MINNEAPOLIS — EQT Exeter has acquired 20 industrial properties in metro Minneapolis from Prologis for an undisclosed price. EQT Exeter Industrial Value Fund VI was utilized for the acquisition. EQT Exeter plans to acquire an additional four properties by the final closing date. The portfolio consists of more than 5 million square feet and features a mix of bulk, light industrial and last-mile facilities with an average building size of more than 200,000 square feet. The buildings are located across four logistics submarkets and offer proximity to I-494 and I-694. The properties are 90 percent leased by 54 tenants, of which 20 percent are existing tenants within EQT Exeter’s portfolio. The entire transaction is expected to close in the second quarter. Josh McArtor and Caitlin Clinton of Eastdil Secured arranged the transaction with assistance from Michael Caprile and Jusdon Welliver of CBRE.
MANKATO, MINN. — Kraus-Anderson (KA) has broken ground on renovation projects for three elementary schools in Mankato, a city in southern Minnesota. The projects are part of a $105 million building bond passed by Mankato Area School District voters in November 2023. ISG is the project architect. Construction is slated for completion this fall. A $4 million renovation for Roosevelt Elementary will include an 8,132-square-foot addition to the front entry that expands the administrative offices; two new classrooms that will also serve as storm shelters; a new trash enclosure in the parking lot; and the renovation of four bathrooms. A $1.7 million project at Washington Elementary will feature a 4,262-square-foot addition with a new security vestibule; mechanical, electrical and plumbing improvements; and updates to the front office spaces. Bridges Elementary will undergo a $1.1 million renovation to include a 2,373-square-foot addition with a new security vestibule; mechanical, electrical and plumbing improvements; and updates to the front office spaces.
MINNEAPOLIS — Minneapolis-based real estate capital markets firm Northmarq has merged with Morrison Street Capital, a 22-year-old investment management company headquartered in Lake Oswego, Ore. Upon deal closing, Morrison Street Capital will be renamed Northmarq Fund Management. The merger also coincides with the acquisition of NBS Real Estate Consulting, a boutique business affiliated with Morrison Street Capital that provides advisory services to real estate owners and lenders. NBS Real Estate Consulting, also based in Lake Oswego, will now operate as Northmarq Advisory Services. The Morrison Street Fund series currently includes three closed-end funds and one open-end investment vehicle, which will continue to be led by Founder, President and CEO Rance Gregory. The existing Morrison Street Capital team will remain based in Lake Oswego and now have the ability to launch new and expanded vehicles that access Northmarq’s network for capital relationships, deal flow, market underwriting and research. Founded in 2002, Morrison Street Capital’s history includes in excess of 180 investments and $750 million of fund capital invested in over 300 properties with combined transaction value, including mortgage debt, of nearly $5.4 billion. Morrison Street Fund investments are diversified throughout the country and include retail, multifamily, industrial, office, parking and hotel …
MINNEAPOLIS — Kraus-Anderson (KA) has completed construction of North Loop Green, a 1 million-square-foot mixed-use development located next to Target Field in downtown Minneapolis. Developed by Hines in partnership with AFL-CIO Building Investment Trust and Marquee Development, the project consists of a 34-story, 449-unit apartment tower; a 14-story, 365,000-square-foot office building; and a 471-stall, 225,439-square-foot parking garage with electric vehicle charging stations. The project team is pursuing a LEED Silver certification. The multifamily portion features a one-acre park known as The Green, along with sky lounge views overlooking the Minneapolis skyline, Target Field and the Mississippi River. Amenities include outdoor terraces, a fitness center and health club, pool and sauna, golf and gaming simulator, work-from-home lounges, dog lounge with washing stations and dog run, and the aforementioned park. Monthly rents start at $1,499, according to the property’s website. North Loop Green’s food-and-beverage offerings include Hope Breakfast Bar, Salt & Flour, Bassett Hound and food trucks on The Green. KA participated in a 12-month pre-construction period, working with the design team and the City of Minneapolis on permitting, constructability and sustainability planning. Additionally, KA’s special projects team is in the process of completing build-outs for several of the office tenants, including …
LAKEVILLE, MINN. — RL Cold, a division of RealtyLink LLC, has begun development of a 292,000-square-foot cold storage facility in the Minneapolis suburb of Lakeville. The project team includes general contractor Graycor Construction Co. and architect Ware Malcomb. The development will be situated within the 205-acre Airlake Industrial Park, which is located four miles from I-35 and 20 miles from Minneapolis. The project will feature advanced refrigeration technology, storage capacity for perishable items, a clear height of 50 feet, 70-foot-deep truck dock, up to 34,000 pallet positions, 98 employee parking spots, 61 truck spots and 38 truck dock doors. The project will be U.S. Green Building LEED certified. Completion is slated for spring 2025.
MINNESOTA — CBRE has arranged a $100 million recapitalization of a 36-property industrial service facility portfolio on behalf of a joint venture between Wayzata, Minn.-based Moir Park Capital and Eden Prairie, Minn.-based Hempel Real Estate. Industrial service facilities provide an outdoor storage component coupled with zoning that allows for a wide range of industrial uses. The portfolio encompasses nearly 630,000 square feet across 201 acres in 20 states. All of the properties are fully occupied by eight tenants, including United Rentals, Gerber Collision & Glass, Kaige Kubota, Caliber Collision, Sunbelt Rentals, Home Depot, Cummins and H&E Equipment Services. Judd Welliver, Bentley Smith, Michael Caprile, Ryan Bain, Zachary Graham, Joseph Horrigan, Will Pike and Victoria Gomez of CBRE represented Moir Park Capital in the transaction.
GOLDEN VALLEY, MINN. — A joint venture between Midloch Investment Partners and Fountain Real Estate Capital have acquired Boone Plaza in the Minneapolis suburb of Golden Valley for $11.9 million. The 123,608-square-foot industrial flex property is fully leased to 16 tenants. Constructed in 1984, Boone Plaza is situated on 10 acres at 1000 Boone Ave. North immediately north of the headquarters of General Mills. Some of the tenants at the property include General Mills, Gonyea Custom Homes and Schlage Lock Co. Fountain Real Estate will serve as the leasing broker.
HOPKINS, MINN. — Transwestern Real Estate Services has arranged the sale of a church and education facility totaling 65,535 square feet in Hopkins, a western suburb of Minneapolis. The sales price was undisclosed. Eric Rapp of Transwestern represented the buyer, Kingdom Embassy Worship Center, which will renovate the property and use it for both worship and education. Steve Shepherd of Newmark represented the seller, the Parish of Saing Gabriel the Archangel of Hopkins. The building is located at 6 Interlachen Road.
JORDAN, MINN. — Kraus-Anderson has begun a $29.5 million renovation project for Jordan Public Schools in Jordan, about 40 miles southwest of Minneapolis. Designed by ISG, the 96,435-square-foot project will take place in 2024 and 2025. The elementary school portion comprises two separate additions totaling 28,000 square feet. One addition includes an 8,500-square-foot gymnasium space intended for use as a storm shelter. The other addition features the construction of new classrooms, cafeteria, kitchen, gymnasium, loading dock and secure front entry. Extensive interior renovations will be made to the existing classrooms, storage spaces and media center. The project will also replace windows, upgrade bathrooms and enhance mechanical and electrical systems.
BEMIDJI, MINN. — Marcus & Millichap has brokered the $23.2 million sale of the Sanford Health Clinic Portfolio in Bemidji, a city in northern Minnesota. The two neighboring medical office buildings total 74,700 square feet. Seth Haron, Ashish Vakhariya and Darin Gross of Marcus & Millichap represented the seller and collaborated with Marcus & Millichap’s Sykes Cargile and Rob Lyons in representing the buyer. Jon Ruzicka of Marcus & Millichap assisted in closing the transaction. The properties sit adjacent to the Sanford Health Bemidji Medical Center and Sanford WoodsEdge senior living campus. Sanford Health is the largest rural health system in the U.S. and the primary employer in the Bemidji area.