WHITE BEAR LAKE, MINN. — KW Commercial has brokered the sale of the Birch Lake Professional Building for $3.2 million. The two-story, 29,000-square-foot office building is located at 1310 Highway 96 in White Bear Lake, about 20 miles northeast of Minneapolis. The property is home to 28 tenants. David Lund and Andy Manthei of KW Commercial represented the buyer, Lenny Enterprises II LLP, in the 1031 tax-deferred exchange transaction. The seller was not disclosed.
INTERNATIONAL FALLS, MINN. — Kraus-Anderson Construction has completed construction of Phase II of the Falls International Airport in International Falls. The $5.3 million Phase II included the full replacement of the 17,894-square-foot terminal building as well as new space for U.S. Customs processing, a National Weather Service office, TSA offices and airport administration. Phase I construction was completed in fall 2017 and included the replacement of approximately two-thirds of the old terminal. The first runways at the airport opened in 1946.
MINNEAPOLIS — Eleven Artisans, a brew pub and entertainment venue, has signed a 3,500-square-foot lease at the historic Handicraft Guild Building and Assembly Hall adjacent to the new City Club Apartments. The name Eleven Artisans comes from a community of 11 female artists who pioneered a creative movement in downtown Minneapolis in the early 1900s. They created their art in the Handicraft Guild Building and Assembly Hall, which dates back to 1907. The brew pub, designed by Minneapolis firm Shea Design, will offer a range of craft beers, rotating handles, wine and cocktails. The restaurant will have more than 60 indoor seats, 60 outdoor seats and capacity for another 100 guests in the Assembly Hall. The outdoor patio will feature a bar, grill, games and live music. Eleven Artisans is expected to open this fall. City Club Apartments is the landlord.
SHOREVIEW, MINN. — Dougherty Mortgage LLC has provided a $42 million Fannie Mae loan for the refinancing of Loden SV, a 206-unit apartment property in Shoreview, about 12 miles northeast of Minneapolis. Constructed in 2018, the pet-friendly property features a community room, conference room, theater room, fitness center, pet grooming area and pool. The 10-year loan features a 30-year amortization schedule. The borrower was not disclosed.
MINNEAPOLIS — Ackerberg has begun development of MN46, a 54-unit micro apartment community in Minneapolis. The project is a joint venture with Left Lane Corp., Hayes Harlow, Twin Cities Home Rental and Trew Capital. Units will range from 390 to 410 square feet for studios, 420 to 650 square feet for one-bedroom units and 760 to 905 square feet for two-bedroom units. The property will also feature 1,835 square feet of first-floor retail space. Amenities will include a fifth-floor community room, patio, bike lobby, package room and covered parking. Completion is slated for May 2020. Collage Architects and Yellow Tree Construction Services make up the project team. Monthly rents will start in the low $1,000s. “We continue to remain very bullish on micro units as a niche,” says Sean Sweeney, founder of Hayes Harlow. “The lack of new apartment product in the area was also a big factor in our decision to develop this site.” The name of the property stems from its location at the intersection of Minnehaha Avenue and 46th Street.
MICHIGAN AND MINNESOTA — The Habitat Company has acquired three multifamily properties in Michigan and Minnesota for approximately $100 million. The properties include: The Village of Hyde Park, a 43-unit townhome development in Detroit; Harbour Club, a 1,112-unit market-rate property in Bellville, Mich.; and the 108-unit Cedarvale Highlands in Eagan, Minn. Habitat plans to make upgrades to each property. At The Village of Hyde Park, Habitat plans to update unit interiors, appliances, flooring, lighting and plumbing fixtures over the next few years. At Harbour Club, Habitat will renovate units, expand the clubhouse, upgrade common areas and rename the asset. At Cedarvale Highlands, Habitat will continue a unit renovation plan that includes new kitchens and baths along with enhancements to the common areas. Habitat is handling leasing and property management for all three communities.
ST. LOUIS PARK, MINN. — Dekel Capital has arranged a $41 million bridge loan for Central Park West, a 199-unit multifamily property in St. Louis Park. Ares Real Estate Group, which manages debt funds, provided the financing that will be used to retire the existing construction loan and provide for the continued lease-up and stabilization of the property. The community is currently 81 percent leased. Central Park West features a mix of studio, one-, two- and three-bedroom units. Property amenities include a clubhouse, business center, pool, fitness room and outdoor seating areas.
EDEN PRAIRIE, MINN. — Stahl has completed construction of the expansion and renovation of Prairie View Elementary and Middle School in Eden Prairie. The school serves children from early childhood through eighth grade. The $9.6 million expansion added approximately 42,000 square feet to the existing 124,000-square-foot school. In particular, the school features a new classroom wing, gymnasium and exterior storage building. Wold Architects and Engineers designed the project in collaboration with the Elk River Area School District, which expanded the school due to recent substantial population growth in the area.
WILLMAR, MINN. — Kraus-Anderson has begun construction of a 52,000-square-foot dealership for Ziegler CAT’s agriculture and construction equipment in Willmar. The company is expanding its equipment sales, rental and repair services in the central Minnesota area. Ziegler CAT is one of Caterpillar’s largest dealers in North America. Ziegler sells and services CAT construction, paving, forestry, mining equipment, trucks, generators and industrial engines. The new project will replace the company’s current 5,360-square-foot facility in Willmar. The two-story development will feature a retail showroom, a 25,000-square-foot shop, warehouse and offices, and a 7,800-square-foot cold storage building. Designed by CNH Architects, the property also includes two bridge cranes, lube systems and a wash bay. Completion is slated for winter 2020.
EDEN PRAIRIE, MINN. — Brick & Bourbon, a craft bar and eatery, has signed a lease to occupy space within Elevate at Southwest Station Apartments in Eden Prairie. The apartment project is expected to open in late August, with Brick & Bourbon opening by the end of the year. This will be the fourth location for Brick & Bourbon. Unique offerings include the candied bacon flight, chocolate cigars and Reuben soup in a crock, along with more traditional fare such as sandwiches, ribs and wings. The space will include an outdoor patio. The $63.7 million Elevate includes 13,000 square feet of retail space. Kaas Wilson Architects designed the 222-unit project. Frana Cos. is the general contractor.