Minnesota

Opus Completes Repositioning of Former Target Corporate Campus in Minneapolis

by Kristin Harlow August 22, 2019

MINNEAPOLIS — The Opus Group has completed the repositioning of Target’s former west corporate campus in Minneapolis. The single-tenant office building has been transformed into multi-tenant space. The property, located at 3701 Wayzata Blvd., spans nine stories and 307,000 square feet. Tactile Medical has leased 114,000 square feet at the project, along with SRF Consulting Group Inc. leasing 70,000 square feet and Regis Corp. leasing 65,000 square feet. Approximately 55,000 square feet remain available for lease. Amenities include a renovated café, half-basketball court, bocce ball, fitness center and indoor bike lounge. The eighth floor includes a clubroom, rooftop patio, conference room and entertainment areas. Opus served as developer, design-builder, architect and engineer of record. Perkins+Will provided interior design consulting services. The project was a joint venture with Principal Real Estate Investors. TCF Bank provided financing. Target still maintains its headquarters in Minneapolis along Nicollet Mall.

August 22, 2019

Loans Midwest Minnesota Multifamily

Dougherty Provides $34.2M Construction Loan for Apartment Complex in Minneapolis

by Kristin Harlow August 22, 2019

MINNEAPOLIS — Dougherty Mortgage LLC has provided a $34.2 million HUD 221(d)(4) loan for the construction of Bassett Creek Apartments in Minneapolis. The six-story apartment building will comprise 139 units as well as an underground parking garage and 3,670 square feet of retail space. The project includes a mix of studios, one- and two-bedroom units as well as six penthouse units. The 40-year loan is fully amortizing. BC East LLC was the borrower.

August 22, 2019

Acquisitions Midwest Minnesota Retail

Upland Arranges $4.1M Sale of Harbor Freight-Occupied Property in Blaine, Minnesota

by Kristin Harlow August 22, 2019

BLAINE, MINN. — Upland Real Estate Group Inc. has arranged the $4.1 million sale of a 16,000-square-foot retail property occupied by Harbor Freight in Blaine, about 15 miles north of Minneapolis. Harbor Freight was founded in 1977 in California as a mail-order hardware company. Today, the company operates more than 1,000 stores across the country. Buyer and seller information was not disclosed, but the buyer purchased the property in an all-cash 1031 exchange.

August 22, 2019

Acquisitions Industrial Midwest Minnesota

NKF Brokers $2.4M Sale of Industrial Building in Suburban Minneapolis

by Kristin Harlow August 21, 2019

COON RAPIDS, MINN. — Newmark Knight Frank (NKF) has brokered the sale of a 63,436-square-foot industrial building in Coon Rapids, a northern suburb of Minneapolis, for $2.4 million. The property is located on 24 acres at 9534 Foley Blvd. Java Enterprises LLC sold the building to Phoenicia Properties Corp. Dan Friedner and Jay Chmieleski of NKF represented both parties in the transaction.

August 21, 2019

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development Partners to Break Ground on First Phase of Affordable Housing Project in South Minneapolis

by Kristin Harlow August 20, 2019

MINNEAPOLIS — Lupe Development Partners is set to break ground on the first phase of its affordable housing project in the Lyn-Lake area of Minneapolis. Located at 410 W. Lake St. south of Minneapolis, the first of three buildings will feature 111 units, nine of which will be intended for homeless veterans. The range of annual household income to be eligible for housing is $30,000 to $42,000. The development will include a mix of studio, one- and two-bedroom units. Construction on an identical Phase II is scheduled to begin in 2020. Plans are also underway for a third building. The project received a $1.2 million grant from the Metropolitan Council’s Livable Communities Demonstration Account and a $2.3 million loan from the Minneapolis City Council’s Affordable Housing Trust Fund. Other funding partners for Phase I include Hennepin County and the AFL-CIO Housing Investment Trust. The nearby Ballentine VFW Post 246 also served as a development partner. Completion of Phase I is slated for June 2020.

August 20, 2019

Acquisitions Midwest Minnesota Retail

Upland Arranges $1.2M Sale of Property Net Leased to Caribou Coffee Near St. Paul

by Kristin Harlow August 19, 2019

HIGHLAND PARK, MINN. — Upland Real Estate Group Inc. has arranged the sale of a single-tenant property net leased to Caribou Coffee in Highland Park for $1.2 million. The 1,544-square-foot building is located at the intersection of Fairview and Randolph avenues. Caribou Coffee, founded in Edina, Minn., has just over five years remaining on its lease. Upland represented the 1031 exchange buyer, the Rush family. The seller was not disclosed.

August 19, 2019

Development Midwest Minnesota

Kraus-Anderson Completes $31.2M Expansion at Winona State University in Minnesota

by Kristin Harlow August 13, 2019

WINONA, MINN. — The Rochester office of Kraus-Anderson has completed construction of Education Village, a $31.2 million expansion at Winona State University in southeastern Minnesota. The project includes comprehensive renovations to Helble Hall, Wabasha Recreation Center and Cathedral Elementary School. Education Village will be used by the College of Education. The facility, designed by Leo A Daly Architects, features flexible learning spaces, including those for early childhood education training. Winona State University was founded in 1858.

August 13, 2019

Development Midwest Minnesota Mixed-Use

Ryan Cos. to Undertake $3M Renovation of City Center in Minneapolis

by Kristin Harlow August 2, 2019

MINNEAPOLIS — Ryan Cos. Real Estate Management is undertaking a $3 million renovation of City Center, which is comprised of nearly two city blocks in the center of Minneapolis. It includes the 51-story skyscraper, 33 South Sixth Street; a 381,630-square-foot mall; a 687-stall parking garage; and the Minneapolis Marriott. Renovation plans call for the replacement of precast concrete panels with updated structural materials, additional lighting, new signage and a second-floor covered patio space. Sussner has undertaken the brand repositioning of the property, which will include a new City Center logo and colorful graphics. Ryan Cos. will oversee the construction, which will be completed by RJM Construction.

August 2, 2019

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers Sale of 154-Unit Multifamily Portfolio in Minnesota

by Kristin Harlow July 30, 2019

MINNEAPOLIS AND SAINT LOUIS PARK, MINN. — Marcus & Millichap has brokered the sale of Oak Park Village and Holmes Greenway Apartments, a multifamily portfolio comprising 154 units in Minneapolis and Saint Louis Park. Built in 1983, Holmes Greenway Apartments consists of 54 units. The six-story complex is located within a mile of downtown Minneapolis at 418 Central Ave. SE. The second property, Oak Park Village, is a 100-unit complex with floor plans ranging from 729 to 1,284 square feet. The community is located at 7267 Oak Park Village Drive in Saint Louis Park, about five miles southwest of Minneapolis. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller.

July 30, 2019

Development Midwest Minnesota Multifamily

Timberland Partners Opens $53.8M Apartment Community in Minneapolis

by Kristin Harlow July 26, 2019

MINNEAPOLIS — Timberland Partners has opened the $53.8 million Green on 4th apartment community in the Prospect Park neighborhood of Minneapolis. Green on 4th, or G4, features 243 units. Amenities include a rooftop deck, resident lounge, game room, yoga studio, fitness center, dog run, bike storage and automated package center. Located at 2949 4th St. SE, the project is part of the Towerside Innovation District, billed as a model of environmentally sustainable urban planning. The apartment project is a joint venture with Prospect Park Properties. Tushie Montgomery Architects served as the project architect and Frana Cos. was the general contractor.

July 26, 2019

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