors has negotiated the $3.5 million sale of a Raising Cane’s ground lease in St. Cloud near Minneapolis. Built in 2021, the 3,493-square-foot restaurant building is located at 2635 W. Division St. Jeff Lefko and Bill Asher of Hanley, in conjunction with Rob Wise of CBRE, represented the seller, Minneapolis-based TOLD Development Co. Chris Rodriguez of Pacific Commercial Investments Inc. represented the buyer, California-based Caravella Properties.

February 23, 2022

Acquisitions Industrial Midwest Minnesota Missouri

Arch Street Capital Acquires 2 MSF Industrial Portfolio in Metro Kansas City, Minneapolis

by Kristin Harlow February 22, 2022

KANSAS CITY, MO. AND MINNEAPOLIS — Arch Street Capital Advisors LLC has acquired two recently completed industrial assets totaling 2 million square feet in metro Kansas City and Minneapolis for an undisclosed price. The single-tenant, build-to-suit facilities serve as distribution space for an e-commerce company. Arch, on behalf of one of its institutional capital partners, provided preferred equity construction financing and a forward commitment to acquire the assets upon completion.

February 22, 2022

Development Industrial Midwest Minnesota

Altoz to Expand Manufacturing Space in Red Lake Falls, Minnesota

by Kristin Harlow February 22, 2022

RED LAKE FALLS, MINN. — Altoz Inc. is expanding its manufacturing space in Red Lake Falls, a city in northwest Minnesota. The outdoor power equipment company will add a new 62,500-square-foot facility, which is slated for completion by this fall. The development marks the first phase of a multi-phase expansion project, which will bring the company’s combined space to more than 400,000 square feet between Red Lake Falls and Greenbush. The new facility will accommodate state-of-the-art metal fabrication equipment.

February 22, 2022

Development Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $25M HUD-Insured Loan for Construction of Minneapolis Apartment Complex

by Kristin Harlow February 21, 2022

MINNEAPOLIS — Colliers Mortgage has provided a $25 million HUD 221(d)(4) loan for the construction of Satori Boutique Apartments in Minneapolis. The apartment complex will consist of 112 units within a six-story building. There will be one level of underground parking and first-floor commercial space. Of the 112 units, 23 will be restricted for residents earning 50 percent or less of the area median income. The project is situated within an opportunity zone and received tax-increment financing from the City of Minneapolis. The loan is fully amortized over 40 years. Satori Apartments I LLC was the borrower.

February 21, 2022

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