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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Begins $60M Expansion of Lund Center at Gustavus Adolphus College in Minnesota

by Kristin Harlow

ST. PETER, MINN. — Kraus-Anderson has begun the $60 million expansion of the Lund Center at Gustavus Adolphus College in St. Peter, about 70 miles southwest of Minneapolis. Designed by BWBR Architects, the 72,000-square-foot project includes new and improved spaces for wellness and academic programs in health and exercise and athletic training. Academic programs within Lund Center prepare students for careers in healthcare, education, coaching, athletic training and strength and conditioning. Phase I, which is expected to cost $21.6 million and be completed in spring 2022, will expand wellness facilities and include an expanded weight room as well as cardio and group fitness spaces. A new academic wing will house improved classrooms and faculty offices. A third-floor student lounge and recruitment area will be added for student and faculty use. Phase II calls for the construction of a new human performance lab, a 53,000-square-foot field house, a 118-seat lecture hall and locker rooms.

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Market ReportsMidwestMidwest Market ReportsMinnesotaMultifamily

Twin Cities Multifamily: A Look Back, What’s Next for the Resilient Market

by Kristin Harlow

By Ted Bickel and Jeff Budish, Colliers MSP At the start of the pandemic last spring, conversations with developers, investors and operators varied from discouraging to catastrophic. Everyone expected the worst. Luckily for the industry, that is not what happened. Amid a year of great uncertainty across the economic spectrum, the Twin Cities multifamily market showed a great deal of resilience, overcoming many challenges in 2020. 2020 recap Considering that the marketplace was nearly frozen for the second quarter of 2020, overall transaction volume for 2020 was surprisingly strong. Minnesota saw a considerable uptick in activity toward the end of the year, driving annual totals up to just short of $1.3 billion. A strong bounce-back in the second half of the year speaks to strong demand drivers and generally solid operating performance — even during the economic shutdown. However, while vacancies did not run up, as many had feared, collections and bad debt suffered. Understandably, many tenants struggled to pay rent as stimulus waned later in the year. This had a notable effect on net operating income. Overall, pricing did not change, while cap rates lowered to some extent. Inexpensive debt, particularly from the agencies, was a large factor in …

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AcquisitionsIndustrialMidwestMinnesota

Phoenix Investors Purchases 248,291 SF Industrial Flex Building in Waseca, Minnesota

by Kristin Harlow

WASECA, MINN. — Phoenix Investors has acquired a 248,291-square-foot industrial flex building in Waseca for an undisclosed price. Phoenix plans to implement a capital improvement plan to reinvigorate the space for new users. There is currently 100,000 square feet available for lease. The facility sits on 19.7 acres at 229 Johnson Ave. SW. Dave Schoof of Coldwell Banker Commercial Fisher Group brokered the sale. The acquisition expands Phoenix’s footprint to 23 states.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges $10.9M Sale of Apartment Complex in Maplewood, Minnesota

by Kristin Harlow

MAPLEWOOD, MINN. — Marcus & Millichap has arranged the sale of Sibley Cove in Maplewood for $10.9 million. The apartment complex features 81 units. Chris Collins, Evan Miller and Seth Barnett of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a Twin Cities-based limited liability company.

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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Begins Construction of $26M Project for Jackson County Central Schools in Minnesota

by Kristin Harlow

LAKEFIELD, MINN. — Kraus-Anderson has begun construction of a $26 million project for Jackson County Central Schools in Lakefield, a city in southern Minnesota. The project scope includes the construction of a new middle school and interior remodeling of Pleasantview Elementary School. Designed by JLG Architects, the new 84,000-square-foot Pleasantview Middle School will feature new classrooms, career and tech education learning spaces and science classrooms, as well as a gymnasium, band and choir areas, kitchen and common areas. Renovations to the elementary school include air quality upgrades as well as improvements to meet requirements of the Americans with Disabilities Act.

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LoansMidwestMinnesotaMultifamilySeniors Housing

Dwight Capital Provides $22.2M HUD-Insured Loan for Refinancing of Senior Living Community in Minnesota

by Kristin Harlow

RICHFIELD, MINN. — Dwight Capital has provided a $22.2 million HUD-insured loan for the refinancing of Gramercy Park Cooperative at Lake Shore Drive in Richfield, an inner-ring suburb of the Twin Cities. The 157-unit senior living community rises 12 stories on 1.7 acres. Amenities include a library, fitness room, hair salon, community room, grocery store, individual storage space and exterior gardens. Josh Sasouness of Dwight originated the 223(a)(7) loan on behalf of the undisclosed borrower.

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Data CentersIndustrialLeasing ActivityMidwestMinnesota

Cogent Communications Signs 6,000 SF Lease at Newly Expanded Data Center in Downtown Minneapolis

by Kristin Harlow

MINNEAPOLIS — Cogent Communications has signed a 6,000-square-foot lease at T5@Minneapolis, a newly expanded data center located at 1001 Third Ave. South in downtown Minneapolis. Legacy Investing, an investment and commercial real estate firm focused on technology properties, owns the asset. T5 Data Centers, a national data center operating company, manages and operates the property, which features private suites, technical office space, a conference area and tenant lounge. The building is served by access to 74 network providers, now including Cogent. Sean Brady, Randy Borron and Justin Baratz of Cushman & Wakefield represented Legacy Investing in the lease transaction. Scott Becker of JLL and Jonathan Larsen of Avison Young represented Cogent.

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AcquisitionsIndustrialMidwestMinnesota

Westmount Realty Capital Sells 413,239 SF Warehouse in Burnsville, Minnesota

by Kristin Harlow

BURNSVILLE, MINN. — Westmount Realty Capital LLC has sold I-35 Industrial Center in Burnsville, a southern suburb of Minneapolis. Located at 2300 State Highway 13 West, the 413,239-square-foot warehouse is fully leased to e-commerce company ShopJimmy.com. Originally built in 1970, the Class B property is situated on 21 acres. It features a recycling center, showroom and storage space as well as 23 dock doors, 12 drive-in doors and a clear height of 21 feet. Westmount repaired masonry work on the building’s exterior, painted the building and upgraded the parking lot. Mark Kolsrud, Pete Carbonneau and Peter Loehrer of Colliers MSP Investment Services Group represented Westmount in the sale. The buyer and sales price were undisclosed.

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IndustrialMarket ReportsMidwestMidwest Market ReportsMinnesota

Twin Cities Industrial Market Poised for Additional Growth

by Kristin Harlow

By Joe Mahoney, Opus Development Co. Despite a confluence of major events in 2020 that shook our world — the pandemic, social unrest, historically high rates of unemployment — the industrial real estate market in the Twin Cities fared very well. While positive net absorption was limited in the second quarter of 2020, the rate accelerated to 1.1 million square feet during the fourth quarter and ended the year at 3.2 million square feet, according to CBRE Minneapolis-St. Paul. Active users also increased. In the beginning of 2020, there were 6.4 million square feet of users. At the end of the third quarter, that number had increased to 10 million, and by the end of the year, there were close to 12 million square feet of users, almost doubling over the course of the year. We see user demand continuing to trend up and accelerate this year. To support growth plans, users are looking for highly functional manufacturing, warehousing and distribution facilities. Many businesses are increasing efficiency and productivity by consolidating several obsolete buildings into one new highly functional, build-to-suit space. COVID-19 supply chain disruption has prompted some businesses to increase their footprint for storing more inventory and reducing reliance …

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AcquisitionsMidwestMinnesotaOffice

Monarch Alternative Capital, Crestlight Capital Purchase Three-Building Office Portfolio in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Monarch Alternative Capital LP and Crestlight Capital have acquired a portfolio of three office buildings in the North Loop submarket of Minneapolis for an undisclosed price. The properties are located at 241 N. 5th Ave., 411 Washington Ave. and 500 N. 3rd St. Swervo Development Corp. was the seller and developer for all three buildings. The new owners plan to invest in branding and amenities for the properties. Monarch is an investment firm with approximately $9 billion of assets under management, and Crestlight is a Detroit-based private equity real estate investment firm with roughly $500 million in assets under management.

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