Minnesota

Hanley Investment Group Arranges $11.4M Sale of Three-Tenant Retail Property in Metro Minneapolis

by Kristin Harlow January 25, 2022

COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has arranged the $11.4 million sale of Riverdale Village in the Minneapolis suburb of Coon Rapids. Constructed in 2021, the property consists of a 4,150-square-foot building with a drive-thru occupied by Bank of America and a two-tenant, 6,700-square-foot building occupied by Famous Dave’s and Banfield Hospital. The asset serves as an outparcel to Menards. Jeff Lefko and Bill Asher of Hanley, along with Robert Wise of CBRE, represented the seller, Florida-based OneCorp Global. Boston Weir of Henry Group Real Estate represented the buyer, a Colorado-based private investor completing a 1031 exchange.

January 25, 2022

Acquisitions Healthcare Industrial Midwest Minnesota

CBRE Brokers $14.8M Sale of Medical Office, Industrial Building in St. Paul

by Kristin Harlow January 21, 2022

ST. PAUL, MINN. — CBRE has brokered the sale of University Crossing in St. Paul for $14.8 million. The 84,150-square-foot medical office and industrial technology building is located at 2200 University Ave. The fully leased property was built in 1990. Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith and Tom Holtz of CBRE represented the seller, Essjay Investments Co. LLC. Capital Partners LLP was the buyer.

January 21, 2022

Acquisitions Midwest Minnesota Retail

JLL Brokers Sale of Ridgehaven Shopping Center in Suburban Minneapolis

by Kristin Harlow January 19, 2022

MINNETONKA, MINN. — JLL Capital Markets has brokered the sale of Ridgehaven shopping center in the Minneapolis suburb of Minnetonka for an undisclosed price. Located at 13081 Ridgedale Drive and shadow anchored by Target, the fully leased property spans 140,418 square feet. Tenants include Lunds & Byerlys, Barnes & Noble, Ulta Beauty, Rosenthal Furniture Co., Massage Envy and Supercuts. Amy Sands, Clinton Mitchell, Michael Nieder and Ted Gonsior of JLL represented the seller, Invesco Real Estate. Bianco Properties was the buyer.

January 19, 2022

Acquisitions Midwest Minnesota Retail

KW Commercial Brokers Sale of 104,080 SF Shopping Center in Robbinsdale, Minnesota

by Kristin Harlow January 18, 2022

ROBBINSDALE, MINN. — KW Commercial | AMK Properties has brokered the sale of Robin Center in Robbinsdale, a northwest suburb of Minneapolis. The 104,080-square-foot shopping center sold for an undisclosed price. Located on Lakeland Avenue, the property is home to Dollar Tree, CVS Pharmacy, Car-X and other local, regional and national tenants. Matthew Klein of KW Commercial represented the buyer, Robin Center Partners LLC. Steven Nelson and Kyle Thompson of Hoyt Properties, along with Chet Masserano of Corporate Real Estate Brokers, represented the seller, Robin Center LLP.

January 18, 2022

Acquisitions Midwest Minnesota

Ryan Cos. Sells 11-Building Medical Office Portfolio Across Six States

by Kristin Harlow January 13, 2022

MINNEAPOLIS — Minneapolis-based Ryan Cos. US Inc. has sold a portfolio of 11 medical office buildings to Harrison Street for an undisclosed price. The fully leased buildings total 500,778 square feet and are located in Florida, Illinois, Minnesota, North Carolina, North Dakota and Wisconsin. Ryan developed all of the facilities. Ryan’s healthcare real estate management team will continue managing the properties under the new ownership. John Nero, Ben Appel, Jay Miele, Michael Greeley, Ron Ott and Adam Goss of Newmark represented Ryan in the sale.

January 13, 2022

Loans Midwest Minnesota Multifamily

Colliers Arranges $53M HUD-Insured Loan for Refinancing of Mixed-Income Community in Minnesota

by Kristin Harlow January 10, 2022

RICHFIELD, MINN. — Colliers Mortgage has arranged a $53 million HUD 223(f) loan for the refinancing of Chamberlain Apartments in Richfield, a southern suburb of Minneapolis. Of the apartment community’s 316 units, 20 percent are designated as affordable and are rented to residents who earn up to 50 percent of the area median income. The remaining units are rented at market rates. Amenities include a clubhouse, game room, fitness center, outdoor pool, playground and dog run. The 35-year loan is fully amortized. Chamberlain Apartments LLC was the borrower.

January 10, 2022

Acquisitions Industrial Midwest Minnesota

JLL Arranges Sale of Two-Building Industrial Portfolio in Bloomington, Minnesota

by Kristin Harlow January 7, 2022

BLOOMINGTON, MINN. — JLL Capital Markets has arranged the sale of a two-building light industrial portfolio totaling 121,572 square feet in the Minneapolis-area community of Bloomington. The portfolio comprises the 58,976-square-foot Victoria Pond Center and the 62,596-square-foot Cedar Business Center, both of which were developed in the mid-1980s. Victoria Pond Center is fully leased to 11 tenants. Cedar Business Center is 91 percent leased to four tenants. David Berglund and Colin Ryan of JLL represented the seller, Hoyt Properties Inc. The sales price and buyer were undisclosed.

January 7, 2022

Acquisitions Industrial Midwest Minnesota

Colliers Brokers Sale of 83,000 SF Warehouse in Newport, Minnesota

by Kristin Harlow January 7, 2022

NEWPORT, MINN. — Colliers Minneapolis-St. Paul has brokered the sale of Raceway Business Center I in Newport, just southeast of St. Paul. The sales price was undisclosed. The 83,000-square-foot warehouse is located at 710 Hastings Ave. Developed by Scannell Properties in 2018, the property features a clear height of 28 feet, 10 dock-high doors, three drive-in doors, 122 parking stalls and a 120-foot truck court. Mark Kolsrud, John McCarthy, Pete Carbonneau, Kyle Delarosby, Tom Sullivan, Peter Fooshe, Tanner Theis and Lydia Turczyn of Colliers represented the seller, Starline Properties LLC. STAG Industrial Holdings LLC was the buyer.

January 7, 2022

Acquisitions Industrial Midwest Minnesota

MDH Partners Acquires 81,000 SF Cold Storage Facility in Minneapolis

by Kristin Harlow January 6, 2022

MINNEAPOLIS — MDH Partners has acquired an 81,000-square-foot cold storage facility located at 740 Kasota Circle in Minneapolis. The purchase price was undisclosed. Constructed in 1977, the property features a clear height of 24 feet. Approximately 80 percent of the building is temperature-controlled. Wholesale Produce Supply, a distributor of produce in the upper Midwest and Canada, fully leases the facility. Houston Hawley served as the acquisition lead for MDH. Judd Welliver and Bentley Smith of CBRE represented the undisclosed seller.

January 6, 2022

Acquisitions Midwest Minnesota Office

Noteworthy Purchase: Schmitt Music Acquires 92,000 SF Office Building in Bloomington, Minnesota

by Kristin Harlow December 15, 2021

BLOOMINGTON, MINN. — Schmitt Music has acquired a 92,000-square-foot office building in Bloomington for its new headquarters. The purchase price was undisclosed. Located at 7800 Picture Drive, about 12 miles south of Minneapolis, the property offers office, showroom and training space as well as an area for a repair center. Schmitt Music was formerly headquartered in Brooklyn Center. Dan Larew and Chris Hickok of JLL represented the seller, Shutterfly/Lifetouch.

December 15, 2021

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