Minnesota

Bridgewater Bank Opens New Corporate Headquarters in St. Louis Park, Minnesota

by Kristin Harlow August 28, 2020

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.

August 28, 2020

Loans Midwest Minnesota Multifamily ORIX Seniors Housing

Lancaster Pollard Provides $25M Refinancing for Chaska Heights Senior Living in Minnesota

by Kristin Harlow August 28, 2020

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.

August 28, 2020

Midwest Minnesota Retail

Best Buy’s Online Sales Increase 242 Percent in Second Quarter

by Kristin Harlow August 25, 2020

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.

August 25, 2020

Bethesda-Cornerstone-Village-Victoria-MN

Development Midwest Minnesota Multifamily Seniors Housing

Bethesda to Open 52-Unit Age-Restricted Community in Minnesota on Sept. 1

by Amy Works August 21, 2020

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.

August 21, 2020

Acquisitions Industrial Midwest Minnesota Net Lease Retail

Upland Real Estate Group Brokers $4.7M Sale of Caliber Collision-Occupied Property in Minnesota

by Amy Works August 20, 2020

COON RAPIDS, MINN. — Upland Real Estate Group has arranged the $4.7 million sale of an investment property net leased to Caliber Collision in Coon Rapids. The names of the seller and buyer were not released. Caliber Collision has operated at this location in the suburbs of Minneapolis for 20 years and recently signed a new 15-year, triple-net lease with rent increases every 5 years. The property’s lease has a corporate guarantee by WAND NEWCO 3, which operates more than 1,100 stores in 37 states and the District of Columbia. Deb Vannelli, Keith Sturm and Amanda Leathers of Upland Real Estate Group represented the seller in the deal.

August 20, 2020

Company News Midwest Minnesota Retail

Target Reports Record Sales Increase of 24.3 Percent in Second Quarter, Cites E-Commerce Growth

by Taylor Williams August 19, 2020

MINNEAPOLIS — Target (NYSE: TGT) reported a 24.3 percent increase in total digital and in-store sales during the second quarter compared with the same period a year ago, the highest quarterly growth in the Minneapolis-based discount retailer’s history. Same-store sales grew by 10.9 percent during the quarter, while digital sales experienced a whopping 195 percent growth year over year. CNBC reports that during a call with reporters, Target CEO Brian Cornell stated that the volume of sales fulfilled by the company’s curbside pickup program grew by more than 70 percent, and that the company’s digital customer base expanded by some 10 million shoppers. Target’s stock price opened at $148.50 per share on Wednesday, Aug. 19, up 12 percent from the previous day and up 72 percent from $86.23 per share a year ago.

August 19, 2020

Company News Hospitality Midwest Minnesota

Magid HTL Forecast Tracker Predicts $75B in Projected Hotel Revenue Losses This Year

by Amy Works August 18, 2020

MINNEAPOLIS — Minneapolis-based Magid HTL Forecast Tracker has released its predictions for the upcoming 12 months for the hotel industry. The forecast suggests the impact of the COVID-19 pandemic will lead to a 29 percent decline in annual hotel occupancy. The results will be a projected approximately $75 billion revenue loss for the industry. The estimate is according to the Magid HTL Forecast Tracker and Horwath HTL, a global hotel, tourism and leisure consulting brand. The forecasted decline is driven by the disappearance of business and leisure travel coupled with a projected 22 percent decline in consumer sentiment for attending meetings or conferences over the next 12 months. “The forecast shows the continuing significant impact COVID is having on hotel occupancy,” says Rich Garlick, vice president and strategy consultant for Magid. “Currently, the forecast suggests a 39 percent decline in occupancy for the next month. If the average occupancy at this time of the year (summer) is 70 percent, this would put current occupancy around 43 percent.” The most recent wave of research, conducted July 29 to August 2, shows that 71 percent of consumers expect to next stay in a hotel 24 months from now — a result that …

August 18, 2020

Development Industrial Midwest Minnesota

Opus Breaks Ground on 131,000 SF Industrial Build-to-Suit for Cherne Industries in Minnesota

by Kristin Harlow August 12, 2020

SHAKOPEE, MINN. — The Opus Group has broken ground on a 131,000-square-foot industrial build-to-suit for Cherne Industries in Shakopee, a southwestern suburb of the Twin Cities. Cherne, which produces pneumatic plugs, mechanical plugs, gauges and testing equipment, will use the building as its new headquarters and manufacturing facility. The project will feature a clear height of 32 feet, eight dock doors, three drive-in doors and 177 car parking stalls. The company’s 115-person workforce will have access to amenities such as a fitness center, locker room and prayer room. Opus is the developer, design-builder, interior designer, architect and engineer. Cabot Properties will own the building. Colliers International represented Opus, while AREA Commercial Real Estate Advisors represented Cherne. CBRE facilitated financing for the project. Completion is slated for early 2021.

August 12, 2020

Leasing Activity Midwest Minnesota Office

Avtex Signs 26,000 SF Office Lease Renewal at Northland Center in Metro Minneapolis

by Kristin Harlow August 12, 2020

BLOOMINGTON, MINN. — Avtex, a full-service customer experience consulting firm, has renewed its 26,000-square-foot office lease at Northland Center in Bloomington within metro Minneapolis. Northland Center is a two-building, 492,514-square-foot office property. Amenities include a fitness center, hair salon, farmer’s market, café, outdoor lounge area, laundry service, covered parking, bike storage and conference rooms. Bill Rothstein of Cushman & Wakefield provides leasing services for the property. KBS is the landlord. “There has been a lot of discussion as to whether or not companies will continue to lease space as a result of COVID-19 and the shift to remote working models,” says Rod Richerson, regional president with KBS. “This is not something we are seeing across our portfolio. In fact, we are continuing to see companies renew and sign new leases at several of our assets across our portfolio of more than 23 million square feet.”

August 12, 2020

Development Midwest Minnesota

Stahl to Expand Center for Performing Arts in South Minneapolis by 20,000 SF

by Kristin Harlow August 12, 2020

MINNEAPOLIS — Stahl will build a four-story, 20,000-square-foot expansion to the Center for Performing Arts in South Minneapolis. Two additional performance spaces will be connected to an existing 15,000-square-foot building that was constructed in 1923. The expansion will provide studio space for expanded education programming, events and performance rental space. Construction is expected to begin this month and the completion is slated for early 2021. Stahl is working with Alliiance, a full-service architecture and design firm based in Minneapolis.

August 12, 2020

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