Minnesota

Upland Brokers $6.4M Sale of Two-Story Office Building in Edina, Minnesota

by Kristin Harlow January 15, 2021

EDINA, MINN. — Upland Real Estate Group Inc. has brokered the sale of a two-story office building in Edina for $6.4 million. The 70,400-square-foot property is located at 5350 W. 78th St. Upland represented the seller, W78th 5350 LLC. Merrie Sjogren and Nick Peterson of Assembly MN LLC represented the buyer, ISLA Affiliated Building Co. The buyer, a nonprofit Spanish immersion charter school, currently operates out of a 30,000-square-foot facility in Minnetonka. That site is under contract to local developer Doran Cos., which plans to redevelop it into multifamily housing.

January 15, 2021

Midwest Minnesota Retail

Target Reports Same-Store Sales Growth of 17.2 Percent Over Holidays

by Kristin Harlow January 13, 2021

MINNEAPOLIS — For the November and December holiday season, Target’s comparable sales rose 17.2 percent over the same period last year. Store-originated sales grew 4.2 percent and digital sales grew 102 percent. Store traffic increased 4.3 percent and the average ticket grew by 12.3 percent. The Minneapolis-based retailer also reported that its same-day services, such as order pick-up and drive-up, rose 193 percent. “The momentum in our business continued in the holiday season with notable market share gains across our entire product portfolio,” said Brian Cornell, chairman and CEO, in a news release. The merchandise category with the strongest growth was home goods. Target operates nearly 1,900 stores in the U.S. The company’s stock price closed at $199 per share Tuesday, Jan. 12, up from $123.87 per share one year ago.

January 13, 2021

Acquisitions Midwest Minnesota Multifamily

Four Twin Cities-Area Apartment Communities Trade Hands

by Kristin Harlow January 11, 2021

MINNEAPOLIS AND ST. PAUL — Four apartment properties in metro Twin Cities have traded hands for undisclosed prices. Main Street Cos. sold the 84-unit Riverwood Estates in Brooklyn Center to Riverwood LLC. The Oxford, a 20-unit asset in St. Paul, sold to Union Park Management by At Home Apartments LLC. In New Hope, the 12-unit 42nd Avenue Apartments sold to Verburgt Holdings LLC by 42nd Avenue Apartments LLC. Lastly, KPMG LLP sold the 54-unit Creekside Commons in Prior Lake to PRC Creekside LLC. Ted Abramson, Drew Rafshol, Abe Appert and Keith Collins of CBRE Minneapolis Multifamily represented the sellers in all of the transactions.

January 11, 2021

Acquisitions Midwest Minnesota Retail

Upland Real Estate Group Brokers $9.1M Sale of Tesla Service Center Near St. Paul

by Kristin Harlow January 11, 2021

MAPLEWOOD, MINN. — Upland Real Estate Group has brokered the $9.1 million sale of a Tesla service center in Maplewood near St. Paul. Tesla occupies the property on a long-term, net-lease basis. Tesla currently operates more than 330 locations worldwide. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. An institutional buyer purchased the asset.

January 11, 2021

Loans Midwest Minnesota Multifamily

JLL Arranges $44M in Construction Financing for Apartment Project in St. Paul

by Kristin Harlow January 6, 2021

ST. PAUL, MINN. — JLL Capital Markets has arranged $44.05 million in construction financing for University & Raymond, a 220-unit apartment project in the Saint Anthony Park neighborhood of St. Paul. The development will be situated on a 1.2-acre site at the corner of University and Raymond avenues. Amenities will include a fitness center, outdoor courtyard, pool, clubroom and rooftop patio. Russ Kappenman, Josh Talberg, Dan Linnell, Mox Gunderson and Ken Dayton of JLL represented the borrower, UniRay LLC. The team secured the loan through Principal Real Estate Investors. Kraus-Anderson is building the project, completion of which is slated for summer 2022.

January 6, 2021

Leasing Activity Midwest Minnesota Office

Law Firm Fredrikson & Byron Leases 178,000 SF at Office Tower in Downtown Minneapolis

by Kristin Harlow January 4, 2021

MINNEAPOLIS — Law firm Fredrikson & Byron has leased 178,000 square feet at RBC Plaza at 60 South Sixth, a 40-story office tower in downtown Minneapolis. The regional law firm will occupy approximately nine floors. KBS owns the Class A, 710,332-square-foot property. Amenities at the office tower include a fitness center, tenant lounge, conference center, retail and dining space, bicycle storage, underground parking and concierge services. Brent Robertson, Andrea Leon and Jon Dahl of JLL represented KBS in the lease transaction. Mike Salmen, Larry Serota and Will McDonald of Transwestern represented the tenant.

January 4, 2021

Affordable Housing Development Midwest Minnesota Multifamily

Woda Cooper to Develop 46-Unit Affordable Housing Project in Downtown Minneapolis

by Kristin Harlow December 23, 2020

MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride (PPL) in Living will co-develop Shelby Commons, a 46-unit affordable housing project in the North Loop neighborhood of downtown Minneapolis. The Minnesota Housing Finance Agency awarded $967,549 in housing tax credits for the project, which will be the first for Woda Cooper in the state of Minnesota. The four-story building will include underground parking, laundry facilities, a community room, lobby, playground and community gardens. Units will be available to residents who earn 30 to 80 percent of the area median income. The Minnesota Public Housing Authority has committed 12 project-based vouchers for rental assistance. Woda Cooper will occupy a management office at the property and PPL will maintain an onsite office to provide supportive services, including assistance to residents in the seven units set aside for those with homelessness and the five units set aside for persons with disabilities. Rochester, Minn.-based CRW Architecture & Design Group and Minneapolis-based BKV Group are the project architects. Kelly Construction & Design is the general contractor. Completion is slated for the second or third quarter of 2022.

December 23, 2020

Acquisitions Midwest Minnesota Office Retail

KW Commercial Arranges $5.1M Sale of Office, Retail Portfolio Near Minneapolis

by Kristin Harlow December 23, 2020

ST. CLOUD, MINN. — KW Commercial | AMK Properties has arranged the sale of a three-property office and retail portfolio in St. Cloud near Minneapolis for $5.1 million. Named the Heritage Centre Portfolio, the assets include Heritage Market I, Heritage Business Centre and Heritage Professional Building. They range in size from 8,600 square feet to 25,300 square feet. Matthew Klein and Anthony Passanante of KW represented the buyer, Heritage Retail Partners LLC. Amy Senn, Bob Pounds, Tim Prinsen, Pete Tanis and Lori Pounds of Newmark represented the undisclosed seller.

December 23, 2020

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $8.1M Sale of Multifamily Complex in Maplewood, Minnesota

by Kristin Harlow December 22, 2020

MAPLEWOOD, MINN. — Marcus & Millichap has arranged the $8.1 million sale of Cobblestone Court in Maplewood near Minneapolis. The 74-unit multifamily complex was built in 1968. The three-building property sits on 2.4 acres. Amenities include a pool, picnic area, playground and onsite laundry facilities. Units average 715 square feet. Within the last three years, 42 of the 74 units have received upgrades such as new appliances, countertops and flooring. Evan Miller and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a St. Paul-based property management company. The duo also procured the undisclosed buyer.

December 22, 2020

Acquisitions Industrial Midwest Minnesota

JLL Brokers $14.5M Sale of Distribution Center in Suburban Minneapolis

by Kristin Harlow December 17, 2020

MAPLE GROVE, MINN. — JLL Capital Markets has brokered the $14.5 million sale of a 102,994-square-foot distribution center located at 8175 Jefferson Highway in the suburban Minneapolis community of Maple Grove. The single-tenant property is triple net leased to GAF Materials LLC, a roofing manufacturer. David Berglund and Colin Ryan of JLL represented the seller, a partnership between PCCP and Capital Partners. An affiliate of Boston-based STAG Industrial Inc. purchased the asset.

December 17, 2020

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