Minnesota

NorthMarq Arranges $19M Construction Loan for Multifamily Adaptive Reuse Project in St. Paul

by Kristin Harlow October 8, 2021

ST. PAUL, MINN. — NorthMarq has arranged a $19 million construction loan for an adaptive reuse project at 1554 Midway Parkway in St. Paul. The former seniors housing facility will be transformed into 148 market-rate apartment units. Completion is slated for next year. Michael Padilla of NorthMarq’s Minneapolis office arranged the five-year loan, which features two years of interest-only payments followed by a 25-year amortization schedule. A local bank provided the loan on behalf of the borrower, Premier Holdings LLC.

October 8, 2021

Development Midwest Minnesota Multifamily Seniors Housing

Ryan Cos. Begins Construction of 200-Unit Senior Living Community in Woodbury, Minnesota

by Kristin Harlow October 1, 2021

WOODBURY, MINN. — Ryan Cos. US Inc. has begun construction of Talamore Senior Living Woodbury, a 200-unit senior living community in Woodbury, an eastern suburb of the Twin Cities. The four-story, 245,000-square-foot property will include 90 independent living units, 70 assisted living units, 26 memory care units and 14 care suites. Along with multiple dining venues, amenities will include a library, wellness and fitness center, spa, clubroom, activity room and large gathering space. Ryan is the developer, builder and capital markets partner. Ryan Architecture + Engineering is the design architect and provided interior design, landscape architecture and civil engineering services. UrbanWorks will serve as the architect of record. Bell Bank is the lender. Upon completion, Ryan will own the property in partnership with Great Lakes Management and Artemis Real Estate Partners. Great Lakes Management will handle day-to-day operations and Ryan will provide asset management services.

October 1, 2021

Development Industrial Midwest Minnesota

Opus Breaks Ground on 130,440 SF Spec Industrial Building in Minneapolis

by Kristin Harlow September 30, 2021

MINNEAPOLIS — The Opus Group has broken ground on Nordeast Business Center, a 130,440-square-foot speculative industrial building in Minneapolis. Located at the corner of University Avenue and 37th Avenue Northeast, the project will feature 136 vehicle parking stalls, 22 dock doors, two drive-in doors, 19 trailer parking stalls and a clear height of 32 feet. Completion is slated for summer 2022. Opus is the developer, design-builder, architect and structural engineer. John Ryden, Matt Oelschlager and Mike Bowen of CBRE are marketing the property for lease.

September 30, 2021

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $34M Sale of Apartment Property in Rochester, Minnesota

by Kristin Harlow September 28, 2021

ROCHESTER, MINN. — JLL Capital Markets has arranged the $34 million sale of Red44, a 159-unit apartment property in Rochester. Built in 2017, Red44 comprises studio, one- and two-bedroom units averaging 850 square feet. Amenities include a pool, rooftop lounge, patio area with grills, clubhouse, fitness center, dog run and heated underground parking. Mox Gunderson, Adam Haydon, Dan Linnell and Josh Talberg of JLL represented the sellers, Roers Investments, Reuter Walton Development and North Bay Cos. Champaign, Illinois-based Regency Multi-Family was the buyer.

September 28, 2021

Acquisitions Industrial Midwest Minnesota

Colliers Arranges Sale of 1.9 MSF Industrial Portfolio in Metro Minneapolis

by Kristin Harlow September 24, 2021

MINNEAPOLIS — Colliers International has arranged the sale of a 22-building industrial portfolio spanning 1.9 million square feet in metro Minneapolis. The sales price was undisclosed. Half of the portfolio features a high office finish and is located in the southwest submarket of Minneapolis, while the other half is comprised of warehouse and distribution product. Mark Kolsrud, John McCarthy, Peter Carbonneau, Peter Loehrer, Kyle Delarosby and Lydia Paasch of Colliers represented the seller, a national industrial owner. The team also procured the buyer, Nicola Wealth Real Estate Acquisitions LTD. Mike Taylor, Brian Bonipart and Pat Taylor of Gantry secured a $130 million loan on behalf of the buyer. A life insurance company provided the seven-year loan, which featured a sub-3 percent rate and a 30-year amortization schedule.

September 24, 2021

Affordable Housing Loans Midwest Minnesota Multifamily Northmarq

NorthMarq Arranges $32.2M Loan for Refinancing of Minneapolis Affordable Housing Community

by Kristin Harlow September 23, 2021

MINNEAPOLIS — NorthMarq has arranged a $32.2 million loan for the refinancing of Stone Arch Apartments in Minneapolis. The 221-unit affordable housing community, built in 2002, is located at 601 Main St. Amenities include a fitness center, business center, laundry facilities and grill area. Michael Padilla of NorthMarq arranged the loan through Freddie Mac’s Targeted Affordable Housing (TAH) program. The seven-year loan features a 30-year amortization schedule.

September 23, 2021

Development Midwest Minnesota Office

Lingerfelt CommonWealth Completes Renovation of Two22 Office Tower in Minneapolis

by Kristin Harlow September 21, 2021

MINNEAPOLIS — Lingerfelt CommonWealth Partners (LCP) has completed the renovation of Two22, a 42-story office tower located at 222 S. 9th St. in downtown Minneapolis. LCP acquired the 727,170-square-foot building in 2019 and hired Cushman & Wakefield for leasing, NELSON Worldwide for design and Gardner Builders for construction. The scope of the renovation project included a new lobby, atrium, tenant amenity space, elevator modernization and building automation system upgrades. Tom Tracy and Katie Tufford of Cushman & Wakefield are the leasing agents for the property.

September 21, 2021

Civic Development Midwest Minnesota Retail

Kraus-Anderson Completes $38M Iron Trail Motors Event Center in Minnesota

by Kristin Harlow September 17, 2021

VIRGINIA, MINN. — Kraus-Anderson has completed construction of the Iron Trail Motors Event Center at 819 S. 9th Ave. in the northern Minnesota town of Virginia. The $38 million project converted the former Miners Memorial Facility into a regional convention center that will be utilized for concerts, tradeshows, events and meetings. The project for the City of Virginia pays tribute to the city’s mining history by incorporating elements into the exterior such as taconite, iron colors and shale rocks. Designed by DSGW Architects, the 120,000-square-foot facility features two hockey and ice arenas, a 6,400-square-foot ballroom, two meeting rooms with 1,000 square feet of event space and a 320-square-foot board room. The second floor houses offices for the Parks and Recreation Department, community workout spaces and storage space. A grand opening event is scheduled for the week of Sept. 20.

September 17, 2021

Industrial Leasing Activity Midwest Minnesota

Pelican BioThermal Signs 117,242 SF Industrial Lease in Suburban Minneapolis

by Kristin Harlow September 17, 2021

MAPLE GROVE, MINN. — Pelican BioThermal has leased 117,242 square feet of distribution and production space at 10100 89th Ave. in Maple Grove, a suburb of Minneapolis. The company manufactures temperature-controlled packaging solutions for the transport of pharmaceuticals, vaccines, ventilators and blood supplies. Pelican BioThermal is expanding and relocating its headquarters from 70,000 square feet in Plymouth, Minn. Jared Scaringe, Ryan Foley and Mike Bowen of CBRE represented the tenant in the lease negotiations. The landlord was not disclosed.

September 17, 2021

Development Healthcare Midwest Minnesota

Davis Breaks Ground on 16,147 SF Medical Office Building in Wayzata, Minnesota

by Kristin Harlow September 17, 2021

WAYZATA, MINN. — Healthcare real estate firm Davis has broken ground on a 16,147-square-foot medical office building in Wayzata, a western suburb of Minneapolis. To date, Tailwind Pediatric Dentistry and Lorenz Clinic have signed leases, filling the entire second floor of the two-story building, which will be situated at 1120 E. Wayzata Blvd. Completion is slated for August 2022. Davis will provide property management and leasing services. Minneapolis-based Synergy Architecture Studio is the project architect and Plymouth, Minn.-based Timco Construction is the general contractor.

September 17, 2021

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