Minnesota

JLL Negotiates $11.2M Sale of Minnetonka Corporate Center

by Kristin Harlow May 25, 2021

MINNETONKA, MINN. — JLL Capital Markets has negotiated the $11.2 million sale of Minnetonka Corporate Center in Minnetonka, about 15 miles southwest of Minneapolis. The 94,435-square-foot property features office and warehouse space. Renovated in 2004, Minnetonka Corporate Center is fully leased to six tenants. Located on Clearwater Drive, the property features five dock doors and four drive-in doors. Colin Ryan and David Berglund of JLL represented the seller, Onward Investors LLC. The duo also procured the buyer, WinPark Associates LLC.

May 25, 2021

Loans Midwest Minnesota Retail

NorthMarq Arranges $8M Loan for Refinancing of Grocery Asset in Shorewood, Minnesota

by Kristin Harlow May 25, 2021

SHOREWOOD, MINN. — NorthMarq has arranged an $8 million loan for the refinancing of a Cub Foods-occupied retail property in Shorewood, about 20 miles southwest of Minneapolis. Andy Finn of NorthMarq’s Minneapolis office arranged the 15-year loan at a fixed interest rate below 3 percent. A life insurance company provided the loan for the undisclosed borrower.

May 25, 2021

Affordable Housing Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Construction of $7M Affordable Housing Townhome Project in Minnesota

by Kristin Harlow May 25, 2021

BEMIDJI, MINN. — Kraus-Anderson has completed construction of Conifer Villas, a $7 million affordable housing project in central Minnesota’s Bemidji. The townhome community features 32 units for residents who have been homeless or need special support. The four-building project includes a community meeting space. Headwaters Housing Development Corp. was the developer and Lucachick Architecture was the architect.

May 25, 2021

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $26.1M Sale of Apartment Complex in St. Paul

by Kristin Harlow May 24, 2021

ST. PAUL, MINN. — JLL Capital Markets has arranged the sale of the Phoenix Apartments in the Battle Creek neighborhood of St. Paul for $26.1 million. Located at 200 Winthrop St., the 216-unit apartment complex was built in 1976 and updated in 2017. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the seller, Main Street Cos. A joint venture between a fund managed by DRA Advisors and Marquette Cos. was the buyer. The sale represents a value-add opportunity as roughly 50 percent of the apartment complex is still in need of renovations, according to JLL.

May 24, 2021

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $20.8M Loan for Refinancing of Rana Village Apartments in Minneapolis

by Kristin Harlow May 24, 2021

MINNEAPOLIS — Colliers Mortgage has provided a $20.8 million Fannie Mae loan for the refinancing of Rana Village, a 113-unit apartment complex in Minneapolis. The six-story building was constructed in 2019. Amenities include a playground, fitness center, business center and covered parking. The fixed-rate loan features a 10-year term and a 30-year amortization schedule. Rana Village LLC was the borrower.

May 24, 2021

Development Midwest Minnesota Multifamily

Kraus-Anderson Breaks Ground on $80M Apartment Tower in Minneapolis

by Kristin Harlow May 20, 2021

MINNEAPOLIS — Kraus-Anderson has broken ground on Moment, an $80 million apartment tower in downtown Minneapolis. The developer, Sherman Associates, acquired the site from Thrivent Financial, whose headquarters recently opened nearby. Designed by ESG Architects, the 222-unit project will also include 15,300 square feet of commercial space. The second floor of the 10-story building will be home to Firefighters for Healings and its Transitional Healing Center for injured firefighters and burn victims. The center will provide 12 suites for families awaiting a patient in the hospital or discharged patients. Amenities will include a pool, sauna, sports simulator, work-from-home space and rooftop lounge. Two solar gardens will offset the building’s energy usage. Completion is slated for fall 2022. “We were inspired by the people likely to live there, the healthcare workers at the neighboring Hennepin Healthcare Center,” says Valerie Doleman, senior vice president with Sherman. “We designed an environment that encourages people to celebrate moments of joy, find moments of peace, moments of pause and share moments with each other. We wanted to encourage people to live in the moment.”

May 20, 2021

Midwest Minnesota Retail

Target’s First-Quarter Sales Rise 23 Percent, Pickup Services Grow 90 Percent

by Kristin Harlow May 20, 2021

MINNEAPOLIS — Target Corp. (NYSE: TGT) reported that its first-quarter comparable sales grew 23 percent, driven partly by a surge in pickup services. Same-day services such as order pickup and drive-up increased more than 90 percent in the quarter, which ended May 1. Store comparable sales for the Minneapolis-based retailer increased 18 percent, while digital comparable sales grew 50 percent. Target stores fulfilled more than three quarters of its digital sales, according to Brian Cornell, chairman and CEO. The retailer generated $24.2 billion in total revenue for the first quarter, up 23.4 percent from the same period a year ago. Target’s stock price opened at $210.31 per share Wednesday, May 19, up from $123.17 per share one year ago. The retailer operates more than 1,900 stores nationwide.

May 20, 2021

Acquisitions Midwest Minnesota Multifamily

Colliers Brokers $1.7M Sale of Multifamily Development Site in Rogers, Minnesota

by Kristin Harlow May 20, 2021

ROGERS, MINN. — Colliers MSP has brokered the $1.7 million sale of a 14.8-acre land site in Rogers, a northwest suburb of the Twin Cities. The buyer, Rachel Development Inc., plans to build a 134-unit apartment complex as well as 56 townhomes. Andy Heieie and Rob Brass of Colliers represented the seller, WJD II & Co. LLP. The Colliers team also worked with the owners of the adjacent Caribou Coffee and Culvers to redesign their access points and drive-thru lanes for the project.

May 20, 2021

Development Industrial Midwest Minnesota

United Properties, PCCP Form Joint Venture to Develop 11-Building Industrial Portfolio

by Kristin Harlow May 13, 2021

MINNEAPOLIS — CBRE has arranged a $165 million joint venture partnership between United Properties and PCCP for the development of an 11-building industrial portfolio. The properties will total 1.4 million square feet across the Minneapolis, Denver and Austin markets. The joint venture has the potential to carry into a second phase of development with an additional 18 buildings totaling 2.3 million square feet, according to CBRE. Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith and Tom Holtz of CBRE Minneapolis led the team that arranged the partnership on behalf of United Properties, which is based in Minneapolis. PCCP, formerly known as Pacific Coast Capital Partners, is an investment manager with offices in New York, San Francisco, Atlanta and Los Angeles.

May 13, 2021

Civic Development Midwest Minnesota

Kraus-Anderson Begins Construction of $94M High School in Owatonna, Minnesota

by Kristin Harlow May 12, 2021

OWATONNA, MINN. — Kraus-Anderson has begun construction of a new $94 million high school located at 1455 18th St. SE in Owatonna, about 65 miles south of Minneapolis. The project is part of a $112 million district bond referendum, which voters passed in November 2019. Designed by Wold Architects and Engineers, the three-story, 317,000-square-foot school will accommodate 1,600 students. In addition to classrooms, the high school will feature industrial arts labs, an 825-seat auditorium and a large cafeteria space. Plans also call for a 3,451-seat football stadium, four-court gymnasium, eight tennis courts, four soccer fields, two softball fields, two baseball fields, a synthetic turf field, full track and four storage buildings for athletics. Completion is slated for summer 2023.

May 12, 2021

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