Minnesota

Marcus & Millichap Brokers $5.8M Sale of Multifamily Community in Minnesota

by Kristin Harlow December 10, 2019

PRIOR LAKE, MINN. — Marcus & Millichap has brokered the $5.8 million sale of the Village at Five Hawks in Prior Lake, about 25 miles south of Minneapolis. The four-building, 48-unit multifamily community is located at 16611 Five Hawks Ave. SE. Built in 1984, the property features a mix of units ranging in size from 643 to 1,340 square feet. Most of the units have been upgraded since 2007. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap brokered the transaction on behalf of the undisclosed buyer and seller.

December 10, 2019

Acquisitions Midwest Minnesota Retail

Cooper Group Brokers $2.1M Sale of Retail Property in Minnesota

by Kristin Harlow December 6, 2019

INNER GROVE HEIGHTS, MINN. — The Cooper Commercial Investment Group has brokered the $2.1 million sale of Inner Grove Market II, an 8,955-square-foot retail property in Inner Grove Heights, about 20 miles southeast of Minneapolis. Caribou Coffee anchors the building, constructed in 2005. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an East Coast-based private investment group. A North Dakota-based private investment group purchased the asset at a cap rate of 7.28 percent.

December 6, 2019

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $10.5M HUD Loan for Acquisition of Affordable Housing Property in Minneapolis

by Kristin Harlow December 2, 2019

MINNEAPOLIS — Dougherty Mortgage LLC has provided a $10.5 million HUD 221(d)(4) loan for the acquisition and rehabilitation of Holmes Greenway Housing in Minneapolis. The six-story building features 54 units that are restricted to individuals and families earning 60 percent or less of the area median income. Minor upgrades will be completed to the common areas and apartment units. Dougherty originated the 40-year loan on behalf of the borrower, Holmes Housing Partners LP.

December 2, 2019

Acquisitions Industrial Midwest Minnesota Self-Storage

SkyView Advisors Brokers Sale of 70,914 SF Self-Storage Facility in Metro Minneapolis

by Kristin Harlow November 21, 2019

PRIOR LAKE, MINN. — SkyView Advisors has brokered the sale of a 70,914-square-foot Select Space Storage facility in Prior Lake within metro Minneapolis. The 3.5-acre property is located at 4370 Fountain Hills Drive. Richard Riddle and Ryan Clark of SkyView represented the seller. Self-storage REIT CubeSmart purchased the property.

November 21, 2019

Market Reports Midwest Midwest Market Reports Minnesota Office

Strong Mix of Fortune 500 Companies Helps Fuel Growth of Twin Cities

by Kristin Harlow November 21, 2019

Even in the context of a sustained stretch of national economic growth and a Midwest region where there are plenty of high-performing markets, Minneapolis-St. Paul stands out. The commercial real estate market in and around the Twin Cities is thriving, in large part due to some impressive structural fundamentals. Metrics and measurables The state of Minnesota — especially the Minneapolis-St. Paul metro area — has a very diverse base of employment, with a long list of significant Fortune 500 companies, including familiar and even iconic names like Target, Best Buy, 3M, U.S. Bancorp, General Mills, Medtronic, C.H. Robinson and United Health Care. United Health Care alone generated $226 billion in revenue in 2018. The economic and market diversity of the Twin Cities stands in contrast to some other Midwest markets, even some that are experiencing significant growth. The market has also experienced an exciting and ongoing uptick in workforce numbers and population growth, elevating Minneapolis-St. Paul far ahead of U.S. averages for both numbers — surpassing cities like Seattle, Atlanta and Washington, D.C. Forbes lists the state of Minnesota as among the nation’s top 10 “Best States for Business.” With 65 percent of the state’s population living in the Minneapolis-St. …

November 21, 2019

Acquisitions Midwest Minnesota Retail

Upland Negotiates $8.9M Sale of Walgreens-Occupied Property in Minnesota

by Kristin Harlow November 8, 2019

ROBBINSDALE, MINN. — Upland Real Estate Group Inc. has negotiated the $8.9 million sale of a single-tenant retail property occupied by Walgreens in Robbinsdale, about seven miles northwest of Minneapolis. Walgreens has a triple net lease with more than 16 years remaining. The property is situated at the corner of West Broadway and 41st avenues. Buyer and seller information was not disclosed.

November 8, 2019

Development Midwest Minnesota Office

Ryan Cos., Excelsior Group Break Ground on 11-Story Spec Office Building in St. Louis Park, Minnesota

by Kristin Harlow October 31, 2019

ST. LOUIS PARK, MINN. — Ryan Cos. and The Excelsior Group have broken ground on 10 West End, an 11-story speculative office building in St. Louis Park’s West End. The 343,000-square-foot property is situated near I-394 and Highway 100. Typical floor plates will span 30,362 square feet. ACORE Capital provided project financing. Ryan A+E is the architect and Ryan Construction is the general contractor. Mike Honsa of Transwestern will lease the property. A timeline for completion was not disclosed.

October 31, 2019

Company News Midwest Minnesota

NorthMarq Unveils CEO Transition for 2020

by Kristin Harlow October 29, 2019

MINNEAPOLIS — President Jeffrey Weidell will become CEO of NorthMarq effective Jan. 1, 2020. He will succeed Eduardo Padilla, who has served in the role for 20 years and will become executive chair. Weidell has been responsible for a number of successful initiatives as president, including a production training program, the launch of the investment sales business, growth in both mortgage origination and investment sales, and expansion of the equity advisory business. He was promoted to president in 2013 after serving as managing director of the San Francisco office since he joined NorthMarq in 2000. “This planned executive transition sets the stage for NorthMarq to continue to thrive, ensuring our operations, financing and investment sales businesses maintain the highest level of client support,” said Padilla in a news release. Under Padilla’s leadership, Minneapolis-based NorthMarq completed nearly 20 acquisitions, growing to 37 debt and equity offices with more than 50 correspondent relationships and a loan servicing portfolio of nearly $60 billion. NorthMarq is part of the Pohlad Cos., a privately held portfolio of businesses and investments spanning a variety of industries.

October 29, 2019

Acquisitions Midwest Minnesota Retail

KW Commercial Arranges Sale of 15,310 SF Retail Center Near St. Cloud, Minnesota

by Kristin Harlow October 21, 2019

ST. AUGUSTA, MINN. — KW Commercial has arranged the sale of Delux Retail Center, a 15,310-square-foot retail center in St. Augusta near St. Cloud. Snap Fitness and Delux Liquor anchor the property, which is located at 24086 State Highway 15. Matthew Klein and Anthony Passanante of KW Commercial/AMK Properties represented the buyer, MSK Realty LLC, which purchased the asset for $975,000. Steve Feneis and Maria Berdan of Granite City Real Estate represented the undisclosed seller.

October 21, 2019

Development Midwest Minnesota Multifamily

Stahl to Renovate The Carlyle Residential Building in Minneapolis

by Kristin Harlow October 17, 2019

MINNEAPOLIS — Stahl has been selected to renovate The Carlyle, the tallest residential building in Minnesota. Stahl will renovate the first- and fifth-floor common areas, including the lobby; build a new clubroom and yoga room on the fifth floor; and install new finishes on all residence floors. The 39-story building was originally built in 2007. It includes 249 units. Renovation work is slated for completion in May 2020. Stahl has partnered with ESG Architects for the project.

October 17, 2019

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