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.
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.
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.
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.
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.
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.
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.
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.
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 …
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.
