Minnesota

Inland Retail Purchases Whole Foods-Anchored Retail Center Near Minneapolis

by Kristin Harlow January 9, 2019

WOODBURY, MINN. — Inland Retail Property Fund LP has purchased the fully leased retail component of the CityPlace mixed-use project in Woodbury, located about 20 miles east of Minneapolis. Whole Foods Market anchors the retail center. Amy Sands, Clinton Mitchell, Daniel Finkle and Jules Sherwood of HFF represented the seller, Elion Partners, which redeveloped the former State Farm regional corporate headquarters into CityPlace. The 184,711-square-foot retail portion of the project was completed in 2016 and 2017. In addition to Whole Foods, tenants include Nordstrom Rack, Sierra Trading Post, La-Z-Boy Furniture, Sur La Table, Verizon Wireless, Cycle Bar and Potbelly Sandwich Works. Timothy Joyce, Elliott Throne and Jason Bond of HFF arranged a 10-year, fixed-rate acquisition loan through Guardian Life Insurance Company of America.

January 9, 2019

Acquisitions Midwest Minnesota Office

Altus Properties Acquires 277,044 SF Office Building in Bloomington, Minnesota

by Kristin Harlow January 4, 2019

BLOOMINGTON, MINN. — Altus Properties has acquired the Minnesota Center office building in Bloomington for an undisclosed price. The property is 97 percent occupied. Amenities include an on-site deli and conference center along with newly renovated lobbies and common areas. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE represented the seller, Minnesota Center JV LLC.

January 4, 2019

Affordable Housing Loans Midwest Minnesota Multifamily

Merchants Capital Arranges $19.7M Development Financing for Affordable Housing Community in Minnesota

by Kristin Harlow January 4, 2019

ROCHESTER, MINN. — Merchants Capital has arranged $19.7 million in development financing for Technology Park Apartments, a 164-unit affordable housing community in Rochester. Freddie Mac provided the 10-year loan, which was its first-ever non-LIHTC forward commitment loan. The interest rate was locked at the closing of the construction loan. Forty percent of the property will be priced affordably for individuals earning an annual income of $40,000 or 60 percent of the area median income, while 35 percent will be set aside for individuals earning about $55,000 per year. The remaining units will be priced slightly below the current market value. The Greater Minnesota Housing Fund also contributed $3.4 million for the development. The monthly rent is expected to be $1,150 for a two-bedroom unit. Real Estate Equities was the borrower.

January 4, 2019

Development Industrial Midwest Minnesota

Opus Begins Construction on 204,000 SF Industrial Building in Maple Grove, Minnesota

by Kristin Harlow December 20, 2018

MAPLE GROVE, MINN. — The Opus Group has broken ground on a 204,000-square-foot industrial building in Maple Grove. The project, known as Arbor Lakes Corporate Center, is a collaboration between Opus and Inland Development Partners. The 13-acre site will first undergo environmental remediation to fully remove existing landfill and environmental pollutants from the former disposal and waste transfer site. The building will feature a clear height of 28 feet, 32 docks and two drive-in doors. Construction is slated for completion in late 2019. Chris Hickok and Dan Larew of JLL will market the property for lease.

December 20, 2018

Acquisitions Midwest Minnesota Multifamily

Monarch Investment Acquires 413-Unit Apartment Property in Rochester, Minnesota

by Kristin Harlow December 20, 2018

ROCHESTER, MINN. — Monarch Investment & Management LLC has acquired The Gates of Rochester, a 413-unit apartment property in Rochester. The purchase price was not disclosed. Built in 1973 and situated on 22 acres, the property features 42 buildings. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, Rochester Village Investors LLC.

December 20, 2018

Acquisitions Hospitality Indiana Midwest Minnesota North Dakota

FCPT Buys Six Red Lobster Restaurant Properties for $25.9M

by Kristin Harlow December 19, 2018

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.

December 19, 2018

Development Midwest Minnesota Office

Opus Acquires Former Target Campus in Minneapolis, Begins Renovation

by Kristin Harlow December 17, 2018

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.

December 17, 2018

Development Midwest Minnesota Multifamily

Opus Breaks Ground on 218-Unit Apartment Building in Minneapolis

by Kristin Harlow December 13, 2018

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.

December 13, 2018

Acquisitions Industrial Midwest Minnesota

Altus Properties Sells Four-Building Industrial Portfolio in Metro Minneapolis for $40.4M

by Kristin Harlow December 12, 2018

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.

December 12, 2018

Acquisitions Hospitality Midwest Minnesota

Pebblebrook Hotel Trust Sells Grand Hotel Minneapolis for $30M

by Kristin Harlow December 7, 2018

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.

December 7, 2018

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