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.
BURNSVILLE, MINN. — Redwood Capital Group LLC has sold Southwind Village, a 320-unit apartment property in Burnsville. An Indianapolis-based investment firm purchased the asset. CBRE brokered the sale. Southwind Village consists of five two-story, townhome-style buildings. Amenities include a fitness center, two swimming pools, an outdoor kitchen, package delivery system and community room. Redwood has updated a portion of the units with new plumbing fixtures, countertops, appliances and lighting. The buyer and sales price were not disclosed.
MINNEAPOLIS — The 307-unit City Club Apartments has opened in downtown Minneapolis. The 17-story apartment building features a sky park with a rooftop pool, outdoor movie theater, bark park and lounge seating. The project has no parking and was designed for young professionals. The majority of the units are designated as affordable for residents earning between $45,000 and $65,000 annually. The project included the preservation of the adjacent Handicraft Guild Building, which was built in 1907. The building has been converted into Eleven Artisans, a 3,500-square-foot, two-story brewery and restaurant. City Club Apartments is an owner, developer and manager of apartment communities with a portfolio of approximately 10,000 units in 30 communities and $2 billion in real estate assets. The company has $500 million under development in Cincinnati, Cleveland, Detroit, Chicago, Pittsburgh, Minneapolis, Kansas City, Louisville and the East Coast.
MINNEAPOLIS — Dougherty Funding LLC has arranged $188.5 million in construction financing for Eleven, a luxury condominium project in Minneapolis. At 550 feet and 41 stories, Eleven will be the tallest residential building in Minneapolis. It is also the first residential project in the city to be designed by New York City-based Robert A.M. Stern Architects. Amenities will include a landscaped terrace, lap pool, fitness suite, yoga studio, library, demonstration kitchen and golf simulator. Bank OZK served as the senior lender and Related Fund Management as the mezzanine lender. Arcadia LLC and Ryan Cos. are co-developers, with Ryan serving as the builder. Other project team members include Peterssen/Keller Architects, Martha Dayton Design and Lakes Sotheby’s International Realty. A timeline for completion was not disclosed.
WOODBURY, MINN. — Lupe Development Partners has unveiled plans to redevelop a 6.7-acre retail site at the intersection of Valley Creek Road and I-494 in Woodbury. Lupe will tear down an existing Key Inn motel to make way for a new 34,000-square-foot medical office building. There will also be a credit union-anchored retail building and a drive-thru restaurant. Plans also call for the renovation of two small office buildings on Woodlane Drive. Demolition of the motel is expected to begin in early 2020. The first new buildings are slated for completion in September 2020. Aaron Barnard and Anne Stahley of Cushman & Wakefield will market the medical office building for lease. Sara Martin and Molly Townsend of Colliers International will market the retail portion for lease.
SHERBURN, MINN. — Environmental Liability Transfer Inc. (ELT) has purchased the retired Fox Lake generating station from Alliant Energy. The purchase price was not disclosed. The transaction included the purchase of real estate assets, machinery and equipment and the assumption of legacy environmental liabilities associated with the site. ELT will oversee the decommissioning and demolition process as well as environmental remediation obligations going forward. The facility is located in Sherburn along the south bank of Fox Lake. Coal-fired operations began at the plant in 1950 before it was converted to natural gas in the 1990s. The generating station provided power to more than 100,000 homes in Martin County before it was retired in 2017. The timeline for completion of environmental remediation and demolition projects is three years, at which point the site will be marketed for reuse.
MAPLE GROVE, MINN. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a two-tenant retail building in Maple Grove for $9.2 million. Bank of America and Crave American Kitchen & Sushi Bar occupy the newly built property, which is situated at the intersection of Elm Creek Boulevard and Main Street. Jeff Lefko and Bill Asher of Hanley represented the seller, OneCorp. Jim Batlle of Coldwell Banker Commercial NRT represented the buyer, a California-based private investor. The sales price represents a cap rate of 5.66 percent.
MINNEAPOLIS — Marcus & Millichap has brokered the sale of Brunsfield North Loop in Minneapolis for $14.6 million. The 47-unit apartment building is located at 915 Washington Ave. in the North Loop neighborhood. Built in 2012, the five-story property also includes three commercial spaces. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, neither of which were disclosed.
ST. PAUL, MINN. — NorthMarq has arranged a $2 million Freddie Mac loan for the refinancing of 623 Lofts in St. Paul. The 17-unit multifamily property is situated near three colleges and nine miles from the Minneapolis-St. Paul International Airport. Michael Padilla of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule.
ROCHESTER, MINN. — Timberland Partners has purchased Eastwood Ridge in Rochester for an undisclosed price. Built in 2016, the 209-unit apartment property features one-, two- and three-bedroom floor plans. Amenities include a clubhouse, coffee bar, fitness center, pool and dog park. The exterior capital improvements Timberland plans to make to the property include a new grilling area, improved landscaping and upgraded amenities. Timberland now owns and manages 76 apartment communities totaling 16,098 units across 15 states.