Minnesota

SRS Brokers $26.9M Sale of Apartment Complex in Rochester, Minnesota

by Kristin Harlow May 3, 2023

ROCHESTER, MINN. — SRS Real Estate Partners has brokered the $26.9 million sale of Residence at Discovery Square, a 138-unit apartment complex in Rochester. Built in 2018 and located at 511 3rd Ave. SW, the property rises seven stories and features 11,831 square feet of ground-floor retail space. The community, which was roughly 95 percent leased at the time of sale, is part of Discovery Square, a district built in collaboration with the Mayo Clinic. Frank Rogers and Michael Carter of SRS, along with Chad Behnken of Hamilton Real Estate, represented the seller, a Rochester-based investor. Rochester-based Black Swan Real Estate was the buyer. The sales price represents the highest price paid for a multifamily property so far this year in Minnesota, according to SRS.

May 3, 2023

Leasing Activity Midwest Minnesota Office

Accesso Completes New Office Leases Totaling 57,113 SF at IDS Center in Minneapolis

by Kristin Harlow May 2, 2023

MINNEAPOLIS — Owner Accesso has completed new office leases or renewals totaling 57,113 square feet at IDS Center in Minneapolis. The tenants, which are in various industries such as finance, legal and business consulting, include: Fabyanske, Westra, Hart & Thomson; Hursch Blackwell LLP; WiseFool; Bremer Bank National Association; Mattel Sales Corp.; and Lathrop GPM. IDS Center rises 47 stories and totals 1.4 million square feet.

May 2, 2023

Acquisitions Midwest Minnesota Multifamily

JLL Brokers Sale of 207-Unit Urbana Court Apartment Complex in Brooklyn Park, Minnesota

by Kristin Harlow April 28, 2023

BROOKLYN PARK, MINN. — JLL Capital Markets has brokered the sale of Urbana Court, a 207-unit apartment complex in the Twin Cities suburb of Brooklyn Park. The sales price was undisclosed. Completed in 2021, the property features units with an average size of 877 square feet. Amenities include a pool, fitness center, private dog park, outdoor pergolas and pickleball courts. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development LLC, and the buyer, Turner Impact Capital.

April 28, 2023

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $1.7M Sale of Multifamily Property in Bemidji, Minnesota

by Kristin Harlow April 25, 2023

BEMIDJI, MINN. — Marcus & Millichap has brokered the $1.7 million sale of Kestrel Pines Townhomes in Bemidji, a city in northern Minnesota. Constructed in 2005, the rental townhome property consists of 30 units and is located at 906 26th St. NW. The units feature individual garages, patios and washers and dryers. Chris Collins and Evan Miller of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.

April 25, 2023

Leasing Activity Midwest Minnesota Retail

Riddle’s Jewelry to Open New Store at Eden Prairie Center in Suburban Minneapolis

by Kristin Harlow April 24, 2023

EDEN PRAIRIE, MINN. — Riddle’s Jewelry has signed a 1,732-square-foot lease to open a new store at Eden Prairie Center in the Twin Cities suburb of Eden Prairie. Opened in 1976, Eden Prairie Center totals 1.4 million square feet and features more than 100 shops and restaurants. Slated to open in May, Riddle’s Jewelry will occupy space on the upper level near the center court. In addition to the company’s U.S.-made jewelry, the Eden Prairie Center location will also feature a Pandora counter that will open at a later date. Riddle’s Jewelry is a family-owned and operated company with locations across nine states.

April 24, 2023

Industrial Leasing Activity Midwest Minnesota

New Tenants Bring Blaine35 Industrial Park in Minnesota to Full Occupancy

by Kristin Harlow April 21, 2023

BLAINE, MINN. — Blaine35, a three-building industrial park totaling 317,400 square feet in the Minneapolis suburb of Blaine, is now fully leased. Action Target, a shooting range equipment manufacturer, leased 31,120 square feet in Building A and plans to take occupancy in May. Aspect Automation, an automated manufacturing solutions provider, leased the entire 98,900-square-foot Building B and expects to take occupancy in November. Dan Swartz and Austin Lovin of CBRE represented the developer, Canada-based Artis REIT, which completed the final building in December. Other tenants include Chandler Industries, Caerus Corp. and Jonco Die Inc.

April 21, 2023

Development Midwest Minnesota Multifamily Seniors Housing

New Perspective Opens 146-Unit Senior Living Community in Arden Hills, Minnesota

by Kristin Harlow April 18, 2023

ARDEN HILLS, MINN. — New Perspective has opened a 146-unit seniors housing community in Arden Hills, a suburb of Minneapolis-St. Paul. The 192,000-square-foot community offers independent living, assisted living and memory care services. The property is New Perspective’s 10th in the Twin Cities metro area. New Perspective Arden Hills will partner with Bethel University, the community’s next-door neighbor, in providing a variety of campus opportunities for those living in the building.

April 18, 2023

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Arranges $6.6M Sale of Walgreens-Occupied Property in Minneapolis

by Kristin Harlow April 11, 2023

MINNEAPOLIS — Hanley Investment Group Real Estate Advisors has arranged the sale of a 14,535-square-foot retail property occupied by Walgreens in Minneapolis for $6.6 million. Built in 1966 and renovated in 2020, the single-tenant building is located at 4323 W. Chicago Ave. Hanley’s Kevin Fryman and Ed Hanley, in association with ParaSell Inc., represented the seller, a private investor based in California. A New York-based private investor was the buyer.

April 11, 2023

Acquisitions Midwest Minnesota Retail

JLL Brokers Sale of 357,115 SF Retail Power Center in Suburban Twin Cities

by Kristin Harlow April 5, 2023

ROSEVILLE, MINN. — JLL Capital Markets has brokered the sale of Crossroads Center of Roseville for an undisclosed price. The 357,115-square-foot retail power center is located in the Twin Cities suburb of Roseville. Built in 1985, Crossroads Center of Roseville is 97 percent leased. Some of the tenants include Best Buy, Dick’s Sporting Goods and Kohl’s. Matt Hazelton, Cory Villaume, Bill Krebsbach, Dave Monahan and Michael Nieder of JLL represented the undisclosed seller. HJ Development was the buyer.

April 5, 2023

Leasing Activity Midwest Minnesota Office

Transwestern Negotiates Three Office Leases Totaling 45,242 SF at SPS Tower in Minneapolis

by Kristin Harlow March 31, 2023

MINNEAPOLIS — Transwestern Real Estate Services has negotiated three office leases totaling 45,242 square feet at SPS Tower in Minneapolis. Jim Montez and Reed Christianson of Transwestern represented the owner, Sumitomo, in the transactions. Kinney & Lange signed a 10-year lease for 13,000 square feet. The intellectual property law firm previously operated out of the Third & Third building. Jaclyn May and Paul Donovan of Cushman & Wakefield represented the tenant. Mercer, an international insurance consulting firm, extended its 24,242-square-foot lease for two years. The firm has been a tenant in the building since 2013. Kevin Salmen of Transwestern represented Mercer. Navitaire, an e-commerce platform for airlines and rail systems, signed a five-year lease for 8,000 square feet. Bruce Schuman of Savills represented the company. SPS Tower is a 31-story office building that totals 655,070 square feet. The property features the Turf Club, the largest green space in the central business district of Minneapolis that hosts special events, lawn games, happy hours and live music. Additional amenities include concierge services, a fitness center, conferencing center and onsite parking. The building is currently 90 percent leased.

March 31, 2023

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