Minnesota

Kraus-Anderson Completes $17M Expansion of Cuyuna Regional Medical Center in Minnesota

by Kristin Harlow March 9, 2020

CROSBY, MINN. — Kraus-Anderson Construction has completed a $17 million expansion of Cuyuna Regional Medical Center in Crosby in central Minnesota. The facility serves approximately 30,000 people in the Brainerd Lakes area. Designed by HDR Architects, the 52,376-square-foot project features a new outpatient Orthopaedics, Spine & Interventional Pain Clinic as well as a rehabilitation department. To make room for the new clinic, Kraus-Anderson consolidated underutilized areas of the care center and relocated the cancer care center. In addition, Kraus-Anderson added a new dining room, patio and activities center. Nurse stations, resident rooms and offices were remodeled.

March 9, 2020

Development Hospitality Midwest Minnesota

Commonwealth Properties Opens Eight-Room Boutique Hotel in St. Paul, Minnesota

by Kristin Harlow March 6, 2020

ST. PAUL, MINN. — Commonwealth Properties LLC has opened The Davidson, a boutique eight-room hotel in St. Paul. Located at 344 Summit Ave., the building is a 105-year-old former mansion. Five of the rooms have a view of downtown St. Paul, while the other three face Summit Avenue, which is known for its stretch of historic homes. Each guest room is equipped with a kitchen. The hotel provides guests with breakfast vouchers that can be used at nearby Bon Vie. Hotel guests also have access to the fitness facilities at The University Club of St. Paul and the Saint Paul Athletic Club. The hotel draws its name from the building’s original occupants, the Davidson family. The 18,000-square-foot home was built in 1915. Commonwealth Properties purchased the building in 2013.

March 6, 2020

Loans Midwest Minnesota Multifamily

Max Benjamin Partners Originates $14.3M Loan for Office Conversion Project in St. Paul

by Kristin Harlow March 4, 2020

ST. PAUL, MINN. — Max Benjamin Partners has originated a $14.3 million loan for the acquisition and redevelopment of a vacant, 16-story office building in St. Paul. The undisclosed borrower plans to convert the building into The Nicole, an apartment and retail property. Plans call for a coffee shop and JET Foods supermarket on the first floor. Amenities will include a dog walk, grooming station, bike room, indoor pool and storage units. Jason Moyal and Max Mellman of Max Benjamin Partners secured the loan.

March 4, 2020

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $8.6M Refinancing for Multifamily Portfolio in Minnesota

by Kristin Harlow February 24, 2020

WILLMAR, MINN. — Dougherty Mortgage LLC has provided an $8.6 million Fannie Mae loan for the refinancing of a 204-unit multifamily portfolio in Willmar in central Minnesota. The four buildings were constructed between 1974 and 1977. The loan features a 12-year term and a 30-year amortization schedule. Suite Liv’n manages the portfolio.

February 24, 2020

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $4.9M Sale of Apartment Building in St. Paul

by Kristin Harlow February 24, 2020

ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of Merriam Park in St. Paul for $4.9 million. The 25-unit apartment building is located at 1880 Marshall Ave. Built in 1964, the property features a mix of one-, two- and three-bedroom units. Evan Miller, Chris Collins and Abe Roberts of Marcus & Millichap marketed the building for sale and procured the buyer. Neither the buyer nor the seller was disclosed.

February 24, 2020

Acquisitions Industrial Midwest Minnesota

Ackerberg Acquires 75,480 SF Industrial Building in Maplewood, Minnesota

by Kristin Harlow February 19, 2020

MAPLEWOOD, MINN. — Ackerberg has acquired a 75,480-square-foot industrial building located at 1140 Gervais Ave. in Maplewood, just east of St. Paul. The purchase price was undisclosed. The property features a clear height of 22 feet and 19 dock doors. It is fully leased to Minneapolis food bank Second Harvest Heartland. This summer, the food bank plans to relocate some of its operations to Brooklyn Center, thereby creating approximately 50,000 square feet of available space within the building. Dave Stokes and Chris Weirens of Cushman & Wakefield will market the space for lease on behalf of Ackerberg. Tim Carlson and Jim Vos of Cresa Partners represented the seller, Second Harvest Heartland.

February 19, 2020

Loans Midwest Minnesota Multifamily

Bellwether Enterprises Arranges $18.1M in Acquisition Financing for Twin Cities Multifamily Portfolio

by Kristin Harlow January 30, 2020

MINNEAPOLIS AND ST. PAUL, MINN. — Bellwether Enterprise Real Estate Capital LLC has arranged $18.1 million in acquisition financing for nine multifamily properties in the Twin Cities area. Bellwether Enterprise arranged the loans on behalf of the borrower, Midwest GIR Group. Freddie Mac provided the majority of the loans. The properties include: Hatch Apartments in St. Paul; Crystal Court in Crystal; Sommerset Place in Brooklyn Park; 872 Payne Ave. in St. Paul; Bluebird Apartments in St. Paul; Stinson Boulevard Apartments in Columbia Heights; Penn & Camden in Minneapolis; Stryker Place in St. Paul; and Folwell Apartments in Minneapolis. Midwest GIR Group acquired the properties, totaling 284 units, over the last 16 months.

January 30, 2020

Acquisitions Midwest Minnesota Office

Bridge Investment Group Acquires West End Office Park in Minneapolis

by Kristin Harlow January 27, 2020

MINNEAPOLIS — Bridge Office Fund Manager, a subsidiary of Bridge Investment Group LLC, has acquired West End Office Park, a six-building, 568,000-square-foot office campus within the West End submarket of Minneapolis. The purchase price was undisclosed. Originally developed between 1968 and 1980, the park has undergone more than $27 million in capital improvements since 2015. Bridge plans to make additional improvements beginning immediately. The campus is 86 percent occupied by tenants such as HealthPartners, nVent, Horizontal Integration and CoBank. Tom O’Brien and Sam Maguire of Cushman & Wakefield represented the undisclosed seller in the transaction, which represents Bridge Office’s entry into the Twin Cities market.

January 27, 2020

Acquisitions Healthcare Midwest Minnesota

Upland Brokers Sale of 18,171 SF Healthcare Facility in Minnesota

by Kristin Harlow January 27, 2020

NORTH BRANCH, MINN. — Upland Real Estate Group Inc. has brokered the sale of an 18,171-square-foot healthcare facility net leased to Fairview Health Services in North Branch, about 45 miles north of Minneapolis. The sales price was undisclosed. The property features urgent care exam rooms, procedure rooms, a physical therapy gym, drive-through pharmacy and optical center. Fairview has more than eight years remaining on its lease. Buyer and seller information was not disclosed.

January 27, 2020

Acquisitions Midwest Minnesota Multifamily

JLL Arranges Sale of 212-Unit Apartment Property in Downtown Minneapolis

by Kristin Harlow January 23, 2020

MINNEAPOLIS — JLL Capital Markets has arranged the sale of Eitel Apartments in downtown Minneapolis for an undisclosed price. The 212-unit apartment property is located at 1367 Willow St. and overlooks Loring Park. The community consists of three buildings, one of which is a repurposed historic building that formerly housed Eitel Hospital. Unit sizes average 800 square feet. Amenities include a rooftop deck, sky lounge, fitness center, yoga studio, billiards room, sauna and two-level parking garage. The property was 90 percent occupied at the time of sale. Matthew Lawton, Kevin Girard, Wick Kirby, Josh Talberg, Dan Linnell and Mox Gunderson of JLL represented the undisclosed seller. The team also procured the institutional buyer.

January 23, 2020

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