INDIANA, MINNESOTA AND NORTH DAKOTA — Four Corners Property Trust (NYSE: FCPT) has purchased six Red Lobster restaurant properties in Delaware, Indiana, Kentucky, Minnesota, Mississippi and North Dakota for $25.9 million. All six properties are under one triple-net master lease, which includes two other Red Lobster properties previously acquired by FCPT in November 2017. The master lease has approximately 21 years remaining.
MINNEAPOLIS — The Opus Group has acquired Target Corp.’s former west corporate campus in Minneapolis. Opus plans to convert the single-tenant office building into multi-tenant office space. Tactile Medical will anchor the development, according to the Minneapolis/St. Paul Business Journal. The building spans 310,000 square feet and is situated on 24 acres. In addition to the conversion project, Opus will also modernize and improve the common areas. Plans call for improved lighting, a new cafeteria and a rooftop amenities deck with a clubhouse, entertainment space, pool table and conference room. The improvements are slated for completion by spring 2019. Perkins+Will provided interior design consulting services for the project. Paige Rickert and David Marschinke of CBRE will market the property for lease on behalf of Opus and also represented Target in the sale. Target still maintains its headquarters in Minneapolis along Nicollet Mall.
MINNEAPOLIS — The Opus Group has broken ground on a six-story, 218-unit apartment building in the North Loop neighborhood of Minneapolis. Located at the intersection of West River Parkway and Plymouth Avenue, the development will include a mix of studios, alcoves, one- and two-bedroom units and penthouses. Completion is slated for summer 2020. This project is the third in the North Loop for Opus.
MINNEAPOLIS — Altus Properties has sold a four-building, 612,960-square-foot industrial portfolio in metro Minneapolis for $40.4 million. A fund managed by DRA Advisors LLC purchased the portfolio. All four buildings are fully occupied. The properties include a 118,125-square-foot building within Nicollet Business Center in Burnsville; a 322,752-square-foot facility within Boone Avenue Distribution Center in Brooklyn Park; a 50,400-square-foot structure within Cedar Lake Business Center in St. Louis Park; and a 121,684-square-foot building within Bloomington Business Center in Bloomington. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller.
MINNEAPOLIS — Pebblebrook Hotel Trust (NYSE: PEB) has sold the 140-room Grand Hotel Minneapolis for $30 million. The sale includes the hotel and its 57,000-square-foot fitness center, which is leased to a third-party tenant until June 2019. Proceeds from the sale will be utilized for general business purposes, which may include reducing the company’s outstanding debt, according to Pebblebrook. Kimpton Hotels & Restaurants, part of the Intercontinental Hotels Group umbrella, operates the property. The buyer was not disclosed.
ST. LOUIS PARK, MINN. — Accesso Partners LLC has acquired The Towers at West End, a pair of Class A office towers in St. Louis Park, for $115.5 million. The nine-story towers span 497,234 square feet and are located just west of Minneapolis. The largest tenants include MoneyGram Payment System, Concur Technologies and Magenic Technologies. Current occupancy is 84 percent. Amenities include a fitness room, yoga studio, conference center, tenant lounge and café. Accesso plans to make some additional upgrades and improvements to the common areas, according to Brian Rosen, chief investment officer. Ryan Watts of CBRE brokered the sale on behalf of the seller, a fund managed by DRA Advisors LLC. Susan Hill of HFF arranged acquisition financing. Samantha Shimak of Accesso will serve as property manager, while Jon Dahl of JLL will provide leasing services.
EAGAN, MINN. — Artis REIT, one of the largest diversified commercial real estate investment trusts in Canada,has acquired the Prime Therapeutics headquarters in Eagan for $98.5 million. The sale includes the first two phases of the facility at 2900 Ames Crossing Road within the Boulder Lake Business Park. A 225,000-square-foot building was completed in September, while a 160,000-square-foot building is slated for completion in 2019. Ryan Watts, Sonja Dusil, Tom Holtz and Judd Welliver of CBRE represented the seller, Eagan Heights LLC, a local partnership with developer United Properties. Prime Therapeutics is a pharmacy benefits manager owned by Blue Cross and Blue Shield.
MINNEAPOLIS — Brickstone Partners Inc. and KMK Capital, in partnership with Deutsche Finance America, are developing LakeHaus, a 200-unit apartment community on Lake Calhoun in Minneapolis. The eight-story project will be situated on a 1.7-acre site at 3100 W. Lake St. The unit mix includes 36 studios, 85 one-bedroom units, 74 two-bedroom units and five penthouses. Amenities will include a rooftop swimming pool, clubroom, fitness center, lobby with coffee bistro, courtyards and grilling stations. Completion is slated for 2020. Kristian Lichtenfels, Josh Simon, Stella Pappas and Jules Sherwood of HFF arranged a construction loan through a national bank. The team also arranged mezzanine financing through EverWest Real Estate Partners. The development is valued at more than $119 million, according to HFF.
RICHFIELD, MINN. — JRK Investors Inc. has acquired The Concierge, a 698-unit apartment community in Richfield. The purchase price was not disclosed. The property is located at 7600-7720 Penn Ave. in suburban Minneapolis. Originally built in 1968, the property spans six buildings and 457,620 square feet. Amenities include a pool, sun deck, fitness center, golf simulator and rock climbing wall. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, MSP Crossroads Apartments LLC.
COTTAGE GROVE, MINN. — The Opus Group and Hillcrest Development LLLP have completed a 161,000-square-foot industrial build-to-suit on behalf of North Star Sheets in Cottage Grove. The producer of corrugated paper products will occupy the entire facility for its manufacturing needs. The rail-served building is the first within a 38-acre industrial development known as Southeast Industrial Park that is located just south of Highway 61. Hillcrest owns the site.