HUTCHINSON, MINN. — Kraus-Anderson has completed the construction of a 17,000-square-foot expansion for the Hutchinson Health facility in Hutchinson, about 60 miles west of Minneapolis. The $17.5 million project included 18 new medical, surgical and intensive care patient rooms. Wold Architects and Engineers designed the expansion. Hutchinson Health, classified as a Level 4 trauma center, offers a wide range of care from clinic services and outpatient procedures to inpatient care.
MANKATO, MINN. — Greystone has provided a $10.5 million Fannie Mae loan for the refinancing of River Bluff Apartments in Mankato. The 150-unit multifamily property is situated roughly 80 miles southwest of downtown Minneapolis. Monthly rents start at $850. The borrower, Mankato MAHC LLC, acquired the property in 2017. Kyle Jemtrud of Greystone originated the 12-year, fixed-rate loan, which features a 30-year amortization and four years of interest-only payments.
EDEN PRAIRIE, MINN. — Kraus-Anderson has completed construction of a 250,000-square-foot retail sporting goods store for Scheels at Eden Prairie Center in Minnesota. Designed by R.L. Engebretson Architecture, the $58 million, two-story store includes a 16,000-gallon saltwater aquarium, 45-foot-tall Ferris wheel as well as a Ginna’s Café and Fuzziwig’s Candy Factory. Scheels will offer a selection of sports, fashion and footwear. The sport shoe, hiking boot and casual footwear section is the largest in the region. The new store is expected to employ approximately 400 people. Scheels maintains a portfolio of 28 stores in 13 states.
ST. PAUL, MINN. — Ryan Cos. has broken ground on the redevelopment of a 122-acre former Ford plant in St. Paul’s Highland Park neighborhood. Named Highland Bridge, the project has a focus on residential, featuring seniors housing, market-rate multifamily housing and 760 units of affordable housing, as well as for-sale row homes. In addition to the project’s 3,800 housing units, Highland Bridge is slated to include 150,000 square feet of retail space, 265,000 square feet of office space and 50,000 square feet of civic or institutional spaces. More than 55 acres of public space will include four new parks, biking and walking paths and two little league fields. Ryan Cos. completed the purchase of the former Ford plant in December 2019. Ford began production of the Model T at the site in 1925, but the plant closed in 2011. Total project costs for the redevelopment were not disclosed. An estimated 14,500 construction jobs will be created for the project. Once complete, an estimated 1,000 employees will be employed at the site. “We’ve paid particular attention to what makes Highland Park special, and our goal is to uphold those unique qualities, to expand upon them, and to create a place where …
COON RAPIDS, MINN. — Metro Storage LLC has purchased a parcel of land at 3021 124th Ave. in Coon Rapids and has started construction on a 908-unit self-storage facility at the site. The climate-controlled facility will span 95,000 rentable square feet. Heated and drive-thru storage options will be available. An office space will showcase security features and provide a selection of moving boxes, packing supplies and locks. Completion is slated for spring 2021. Located along the Mississippi River, Coon Rapids is a northern suburb of Minneapolis. This is the eighth location for Metro Storage in the Minneapolis market.
ST. PETER, MINN. — Kraus-Anderson Construction Co. has completed a $70 million renovation and expansion of Nobel Hall of Science at Gustavus Adolphus College in St. Peter, about 70 miles southwest of Minneapolis. Nobel Hall houses the departments of biology, chemistry, geography and geology, along with interdisciplinary programs in biochemistry, molecular biology and environmental studies. Designed by Hastings+Chivetta, the 182,828-square-foot project nearly doubled the building’s footprint. A lobby and laboratory theater connects Nobel Hall to the Schafer Fine Arts building. The project also added new research and teaching laboratories, offices, classrooms and meeting rooms as well as a museum, greenhouse and auditorium.
DULUTH, MINN. — JLL Capital Markets has arranged the $17.4 million sale of Greysolon Plaza in Duluth in eastern Minnesota. The 150-unit affordable housing property features one-bedroom floor plans. Greysolon Plaza is a historic building that formerly housed the Hotel Duluth. Orbach Affordable Housing Solutions (OAHS) purchased the asset from Sherman Associates. Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller. OAHS plans to acquire 2,000 units in Minnesota, New York, New Jersey and Pennsylvania over the next 12 months.
MINNESOTA — Marcus & Millichap has brokered the sale-leaseback of a six-property gas station portfolio in Minnesota for $7.9 million. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller. The properties, which were recently converted from Murphy USA to BP, all serve as outparcels to Walmart supercenters throughout the state.
MINNETONKA, MINN. — JLL Capital Markets has arranged a $28 million Fannie Mae loan for the refinancing of The Cliffs at Minnetonka in suburban Minneapolis. The 456-unit, garden-style multifamily property is located at 12300 Marion Lane in Minnetonka. Completed in 1988, the development includes six buildings on a 27.5-acre site. Brock Yaffe of JLL led the team representing the borrower, The Cliffs LP. The 10-year loan features a fixed rate.
EDINA, MINN. — Counterpointe Sustainable Real Estate (CounterpointeSRE) has provided a $5.5 million Commercial Property Assessed Clean Energy (C-PACE) loan to support the development of a 227-unit apartment project in Edina within metro Minneapolis. Dakota Pacific and Luxe Residential are developing the project. Located at 3250 W. 66th St., the six-story development will be named Millennium Sixty Six. Sustainability features to reduce electricity consumption and greenhouse gas emissions qualify the project for PACE financing. The loan will be used for energy-efficient infrastructure investments, including building envelope, interior lighting, HVAC and low-flow fixtures. Completion of the project is slated for July 2021.
