WACONIA, MINN. — Upland Real Estate Group Inc. has arranged the sale of Waconia Crossing for $4.6 million. The newly constructed retail center is situated on Highway 5, approximately 35 miles southwest of Minneapolis. The sale includes a freestanding Dollar Tree and a property occupied by Starbucks, Sport Clips, AT&T and Qdoba for a total of 16,695 square feet. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the seller. The buyer completed a 1031 tax-deferred exchange.
ILLINOIS, IOWA AND MICHIGAN — Real estate advisory and brokerage firm A&G Realty Partners has announced the results of its Jan. 28 bankruptcy auction of the final department store properties formerly owned by The Bon-Ton Stores Inc. The stores, located in the Midwest, formerly operated under the Bergner’s Carson’s, Younkers, Elder-Beerman and Bon-Ton names. In Coralville, Iowa, a home furnishings retailer acquired the 98,458-square-foot Younkers at Coral Ridge Mall. Mall owner Abbell Associates purchased the 165,000-square-foot Younkers at Merle Hay Mall in Des Moines. Mall owner Brookfield Properties acquired the 128,000-square-foot Carson’s at Spring Hill Mall in Dundee Township, Ill., as well as the 150,081-square-foot Younkers in Grandville, Mich. Mall owner Simon Property Group purchased the 125,000-square-foot Bergner’s at White Oaks Mall in Springfield, Ill. In Indiana, the Economic Development Corp. of Wayne County purchased 100,000-square-foot Elder-Beerman in Richmond. HOM Furniture acquired the 46,660-square-foot Bon-Ton at Lewistown Mall in Lewistown, Pa. Two Herberger’s stores in Minnesota were removed from the auction. In late January and early March, A&G completed private sales on two other store properties from the Bon-Ton portfolio. This includes the sale of the former Younkers building at Miller Hill Mall in Duluth, Minn. Buyer Essentia Health plans …
FOREST LAKE, MINN. — Norhart has unveiled plans to open Encore Apartments, a 91-unit apartment community in Forest Lake, about 30 miles north of Minneapolis. The four-story property will be located at the corner of 4th Street and 11th Avenue. Amenities will include an Internet café, fitness center, sky lounge, community room, outdoor firepit and dog run. Prospective residents will be able to tour the apartment at their convenience through a mobile app. Residents will also be able to monitor their energy usage and control lights and thermostats remotely through an app. Encore Apartments, slated to open in summer 2020, will also be home to the new corporate office of Norhart.
ST. PAUL, MINN. — Apple Hospitality REIT Inc. has acquired the 160-room Hampton Inn & Suites by Hilton Downtown St. Paul for $31.7 million. The property, which opened in November 2016, is located across the street from Xcel Energy Center and within five miles of the recently opened Allianz Field. Apple Hospitality acquired the asset from a subsidiary of Vista Host.
EDINA, MINN. — Hanley Investment Group Real Estate Advisors has brokered the sale of a two-tenant retail building in Edina for $8.2 million. The newly constructed, 6,702-square-foot property is located at 3901 W. 70th St. E*Trade and Roti Modern Mediterranean restaurant occupy the building. Jeff Lefko and Bill Asher of Hanley represented the seller, OneCorp Real Estate. Jim Seabold of Coldwell Banker Burnet represented the buyer, a Denver-based private investor. The sales price represented a 6 percent cap rate.
LEXINGTON, MINN. — Dominium has broken ground on Landings of Lexington, a 180-unit affordable housing property in Minnesota. The two-building property will include a clubhouse along Lovell Road and Lexington Avenue. Additional amenities include a fitness center, activity area for kids, storage lockers and outdoor obstacle course. Construction is slated for completion in spring 2020. Units will be restricted to residents earning up to 60 percent of the area median income.
BLOOMINGTON, MINN. — McGough has broken ground on The Fenley, a 402-unit apartment project at Bloomington Central Station in Minnesota. The project is the third multifamily development on the company’s 50-acre master-planned site. The Fenley is one of the first ground-up development projects to be built in Minnesota under the new Opportunity Zone tax program. Northwestern Mutual Life Co. provided debt financing. The property will have 10 percent of its units reserved for those who make 80 percent of the area median income. The project, designed by ESG Architecture and Design, will include amenities such as a pool patio, bocce court, sky lounge, fitness room, community room and courtyard with ground-floor retail space. Upon the project’s completion, McGough will have spearheaded development of 1,060 housing units on the site, which is also home to corporate offices for HealthPartners and Ceridian. The Fenley is expected to open in June 2020.
MINNETONKA, MINN. — New Perspective Senior Living has acquired a new community in Minnetonka. Now known as New Perspective-Carlson Parkway, the 89,883-square-foot, three-story community is located at 500 Carlson Parkway. The facility features 87 assisted living units and 45 memory care apartments. As part of the acquisition, Eden Prairie-based New Perspective is planning a multi-million-dollar renovation. The seller was not disclosed. The property, built in 1999, was formerly known as Brookdale Minnetonka Carlson Parkway.
MINNEAPOLIS — Sumitomo Corp. of Americas, a New York City-based subsidiary of Japanese general trading firm Sumitomo Corp., has acquired SPS Tower, a 31-story office building located in Minneapolis’ central business district. The seller was not disclosed, but The Minneapolis Star Tribune reports that the sales price was $144 million. The building, which totals 655,070 square feet of rentable office space, was 84 percent occupied at the time of sale. SPS Commerce, a provider of cloud-based supply chain management software, and Accenture LLP, a global management and consulting firm, serve as the anchor tenants. Amenities at SPS Tower include a fitness center and conference facilities, as well as banking, dry cleaning and concierge services. The property is connected to three adjacent buildings via a pedestrian skyway and sits atop a 630-space underground parking garage. “This is our first real estate investment in Minneapolis,” says Yurika Sugimoto, real estate manager at Sumitomo Corp. of Americas. “We believe the expertise we’ve cultivated throughout our several years within the U.S. real estate market will allow us to bring insights and improvements related to building management and tenant relationships.” — Taylor Williams
ST. CLOUD, MINN. — The Boulder Group has arranged the $3.1 million sale of a single-tenant property occupied by TCF Bank in St. Cloud, about 65 miles northwest of Minneapolis. The newly constructed building features a drive-thru. There are approximately eight years remaining on TCF Bank’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based developer. An investor completing a 1031 tax-deferred exchange was the buyer.
