Minnesota

SRS Negotiates $7.2M Sale-Leaseback of Two-Property Retail Portfolio in Indiana, Minnesota

by Kristin Harlow December 17, 2020

INDIANAPOLIS AND MAPLE GROVE, MINN. — SRS Real Estate Partners has negotiated the sale-leaseback of a two-property retail portfolio in the Midwest for $7.2 million. Christian Brothers Automotive sold both buildings and then signed 15-year leases. The first property is located at 3985 W. Smith Valley Road in Indianapolis. The 5,264-square-foot building sits on nearly two acres. The second asset is located at 9565 Zachary Lane in Maple Grove, a suburb of Minneapolis. The building spans 5,561 square feet on 1.4 acres. Frank Rogers and Michael Carter of SRS represented the all-cash buyer, a Midwest-based private investor that completed a 1031 tax-deferred exchange.

December 17, 2020

Acquisitions Connecticut Healthcare Midwest Minnesota Office Ohio Tennessee Top Stories

Davis Medical Investors Acquires Eight-Property Medical Office Portfolio for $112M

by Alex Tostado December 17, 2020

MINNEAPOLIS — Davis Medical Investors LLC has acquired an eight-property, 309,735-square-foot medical office portfolio for $112 million. The Minneapolis-based buyer acquired the assets through a new fund backed by Capital One. Three of the buildings were purchased from Davis Medical Investors-affiliated partnerships and the other five were acquired from undisclosed, third-party sellers. The portfolio comprises three properties in Minnesota, three in Tennessee and one each in Ohio and Connecticut. The acquisitions in Tennessee and Connecticut represent Davis Medical Investors’ entry into those markets. The portfolio was 99 percent leased at the time of sale with an average lease term of more than eight years. The buildings in the portfolio are an average of 10 years old. According to Mark Davis, founder and managing partner at Davis Medical Investors, the fund will be able to acquire more than 20 medical office buildings totaling up to $240 million. “Despite some of the acquisitions being temporarily put on hiatus because of COVID-19, we stayed in close contact with the sellers to ensure we successfully brought these deals to fruition,” says Stewart Davis, executive vice president of investments at Davis Medical Investors. The properties in the portfolio include: M Health-Fairview in Minneapolis, which is …

December 17, 2020

Loans Midwest Minnesota Office

Grandbridge Arranges $23.5M Refinancing for Office Park in Mendota Heights, Minnesota

by Kristin Harlow December 14, 2020

MENDOTA HEIGHTS, MINN. — Grandbridge Real Estate Capital has arranged a $23.5 million loan for the refinancing of a six-building, 420,000-square-foot office park in Mendota Heights within the Twin Cities metro area. Tony Carlson of Grandbridge arranged the loan on behalf of the undisclosed borrower. A life insurance company provided the loan, which features a fixed rate, 10-year term and 25-year amortization schedule.

December 14, 2020

Loans Midwest Minnesota Multifamily

Merchants Capital Provides $21.5M in Debt Financing for Apartment Property Under Construction in Minneapolis

by Kristin Harlow December 9, 2020

MINNEAPOLIS — Mortgage banking company Merchants Capital has provided more than $21.5 million in debt financing for The Bessemer at Seward Commons, a 128-unit apartment community currently under construction in Minneapolis. Located at 2200 Snelling Avenue, the transit-oriented development will include a clubroom, fitness center, outdoor terrace, dog run, package system, pet wash station and bicycle storage. The property is part of a larger development known as Seward Commons, which includes four separate housing developments. Merchants secured the 30-month construction loan on behalf of the co-developers, Schafer Richardson, Seward Redesign and Noor Cos. The City of Minneapolis awarded $5.4 million in tax-increment financing over a 26-year period. The project also received environmental clean-up funds from Hennepin County, Metropolitan Council and MN Department of Employment and Economic Development. A timeline for completion was not disclosed.

December 9, 2020

Acquisitions Midwest Minnesota Multifamily

Peak Capital Partners Acquires 231-Unit Luxury Apartment Complex in Eagan, Minnesota

by Kristin Harlow December 7, 2020

EAGAN, MINN. — Peak Capital Partners has acquired Royal Oaks Apartments in Eagan for an undisclosed price. The 231-unit luxury apartment complex is located at 3515 Federal Drive. Royal Oaks is less than one mile from Eagan’s retail hub and also features convenient access to I-494 and the Metro Orange line. Built in 1987, the property underwent substantial unit renovations and amenity upgrades during the time the previous owner, Timberland Partners, held the asset. Ted Ambramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented Timberland in the sale.

December 7, 2020

Acquisitions Midwest Minnesota Multifamily

TMC Management Sells Four-Property Multifamily Portfolio in Metro Minneapolis

by Kristin Harlow December 3, 2020

MINNEAPOLIS — TMC Management Corp. has sold a four-property multifamily portfolio totaling 104 units in metro Minneapolis. Two buyers purchased the properties in two separate transactions for undisclosed prices. The properties include Bella Vista in New Hope, Highland Gables in Brooklyn Park, Hanson Court in Crystal and Cedar Lake in Minneapolis. RST Holdings LLC acquired Bella Vista, Highland Gables and Hanson Court, while LHF Equites LLC purchased Cedar Lake. Ted Abramson and Drew Rafshol of CBRE Minneapolis Multifamily represented the seller.

December 3, 2020

Iowa Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides Three HUD Loans Totaling $18.8M for Age-Restricted Properties in Iowa, Minnesota

by Kristin Harlow November 25, 2020

CEDAR FALLS AND MARSHALLTOWN, IOWA, AND AUSTIN, MINN. — Colliers Mortgage has provided three HUD 223(a)(7) loans totaling $18.8 million for the refinancing of three age-restricted multifamily properties in Iowa and Minnesota. The properties, totaling 162 units, include Village Cooperative of Cedar Falls, Village Cooperative of Marshalltown and Village Cooperative of Austin. The market-rate communities are restricted to residents age 62 and older. The refinancing enabled the undisclosed borrowers to reduce the interest rates and mortgage insurance premiums on the loans, creating substantial annual savings, according to Colliers.

November 25, 2020

Midwest Minnesota Retail

Best Buy’s Comparable Sales Grow 23 Percent in Third Quarter

by Kristin Harlow November 24, 2020

RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its comparable store sales grew 23 percent in the third quarter versus the same period a year ago, a figure CEO Corie Barry called “remarkable.” The Richfield, Minn.-based retailer’s third quarter ended Oct. 31. Barry cited the company’s supply chain expertise, flexible store operating model and ability to shift quickly to digital for the growth in sales. Best Buy’s domestic online sales grew 174 percent in the third quarter. Barry also explained that there is elevated demand for products that help customers work, learn, cook, entertain and connect from home throughout the pandemic that is accelerating Best Buy’s growth. Best Buy reported third-quarter net income of $391 million, up from $293 million a year earlier. The retailer’s stock price closed at $122.04 per share Monday, Nov. 23, up from $74.25 per share one year ago.

November 24, 2020

Acquisitions Midwest Minnesota Multifamily

Monument Capital Management Acquires Apartment Property Near Minneapolis for $19.7M

by Kristin Harlow November 24, 2020

SHAKOPEE, MINN. — Monument Capital Management has acquired White Pines Apartments in Shakopee, about 25 miles south of Minneapolis, for $19.7 million. The 123-unit apartment property, built in 1999, is located at 1321-1364 Eagle Creek Blvd. It features one-, two- and three-bedroom units. Amenities include a fitness center, laundry facility, patio areas and Amazon Hub lockers. Ted Bickel of Colliers International represented the seller, Abacus Capital Group. Monument plans to implement a capital improvement program.

November 24, 2020

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $8.9M in Refinancing Loans for Two Multifamily Assets in Minnesota

by Kristin Harlow November 23, 2020

SARTELL, MINN. — Grandbridge Real Estate Capital has arranged two loans totaling $8.9 million for the refinancing of two multifamily assets in Sartell near St. Cloud. Tony Carlson of Grandbridge arranged a $3.8 million loan for a 52-unit townhome property and a $5.1 million loan for an 82-unit apartment complex. Both loans feature fixed rates and 15-year terms. A life insurance company provided the loans on behalf of the undisclosed borrower.

November 23, 2020

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