Minnesota

JLL Brokers $278M Sale of Eight-Property Grocery-Anchored Retail Portfolio

by Katie Sloan June 16, 2022

OAK BROOK, ILL. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc. The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post. The properties span 687,000 square feet and include: Olde Ivy Village, located outside of Atlanta at 4330 East-West Connector in Smyrna, Ga.; Denton Village, located at 4930 Teasley Lane in the Dallas suburb of Denton, Texas; Northpark Square Village, located at 27706-27776 McBean Parkway in the metro Los Angeles community of Valencia, Calif.; Northville Park Place, located at 18771-39869 Traditions Drive in Northville, Mich., outside of Detroit; City Place, located eight miles east of Saint Paul at 205 Radio Drive in Woodbury, Minn.; Rusty Leaf Plaza, located at 2512-2560 E. Chapman Ave. in Orange, Calif.; Lower Makefield Shopping Center, located at 700 Stony Hill Road in Yardley, Pa., outside Philadelphia; and New Town Village, located at 9700 Groffs Mill Drive in the metro Washington, D.C., community of Owings Mills, Md. Bill Moylan, Chris Angelone, Barry Brown, …

June 16, 2022

Development Healthcare Midwest Minnesota

Davis, Allina Health Open 40,000 SF Surgery Center in Suburban Minneapolis

by Kristin Harlow June 14, 2022

BROOKLYN PARK, MINN. — Minneapolis-based developer Davis and Minnesota-based health system Allina Health have opened 610 Medical, a 40,000-square-foot ambulatory surgery center in the Minneapolis suburb of Brooklyn Park. The two-story property is located at 6001 96th Lane. Allina Health leases most of the second floor. Minneapolis-based Synergy Architecture Studio served as architect and Plymouth, Minn.-based Timco Construction Inc. was the general contractor.

June 14, 2022

Acquisitions Midwest Minnesota Restaurant Retail

NAI Legacy Arranges $3.4M Sale of Raising Cane’s Ground Lease in Maplewood, Minnesota

by Kristin Harlow June 14, 2022

MAPLEWOOD, MINN. — NAI Legacy has arranged the sale of a Raising Cane’s Chicken Fingers ground lease in Maplewood near Minneapolis for $3.4 million. The ground lease for the newly constructed, single-tenant property is for 15 years. The building is located at 3065 White Bear Ave. Michael Houge of NAI Legacy represented the undisclosed seller, while Ken Tsukahara of Colliers represented the California-based buyer. Raising Cane’s operates more than 600 restaurants across the U.S.

June 14, 2022

Development Midwest Minnesota Restaurant Retail

Taco Bell Opens New Drive-Thru Prototype in Brooklyn Park, Minnesota

by Kristin Harlow June 7, 2022

BROOKLYN PARK, MINN. — Taco Bell has opened its new and innovative drive-thru prototype in the Minneapolis suburb of Brooklyn Park. Coined Taco Bell Defy, the two-story restaurant features four drive-thru lanes. A proprietary vertical lift transports food items straight from the kitchen to guests. The drive-thru experience at Taco Bell Defy is designed to be two minutes or less. The restaurant was built in partnership with longtime franchisee Border Foods. Minneapolis-based Vertical Works Inc. handled the design of the concept. The project was first announced last year.

June 7, 2022

Leasing Activity Midwest Minnesota Office

Northwestern Mutual to Relocate Within Capella Tower in Downtown Minneapolis

by Kristin Harlow May 27, 2022

MINNEAPOLIS — The local Minneapolis firm of Northwestern Mutual will relocate within Capella Tower in downtown Minneapolis. The firm will swap its space on the 29th and 30th floors for newly designed space on the 44th and 45th floors spanning 34,000 square feet. Larissa Bodine and Ann Rinde of CBRE represented ownership, Shorenstein Properties, while Emily Nicoll and Erin Hoeg of CBRE represented the tenant. Shorenstein recently upgraded the 53-story Capella Tower to include a 5,500-square-foot sky deck, first-floor lounge, Mother Dough coffee, wine bar, health club, conference facilities and updates to both security and indoor air quality. More improvements are scheduled in the near future, but no details were provided regarding specific plans. Northwestern Mutual has occupied space at Capella Tower for the past 12 years.

May 27, 2022

Development Industrial Midwest Minnesota

PCCP, United Properties Break Ground on 96,000 SF Spec Industrial Building in Suburban Twin Cities

by Kristin Harlow May 24, 2022

INVER GROVE HEIGHTS, MINN. — A joint venture between PCCP and United Properties has broken ground on InverPoint 2, a 96,000-square-foot speculative industrial building in the Twin Cities suburb of Inver Grove Heights. The property will be situated at 8450 Courthouse Blvd. within the InverPoint Business Park. Completion is slated for late 2022. InverPoint 2 will feature a clear height of 28 feet, 12 dock doors, four drive-in doors, 108 surface parking stalls and five entrances. The facility will be able to accommodate tenants ranging in size from 16,000 to 96,000 square feet. InverPoint Business Park will include five buildings spanning 475,000 square feet upon full buildout.

May 24, 2022

Leasing Activity Midwest Minnesota Office

Law Firm Fox Rothschild Relocates Minneapolis Headquarters to City Center

by Kristin Harlow May 23, 2022

MINNEAPOLIS — Fox Rothschild LLP, a national law firm, is relocating its Minneapolis headquarters from Two22 Tower to City Center in November. The firm will occupy 39,081 square feet of Target’s former space. Francis Cauffman Architects will serve as architect and interior designer for Fox Rothschild’s new space, which will span half of floor 36 and the entirety of floor 37. City Center is a 51-story, 1.6 million-square-foot office and retail tower owned by Ryan Cos. US Inc.

May 23, 2022

Development Midwest Minnesota Multifamily

Ryan Cos., Weidner Underway on Construction of 25-Story Apartment Building in Minneapolis

by Kristin Harlow May 18, 2022

MINNEAPOLIS — Ryan Cos. US Inc. and Weidner Apartment Homes are underway on the construction of Fourth & Park, a 25-story apartment building located at the intersection of South 4th Street and Park Avenue in downtown Minneapolis. Completion is slated for the first quarter of 2024. Plans call for 350 apartment units, 100 parking stalls, a sixth-floor green roof, pool deck and community room. Ryan is the developer and builder, and Ryan A+E Inc. is the architect of record. The building, situated one block west of US Bank Stadium, marks the last phase of Downtown East, a five-block redevelopment project that began in 2014. Ryan partnered with the City of Minneapolis, Minnesota Sports Facilities Authority, the Star Tribune and Wells Fargo to redevelop the neighborhood. The $588 million project includes 1.2 million square feet of office space spread across two 17-story Wells Fargo towers, a 200-unit apartment complex, a multi-tenant office building, four-acre public greenspace, hotel and parking ramp.

May 18, 2022

Acquisitions Industrial Midwest Minnesota

CBRE Arranges $143M Sale of Industrial Portfolio in Suburban Minneapolis

by Kristin Harlow May 17, 2022

MINNEAPOLIS — CBRE has arranged the sale and recapitalization of an 11-building industrial portfolio totaling nearly 1.4 million square feet in suburban Minneapolis for $143 million. The properties are located in Oakdale, Maplewood, New Hope, Bloomington, Brooklyn Park, Maple Grove, Minneapolis and Roseville. Michael Caprile, Judd Welliver, Ryan Bain, Zachary Graham and Bentley Smith of CBRE represented the seller, Onward Investors, which recapitalized the portfolio with a new capital partner.

May 17, 2022

Industrial Leasing Activity Midwest Minnesota

Stonebrooke Equipment Leases 99,683 SF of Industrial Space in Rosemount, Minnesota

by Kristin Harlow May 11, 2022

ROSEMOUNT, MINN. — Stonebrooke Equipment Inc. has leased 99,683 square feet of industrial space at 15100 Business Parkway in Rosemount, a southern suburb of the Twin Cities. Stonebrooke specializes in partnering with fleet managers and business owners to provide custom-built fleet solutions to improve productivity, efficiency, safety and profits. Doug Fulton, Rob Youngquist and Andi Simon of Avison Young represented the tenant in the lease. Avison Young’s project management team is working with a design and construction team to manage tenant improvements before Stonebrooke takes occupancy in August. Cushman & Wakefield represented the landlord, Business Parkway Building.

May 11, 2022

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