Minnesota

Ackerberg, Northland to Develop 192-Unit Apartment Project in Downtown St. Paul

by Kristin Harlow September 17, 2020

ST. PAUL, MINN. — Ackerberg has acquired land at 337 W. 7th St. in downtown St. Paul with plans to develop The Alvera, a 192-unit apartment project. Northland Real Estate Group will serve as co-developer. Plans call for the demolition of an existing building to make way for the seven-story project, which will feature studios, one- and two-bedroom units as well as 1,400 square feet of retail space and 110 covered parking stalls. Amenities will include a penthouse clubroom with a kitchen and bar, an outdoor deck with fireplace and grills, a fitness center, bike room, package center and storage lockers. Construction is scheduled to begin later this month with completion slated for fall 2021. Opus Design Build will serve as general contractor and Rise Modular will provide modular units. DJR Architecture and E. Christen Design make up the design team. Bridgewater Bank is providing construction financing.

September 17, 2020

Leasing Activity Midwest Minnesota Office

Deluxe Corp. Leases 94,000 SF of Office Space in Minneapolis

by Kristin Harlow September 16, 2020

MINNEAPOLIS — Deluxe Corp. has leased 71,000 square feet of office space at 801 Marquette Ave. and 23,000 square feet at 121 S. Eighth St. in Minneapolis. Franklin Street Properties Corp. owns both office buildings, which now boast occupancy rates of approximately 92 percent. Deluxe, a financial tech firm, also leased 172,000 square feet of office space in Atlanta this month.

September 16, 2020

Development Midwest Minnesota Retail

Lunds & Byerlys to Open 51,000 SF Grocery Store at Highland Bridge Development in St. Paul

by Kristin Harlow September 16, 2020

ST. PAUL, MINN. — Lund Food Holdings Inc. has entered into a long-term lease agreement with developer Ryan Cos. to open a full-service Lunds & Byerlys grocery store within the Highland Bridge project in St. Paul. The 51,000-square-foot store is expected to open in 2022. It will offer an extensive selection of prepared foods, specialty products and two levels of covered parking. The store will anchor a building with 230 apartment units. The existing Lunds & Byerlys store at 2128 Ford Parkway will remain open until the grand opening of the new store. Highland Bridge is a large mixed-use redevelopment of the former Ford Motor Co. production plant in St. Paul’s Highland Park neighborhood.

September 16, 2020

Development Midwest Minnesota Multifamily Seniors Housing

High Street Residential Completes Development of 168-Unit Active Adult Community in Minnetonka, Minnesota

by Kristin Harlow September 15, 2020

MINNETONKA, MINN. — High Street Residential, a subsidiary of Trammell Crow Co., has completed the development of Avidor Minnetonka in suburban Minneapolis. The active adult community is home to 168 units for residents ages 55 and older. Allegro Management Co. is the property manager. Amenities at the six-story property include a bistro bar, business center, activity center, pet spa, fitness center, private dining room and pool deck. ESG Architects served as project architect and Stevens Construction was the general contractor. Monthly rents start at $1,890.

September 15, 2020

Acquisitions Midwest Minnesota Multifamily

Everwood Co. Sells 150-Unit Apartment Complex in Minneapolis

by Kristin Harlow September 15, 2020

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.

September 15, 2020

Development Healthcare Midwest Minnesota

Davis to Develop 78,000 SF Medical Office Building in Suburban Minneapolis

by Kristin Harlow September 14, 2020

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.

September 14, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $5.9M HUD Loan for Refinancing of Seniors Housing Property in Minnesota

by Kristin Harlow September 14, 2020

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.

September 14, 2020

Development Hospitality Midwest Minnesota

Kraus-Anderson Completes Construction of $98M Omni Viking Lakes Hotel in Eagan, Minnesota

by Kristin Harlow September 10, 2020

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.

September 10, 2020

Acquisitions Midwest Minnesota Retail

Marcus & Millichap Negotiates $1.9M Sale of Retail Building Near Minneapolis

by Kristin Harlow September 8, 2020

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.

September 8, 2020

Development Midwest Minnesota

Stahl Completes Construction of $37.9M Army National Guard Readiness Center in Minnesota

by Kristin Harlow September 2, 2020

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.

September 2, 2020

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