Minnesota

Lupe to Redevelop Retail Site in Woodbury, Minnesota Into Medical Office

by Kristin Harlow October 11, 2019

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.

October 11, 2019

Acquisitions Midwest Minnesota

Environmental Liability Transfer Purchases Former Electrical Plant in Sherburn, Minnesota

by Kristin Harlow October 9, 2019

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.

October 9, 2019

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Negotiates $9.2M Sale of Two-Tenant Retail Building in Maple Grove, Minnesota

by Kristin Harlow October 9, 2019

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.

October 9, 2019

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $14.6M Sale of Apartment Building in Minneapolis

by Kristin Harlow October 1, 2019

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.

October 1, 2019

Loans Midwest Minnesota Multifamily

NorthMarq Arranges $2M Refinancing of Multifamily Property in St. Paul, Minnesota

by Kristin Harlow September 27, 2019

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.

September 27, 2019

Acquisitions Midwest Minnesota Multifamily

Timberland Purchases 209-Unit Apartment Property in Rochester, Minnesota

by Kristin Harlow September 25, 2019

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.

September 25, 2019

Acquisitions Industrial Midwest Minnesota

NKF Brokers $4.3M Sale of Industrial Building in Minnesota

by Kristin Harlow September 23, 2019

WYOMING, MINN. — Newmark Knight Frank (NKF) has brokered the $4.3 million sale of a 99,282-square-foot industrial building in Wyoming, about 35 miles north of Minneapolis. The property is located at 5240 257th St. Dan Friedner, Jay Chmieleski and Patrick Cullen of NKF represented the buyer, Kirvida Holdings Inc., and the seller, U.S. Small Business Administration.

September 23, 2019

Affordable Housing Loans Midwest Minnesota Multifamily

Merchants Capital Secures $16M Construction Financing for Affordable Housing Property in Minneapolis

by Kristin Harlow September 20, 2019

MINNEAPOLIS — Merchants Capital has secured $16 million in construction and permanent financing for The Redwell, a 109-unit affordable housing property in the North Loop District of Minneapolis. The financing includes a Merchants Bank of Indiana construction loan and a Fannie Mae mortgage-backed security as tax-exempt bond (M.TEB) forward loan. This type of Fannie Mae loan can be used to finance the new construction and rehabilitation of multifamily affordable housing properties. Financing also included $7.9 million in low-income housing tax credit equity. Schafer Richardson and WNC were the borrowers. The Redwell will rise six stories and include first-floor commercial space. The Minneapolis Public Housing Authority (MPHA) will provide 22 Section 8 vouchers whereby households will pay 30 percent of their income toward rent, with the balance paid by federal subsidies administered by MPHA. The remaining units will be priced at the fair-market rate for 60 percent of the area median income.

September 20, 2019

Market Reports Midwest Midwest Market Reports Minnesota Office

Strong Economy, Low Unemployment Drive Twin Cities Office Market Success

by Kristin Harlow September 19, 2019

Our Twin Cities office market remains strong as the population of millennials and empty nesters continues to migrate to first- and second-ring areas, bringing revitalization and new investment into the city’s commerce and infrastructure. With vacancies remaining exceptionally low and fewer developments on the horizon, rents have shown consistent growth. We are seeing fewer new buildings under construction for single-tenant users. Most are geared toward multi-tenant, mixed-use concepts. Newly renovated buildings with many amenities are performing well in attracting and keeping tenants. With the metro’s unemployment right around 3 percent and employers with jobs to fill, tenants have the leverage. Offering modern and high-tech communal spaces with multiple amenities is key. Tenants and buyers are leveraging this trend, therefore spaces with the allure of contemporary and updated finishes are highly desired. It is imperative that landlords and owners renovate and update their buildings in order to stay relevant in today’s market. Many tenants are simply moving from one space to another nearby because it has been updated and improved upon. That is one of the bigger challenges — improvements that keep the space relevant. Space configurations Employers often offset higher rent costs by embracing space efficiency and flexible workspace strategies …

September 19, 2019

Development Midwest Minnesota Multifamily

Timberland Partners Opens $63.7M Apartment Complex in Eden Prairie, Minnesota

by Kristin Harlow September 9, 2019

EDEN PRAIRIE, MINN. — Timberland Partners has opened Elevate at Southwest Station Apartments in Eden Prairie. Elevate features 222 apartment units as well as 13,000 square feet of retail space. Brick & Bourbon craft bar and eatery is expected to open at the property by the end of the year. Amenities at Elevate include a rooftop courtyard, pool, community room, coworking space, dog run, pet spa, yoga studio and fitness center. Kaas Wilson Architects and general contractor Frana Cos. made up the project team for the $63.7 million development. Monthly rents start at $1,279 for studios.

September 9, 2019

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