MINNEAPOLIS — Everwood Co. has sold Grain Belt Apartments in Minneapolis for an undisclosed price. The 150-unit apartment complex was constructed in 2015 on the site of a historic brewery. Spanning 135,806 square feet, the property consists of studio, one- and two-bedroom floor plans. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller. Grain Belt Apartments LLC was the buyer.
ST. LOUIS PARK, MINN. — Davis has unveiled plans to develop the 78,000-square-foot Xchange Medical building in St. Louis Park, a western suburb of Minneapolis. Ear Nose & Throat Specialty Care and Surgical Care Affiliates will anchor the three-story, Class A medical office building. The two tenants will occupy 60 percent of the project, which will include a covered patient drop-off area, a healing garden and a total of 324 parking spaces. Xchange Medical will be built on a 4.6-acre site that Davis assembled from four separate parcels that currently house vacant office and warehouse buildings, an auto repair shop and a parking lot. Davis has owned the parcels since 2015. The buildings will be demolished to make way for the project, which the St. Louis Park City Council unanimously approved in August. Davis expects to break ground in October with completion slated for late 2021.
ROCHESTER, MINN. — Colliers Mortgage has provided a $5.9 million HUD 223(a)(7) loan for the refinancing of Fairway Ridge Cooperative, a 52-unit seniors housing property in Southeast Minnesota’s Rochester. All units at the property, built in 2003, are restricted to households where the head of household is 62 years of age or older. The refinance will enable the borrower to reduce the interest rate on the loan.
EAGAN, MINN. — Kraus-Anderson (KA) has completed construction of the $98 million Omni Viking Lakes Hotel in Eagan, just south of Minneapolis. The 320-room hotel, located at 2611 Nordic Way, is scheduled to open Thursday, Oct. 1. The 381,163-square-foot property is part of the larger Viking Lakes mixed-use development that includes the Twin Cities Orthopedic Performance Center for the Minnesota Vikings, which KA completed in 2018. The 14-story hotel features 35,000 square feet of event space, including a ballroom and meeting areas. Amenities include a spa, fitness center, bar terrace and three dining options. MW Ventures owns the hotel. ESG Architects served as designer.
SPRING LAKE PARK, MINN. — Marcus & Millichap has negotiated the sale of Spring Lake Park Marketplace for $1.9 million. The 8,764-square-foot retail building is located at 8097 Highway 65 in Spring Lake Park, about 12 miles north of Minneapolis. Caribou Coffee anchors the fully occupied property, which was built in 2005. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. An undisclosed buyer purchased the asset at 98 percent of the list price.
ARDEN HILLS, MINN. — Stahl has completed construction of the new $37.9 million Army National Guard Readiness Center in Arden Hills, about 10 miles northeast of Minneapolis. Designed by LEO A DALY, the 135,000-square-foot facility will serve as the headquarters for the Red Bull Infantry Division. In the last decade, the Red Bull unit has grown significantly in personnel, equipment and technology, says Stahl. The new facility provides training and secure administrative, work and storage areas. The project is expected to achieve LEED Silver certification.
ST. LOUIS PARK, MINN. — Bridgewater Bank, a local Twin Cities bank, has opened its new corporate headquarters in St. Louis Park near Minneapolis. Known as Bridgewater Corporate Center, the development is located at the corner of Excelsior Boulevard and Monterey Drive. The four-story, 84,000-square-foot building includes a Bridgewater retail branch on the ground floor. Operations and administrative offices are located on the second and third floors. Other tenants include Hazelwood Food & Drink and boutique fitness studio Discover Strength, both of which will open to the public in early 2021. Ironmark Building Co., The Bainey Group, DJR Architecture and Momentum Design Group made up the project team.
CHASKA, MINN. — Lancaster Pollard Mortgage Co. has provided a $25 million loan for the refinancing of Chaska Heights Senior Living, a 138-unit assisted living and memory care community in Chaska, approximately 22 miles southwest of Minneapolis. Chaska Heights was originally developed in 2015 with a funding structure that included tax-increment financing from the Chaska Economic Development Authority. The facility consists of two buildings, with 66 assisted living units in one section and 58 assisted living units and 14 memory care units in the other. Tealwood Senior Living operates the community. Quintin Harris, who recently expanded his leadership role at Lancaster Pollard by taking helm of the Midwest team, led the transaction. The fixed-rate financing, which carries a 35-year term, also funds renovations.
MINNEAPOLIS — Best Buy Co. Inc. (NYSE: BBY) reported that its online sales increased 242 percent for the 13-week quarter that ended Aug. 1 compared with the same time period last year. Products that help people work, cook and learn at home such as computing, appliances and tablets were the largest drivers of sales growth for the second quarter, according to Corie Barry, CEO of the Minneapolis-based retailer. Sales at open stores grew by 5.8 percent. However, growth is not likely to continue at the same pace and the retailer will have higher expenses once all of its stores are reopened, according to CFO Matt Bilunas. “As we plan for the back half of the year, we continue to weigh many factors, including potential future government stimulus actions, the current shift in personal consumption expenditures from areas like travel and dining out, the possible depth and duration of the pandemic, the risk of higher unemployment over time and the availability of inventory to match customer demand,” says Bilunas. There are more than 900 Best Buy stores nationwide. Best Buy’s stock price closed at $117.36 per share Monday, Aug. 24, up from $67.65 per share one year ago.
VICTORIA, MINN. — Bethesda, a national Christian organization that provides homes and other services for people with intellectual and developmental disabilities, is opening Bethesda Cornerstone Village Victoria, located at 1519 82nd St. in Victoria, on Tuesday, Sept. 1. Offering apartments and villas, the community is restricted to adults age 55 or older and independent adults with intellectual and developmental disabilities. Bethesda Cornerstone Village Victoria will feature 37 apartment homes and 15 villa homes, with up to 20 percent of the residences serving people with a disability who live independently. Homes will feature granite countertops, stainless steel appliances, in-unit laundry, soundproofing and patios or balconies. Villa homes offer attached one- or two-car garages and apartment homes feature an underground parking garage. Community amenities will include a community center for events and activities and a fitness center with an array of exercise machines and classes. Lutheran Church Extension Fund provided financing for the housing community, which was designed by New York-based QPK Design. Kraus-Anderson served as general contractor and construction manager for the development.
