CHASKA, MINN. — Marcus & Millichap has negotiated the $4.3 million sale of Townsquare Apartments in Chaska, an outer-ring suburb of Minneapolis. Located at 220 N. Walnut St. and built in 1989, the multifamily property features 30 units in two- and three-bedroom layouts. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the undisclosed seller. Jon Ruzicka, broker of record in Minnesota, assisted in closing the transaction. Nate Schammel of MRG Realty Partners represented the buyer, which completed the sale of a 12-unit apartment building in Minneapolis to exchange into this property.
Minnesota
VIRGINIA, MINN. — Kraus-Anderson Duluth has completed construction of North Star Elementary, a $28.5 million school located at 411 S. 5th Ave. in Virginia, a city in northeast Minnesota. The school is part of Rock Ridge Public School’s massive building project following the consolidation of the Eveleth-Gilbert and Virginia school districts. BNDRY Studio designed North Star Elementary, which will serve 600 students annually. Situated on a large city block that formerly housed the district’s elementary and high school, North Star Elementary rises three stories, which minimizes its building footprint and reclaims greenspace. The 79,000-square-foot school serves grades 3-6 and features a variety of collaborative learning spaces and open concept classrooms along with an open-air learning patio on the second floor. Construction began in spring 2022.
HOPKINS, MINN. — StarCycle, a cycling studio, has signed a lease to open at the new Hallon development in Hopkins, a southwest suburb of Minneapolis. The property is located at 8594 Excelsior Blvd. Mary Lindell of Christianson & Co. Commercial Real Estate Services represented the tenant. Jackie Taylor is bringing the StarCycle franchise from Oregon to Minnesota.
MINNEAPOLIS — Asana Partners has completed The Saxon, a redevelopment project that transformed an existing event center into retail and office space in the North Loop neighborhood of Minneapolis. NELSON Worldwide served as the architect. The development team unified the building’s three sections, each built in different periods, into a cohesive retail and lifestyle destination. The redesign integrates retail spaces on the first and third levels with offices on the second. Solidcore is a retail tenant on the ground floor.
BLOOMING PRAIRIE, MINN. — Kraus-Anderson Rochester has completed a $34 million district renovation of the high school and elementary school for Blooming Prairie Public Schools in southern Minnesota. Voters approved a referendum in 2021 to fund the expansion to meet the community’s growing student population. Designed by Wold Architects and Engineers, the 79,000-square-foot project features new classrooms, an auditorium and gym additions and interior renovations. Construction began in June 2022.
BROOKLYN PARK, MINN. — Colliers Mortgage has provided an $8.9 million Fannie Mae loan for the acquisition of The Groves of Brooklyn Park Apartment Homes. The 120-unit multifamily property is situated in the Minneapolis suburb of Brooklyn Park. Tony Carlson of Colliers originated the nonrecourse loan, which features a five-year term. The borrower was undisclosed.
BROOKLYN PARK, MINN. — Marcus & Millichap has brokered the $12 million sale of The Groves Apartments, a 120-unit multifamily property in the Minneapolis suburb of Brooklyn Park. Built in 1967, the asset features 60 one-bedroom units and 60 two-bedroom units. Amenities include a fitness center, community room, playground and garage units. Zach Olson, Chris Collins, Evan Miller, Eric Wagner and Matt Shide of Marcus & Millichap represented the seller, The Groves Apartments LLC, and procured the buyer, an out-of-state investment group. Jon Ruzicka, broker of record in Minnesota, assisted in closing the transaction.
NEW HOPE, MINN. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Saint Therese of New Hope, a continuing care retirement community in New Hope, a northwest suburb of Minneapolis. The seller was Saint Therese, a Minnesota-based nonprofit that originally built the community. The campus first opened in 1967. Starting in 1979, the property underwent extensive senior living expansion and renovation projects over the years. The community features 221 independent and assisted living units and 168 licensed skilled nursing beds. Compass Healthcare acquired the asset for an undisclosed price and will rebrand it as Woodlake Healthcare and Rehabilitation Center and Woodlake Residences. Saint Therese will continue to provide spiritual and pastoral care for the residents.
NEWFOLDEN AND VIKING, MINN. — Kraus-Anderson has completed construction on additions at three Marshall County Central school buildings in Newfolden and Viking within northwest Minnesota. In August 2022, the Marshall County Central community voted and passed an $18.9 million building referendum to add needed space to support students and programs. A 93,559-square-foot project at Marshall County Central High School featured five new classrooms, a cafeteria, secondary gym, weight room, support spaces, commons and bus loop. Newfolden Elementary received a new library, music room, outdoor basketball court and staff/visitor parking lot. A 17,842-square-foot project at Viking Elementary involved a new secure entrance, front office, music room, kitchen office and storage. Remodeling created a school nurse office, library, larger staff lunchroom and additional space for preschool. Widseth Architects designed all three projects.
AITKIN, MINN. — The Bemidji office of Kraus-Anderson has completed a $70 million surgical addition and expansion at Riverwood Healthcare Center in central Minnesota’s Aitkin. Designed by DSGW Architects, the project features a 72,000-square-foot surgery addition. The hospital’s new surgery space consists of approximately 60,500 square feet of new surgical departments, including six operating rooms, two large procedure rooms, three endoscopy rooms, 25 prep and recovery rooms, a post-anesthesia care unit, sterile processing and staff support. Additionally, there is about 12,000 square feet of clinical space for general surgery, neck, back and spine, urology and ENT, as well as a front entrance and lobby to support the new surgical program. Construction began in August 2022.