Minnesota

Dekel Capital Arranges $41M Bridge Loan for Multifamily Community in Metro Minneapolis

by Kristin Harlow May 30, 2019

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.

May 30, 2019

Development Midwest Minnesota

Stahl Completes Elementary, Middle School Expansion in Eden Prairie, Minnesota

by Kristin Harlow May 29, 2019

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.

May 29, 2019

Development Industrial Midwest Minnesota Retail

Kraus-Anderson Begins Construction of 52,000 SF Ziegler CAT Dealership in Willmar, Minnesota

by Kristin Harlow May 24, 2019

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.

May 24, 2019

Leasing Activity Midwest Minnesota Restaurant Retail

Brick & Bourbon to Open at Apartment Property in Eden Prairie, Minnesota

by Kristin Harlow May 24, 2019

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.

May 24, 2019

Acquisitions Midwest Minnesota Office Retail

KW Commercial Arranges $2.6M Sale of Office, Retail Building in Burnsville, Minnesota

by Kristin Harlow May 24, 2019

BURNSVILLE, MINN. — KW Commercial has arranged the sale of the Nicollet Plaza Building in Burnsville for $2.6 million. The property, situated at 200 E. Travelers Trail, is a 20,653-square-foot, two-story office and retail building. Anchored by SharePoint Credit Union, the asset includes a mix of retail and office tenants. Matthew Klein, Andy Manthei and David Lund of KW Commercial represented the seller, Nicollet Plaza II LLC. The team also secured the buyer, Nicollet Office Partners LLC.

May 24, 2019

Acquisitions Midwest Minnesota Retail

Silver Group Brokers Sale of Dunkin’ Donuts-Occupied Building in Richfield, Minnesota

by Kristin Harlow May 22, 2019

RICHFIELD, MINN. — The Silver Group has brokered the sale of a single-tenant retail building occupied by Dunkin’ Donuts in Richfield, a suburb of Minneapolis. The sales price was not disclosed. The newly constructed, 2,000-square-foot building includes a drive-through window and outdoor seating. Dunkin’ has a 15-year lease. The Silver Group represented the seller, a local developer. Amy Senn of Newmark Knight Frank represented the buyer, which completed a 1031 tax-deferred exchange. The Richfield location is one of six standalone Dunkin’ stores in the Twin Cities.

May 22, 2019

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $1.4M Sale of Apartment Building in Becker, Minnesota

by Jeff Shaw May 20, 2019

BECKER, MINN. — Marcus & Millichap has brokered the $1.4 million sale of Martin Estates in Becker, which is 46 miles northwest of Minneapolis. The 24-unit apartment building is located at 12051 Hancock St. Built in 1977, the property features a mix of one- and two-bedroom units. Chris Collins, Evan Miller, Abe Roberts and Ryan Spengler of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Collins and Miller procured the buyer, a private investor.

May 20, 2019

Development Hospitality Midwest Minnesota

Stahl Named Construction Manager for Dual-Branded Hotel in Downtown Minneapolis

by Kristin Harlow May 16, 2019

MINNEAPOLIS — Lake City Hospitality LLC, comprised of Eagan-based JR Hospitality and Iowa-based Hawkeye Hotels, is partnering with Stahl to convert a vacant office tower and surrounding site located at 317 Second Ave. in downtown Minneapolis into a dual-branded Hilton hotel. The eight-story building will undergo an $18.8 million renovation and 41,129-square-foot addition. The newly transformed space will feature 201 Tru and Home2 Suites guestrooms. Originally built in 1900, the existing 76,000-square-foot building was previously known as the William E. McGee Building. The facility was occupied by Hennepin County’s Office of the Public Defender for over 20 years, but the property has been vacant since 2012. JR Hospitality originally acquired the structure in 2017 before partnering with Hawkeye Hotels in late 2018. Ramaker & Associates Inc. is the project architect. Completion is slated for May 2020.

May 16, 2019

Acquisitions Midwest Minnesota Retail

KW Commercial Brokers $3.9M Sale of Retail Center in Bloomington, Minnesota

by Kristin Harlow May 15, 2019

BLOOMINGTON, MINN. — KW Commercial has brokered the sale of Amsden Ridge Shopping Center in Bloomington for $3.9 million. The two-building, 27,559-square-foot retail center is located on Ensign Avenue South. The shopping center includes retail, restaurant and office tenants. Matthew Klein of KW Commercial represented the seller, Amsden LLC, and secured the buyer, Hoss Bros. LLC.

May 15, 2019

Acquisitions Industrial Midwest Minnesota Self-Storage

KW Commercial Arranges $2.7M Sale of Self-Storage Facility in Minnesota

by Kristin Harlow May 6, 2019

FOREST LAKE, MINN. — KW Commercial has arranged the sale of A-1 Mini Storage in Forest Lake for $2.7 million. The self-storage facility is located northeast of the Twin Cities metro area. Built in 1997, the 38,450-square-foot property was expanded in 2007 and 2008. It now spans 10 buildings. Tom Flannigan, Alex Ihrke and Corly Wilkerson of KW Commercial represented the undisclosed seller. The buyer has the opportunity to add an onsite office and utilize the 15.5-acre site for additional mini-storage buildings, according to the brokers.

May 6, 2019

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