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DevelopmentLife SciencesMidwestMinnesotaMixed-UseTop Stories

Mortenson, University of Minnesota Foundation Plan 3 MSF Mixed-Use Village

by John Nelson

MINNEAPOLIS — A partnership between locally based developer Mortenson and The University of Minnesota Foundation Real Estate Advisors (UMFREA) is in the planning stages of a 12-acre mixed-use village on the eastern edge of the University of Minnesota’s Twin Cities campus. The project, which will span 3 million square feet, is named The Minnesota Innovation Exchange, or “The MIX.” Located in Minneapolis, the development site is bounded to the north by the school’s Biomedical Discovery District and the football stadium, Huntington Bank Stadium. The MIX is bounded to the south by the university’s future clinical campus expansion. Mortensen and UMFREA, which oversees the real estate decisions of the University of Minnesota Foundation, recently selected commercial real estate services giant CBRE to lease The MIX. At full build-out, the private development will include research-and-development space, creative offices, hotel rooms, apartments, shops and restaurants. The project team, which includes architectural firm HGA, hopes to attract life sciences users to The MIX to capitalize on the Twin Cities’ reputation as a hub for health and science activity, including a concentration of medical device manufacturers headlined by Medtronic and 3M. “This is an incredibly exciting opportunity for prospective tenants to participate in the most unique …

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AcquisitionsHealthcareMidwestMinnesota

Davis Acquires 201,000 SF Outpatient Medical Center in Suburban Minneapolis for $72M

by Kristin Harlow

PLYMOUTH, MINN. — Davis has acquired WestHealth, a three-building outpatient medical center totaling nearly 201,000 square feet in Plymouth, a western suburb of Minneapolis. The purchase price was $72 million. The campus comprises two outpatient medical buildings, an ambulatory surgical center and an emergency/urgent care facility. The buildings were 96 percent occupied at the time of sale. The anchor tenant is Allina Health, which occupies roughly 73 percent or 146,000 square feet within the property. Originally purpose-built by Allina Health and acquired by the current ownership in 2013 through a long-term ground lease, the asset has undergone expansions to meet the increasing demand for outpatient services. Eric Gundersen of Alerus Financial and Healthpeak arranged acquisition financing. Brian Bruggeman of Colliers represented Allina Health. Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jemmett, Jesse Greshin and Ryan Watts of CBRE partnered with Steve Brown of Forte Real Estate Partners as the seller’s advisors.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Negotiates Sale of 103-Unit Wheelock Parkway Apartments in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Marcus & Millichap has negotiated the sale of Wheelock Parkway Apartments in St. Paul for an undisclosed price. Located at 1609 N. Woodbridge St., the property features 44 one-bedroom units and 59 two-bedroom units across 85,580 rentable square feet. Amenities include an outdoor pool, laundry facilities, picnic areas, a walking path and playground. Constructed between 1965 and 1967, the community is situated near Como Park Zoo and Rosedale Center. Chris Collins, Evan Miller, Eric Wagner, Matthew Shide and Zack Olson of Marcus & Millichap represented the seller, a Minnesota-based limited liability company, and procured the undisclosed buyer.

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AcquisitionsMidwestMinnesotaMultifamilySeniors Housing

Inland Acquires Two Luxury Senior Living Communities in Metro Twin Cities

by Kristin Harlow

LAKEVILLE AND SAVAGE, MINN. — Inland Real Estate Acquisitions LLC has acquired two luxury senior living communities in metro Twin Cities for an undisclosed price. Kingsley Shores Independent Senior Living in Lakeville features 101 units. Amenities include a dining room, library, wellness center, warm-water pool, salon, rooftop veranda, theater room, scheduled transportation and onsite social activities. Kingsley Place, an active adult community with 55 units, was also acquired as part of Kingsley Shores. Savage Senior Living at Fen Pointe in Savage features 122 units. Amenities include a dining room, library, fitness center, clinic space, community gardens, salon, theater room, chapel, art studio, coffee bar and walking paths. Both properties were 95 percent occupied at the time of sale. Matthew Tice and David Neboyskey of Inland completed the transaction on behalf of an Inland affiliate.

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Market ReportsMidwestMidwest Market ReportsMinnesotaOffice

Minneapolis-St. Paul Office Market: It’s a Great Time to Be a Tenant

by Kristin Harlow

By Michael Gelfman, Colliers Like many major cities across the U.S., the Minneapolis-St. Paul office market remains soft while office users continue to adjust to the shifting dynamics of work brought on by the global pandemic. The gap between performing and non-performing buildings, driven by challenging debt markets, evaporation of building owners’ equity and the impact of hybrid work on office space demand, is growing.  Building owners are faced with difficult and often expensive decisions: spend what’s needed to create a highly amenitized environment (necessary to compete) that attracts tenants and draws employees back to the office or face a race to the bottom. For tenants in the market, this perfect storm has created unprecedented opportunity.  Hybrid work is here to stay For the last several years, many have wondered where the office market in Minneapolis-St. Paul was heading. The pandemic fundamentally changed the way companies use office space — was hybrid work a temporary solution to a once-in-a-lifetime event or was it here to stay? Today we know the answer: hybrid work is here to stay.  As a result of this seismic shift, some of which is due in part to artificial intelligence, many tenants over the last few …

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AcquisitionsDevelopmentKansasMidwestMinnesotaSelf-StorageTop Stories

U-Haul Acquires 3,345-Unit Self-Storage Portfolio in Midwest, Plans New 1,150-Unit Project in Twin Cities

by John Nelson

PHOENIX — U-Haul (NYSE:UHAL.B), a national provider of moving and storage services, has acquired a four-property portfolio of self-storage facilities in the Midwest totaling 3,345 units. NexPoint Storage Partners, the self-storage arm of Dallas-based NexPoint, sold the portfolio for an undisclosed price. Three of the facilities are concentrated in the Twin Cities region of Minnesota, and the fourth is located in Kansas City, Kan. The properties include 101 American Blvd. W and 3216 Winnetka Ave N in Minneapolis; 631 Transfer Road in St. Paul, Minn.; and 500 Southwest Blvd. in Kansas City. U-Haul has begun operating the assets under its own brand of self-storage and moving services. Extra Space Storage formerly operated the facilities. The portfolio totals 327,791 net rentable square feet of climate-controlled space. Overall, the portfolio was 88 percent occupied at the time of sale. JLL represented NexPoint Storage Partners in the transaction. In addition to the acquisition, U-Haul is growing its footprint in the Twin Cities area via a new U-Haul Moving & Storage location in Ramsey, located northwest of Minneapolis. The facility represents U-Haul Co. of Northern Minnesota’s first ground-up build. U-Haul acquired the 8.7-acre property at Highway 10 and Riverdale Drive last week. The lot was …

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $3.6M Sale of Multifamily Property in St. Paul, Minnesota

by Kristin Harlow

ST. PAUL, MINN. — Marcus & Millichap has brokered the $3.6 million sale of Birmingham Heights, a 28-unit multifamily property in St. Paul. Built in 1983, the community is located at 1424 Case Ave. E in the city’s Greater East Side neighborhood. Matt Shide, Evan Miller, Chris Collins, Eric Wagner and Zack Olson of Marcus & Millichap represented the seller, a local owner. The buyer was an out-of-state 1031 exchange investor looking to build its portfolio of apartments throughout Minnesota. Jon Ruzicka, broker of record in Minnesota, assisted in closing the transaction.

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Leasing ActivityMidwestMinnesotaRetail

Next-Generation Dick’s Sporting Goods Store to Open at Rosedale Center in Metro Minneapolis

by Kristin Harlow

ROSEVILLE, MINN. — A next-generation Dick’s Sporting Goods store totaling 80,000 square feet is scheduled to open later this month at Rosedale Center in the Minneapolis suburb of Roseville. The store will feature golf hitting bays with TrackMan technology, a HitTrax multi-sport cage, House of Cleats, equipment services counter, expanded footwear selection and apparel, accessories and equipment. Holly Rome and Lane Walsh of JLL handle leasing efforts at Rosedale Center and secured the lease with Dick’s. JLL’s retail development partner, Poag Development Group, led construction of the project at the parcel formerly occupied by Herberger’s. Rosedale Center is a 1.1 million-square-foot shopping center.

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DevelopmentLoansMidwestMinnesotaMultifamily

Associated Bank Provides $55M Construction Loan for Apartment Complex in Suburban Minneapolis

by Kristin Harlow

MINNETONKA, MINN. — Associated Bank has provided a $55 million construction financing package for a 269-unit apartment complex in the Minneapolis suburb of Minnetonka. Greystar is developing the project, which is named Marlowe Opus Station. Amenities will include a pool, courtyard, fitness room, clubroom, sauna, pet wash, private work-from-home offices, bike storage, structured parking, electric vehicle charging stations and storage units. Demolition is currently underway on the vacant office building on the site. Completion is slated for fall 2026. The project is within the 550-acre Opus 2 Parkway, which comprises a mixture of office, industrial, commercial and residential uses. Edward Notz of Associated Bank originated the loan.

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AcquisitionsMidwestMinnesotaRestaurantRetail

Boulder Group Arranges $3.4M Sale of Outback Steakhouse-Occupied Retail Property in Metro Minneapolis

by Kristin Harlow

COON RAPIDS, MINN. — The Boulder Group has arranged the $3.4 million sale of a single-tenant retail property net leased to Outback Steakhouse in Coon Rapids within metro Minneapolis. The 6,268-square-foot restaurant building is located at 8880 Springbrook Drive NW. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a California-based private investor. The seller was a New York-based real estate private equity firm. Outback has 12 years remaining on its lease with three five-year renewal options as well as 1.8 percent annual rental increases in the primary term. The tenant has operated at the property for 27 years. Outback, a subsidiary of Bloomin’ Brands, operates more than 1,000 restaurants worldwide.

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