MINNEAPOLIS AND MILWAUKEE — R2 Cos. and Skydeck LLC have acquired an 11-building, 525,000-square-foot office portfolio in Minneapolis and Milwaukee. The Minneapolis properties are located in the Northeast Arts District. Tenants include Blu Dot, Tactile Medical, Anagram International, Object Partners, AON, Sociable Cider Werks, Bauhaus Brew Labs and Dogwood Coffee.The Milwaukee property is The Tannery, a creative office campus in the Walker’s Point submarket. Advocate Aurora Health anchors the property. The portfolio was 95 percent leased at the time of sale. The buyer plans to make significant improvements via new amenities such as bike rooms, fitness centers and dedicated outdoor space. The purchase price was in excess of $60 million.
GOLDEN VALLEY AND HOPKINS, MINN. — A joint venture between Artemis Real Estate Partners and Eagle Ridge Partners has acquired a four-building office portfolio in suburban Minneapolis. The purchase price was not disclosed. The properties include the three-building Golden Hills Business Park in Golden Valley and Westside Business Park in Hopkins. Together, the buildings span 374,942 square feet and are 93 percent leased. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, a private real estate fund.
APPLE VALLEY, MINN. — Marcus & Millichap has negotiated the $4.6 million sale of a 5,511-square-foot retail property in Apple Valley, a suburb of the Twin Cities. Starbucks and Sleep Number fully occupy the building. Austin Weisenbeck, Daniel Dalmaso and Sean Sharko of Marcus & Millichap secured and represented the Minnesota-based buyer. Matthew Hazelton assisted in closing the transaction as the broker of record in Minnesota. The seller was not disclosed.
FARIBAULT, MINN. — Dougherty Mortgage has provided a $9.3 million Fannie Mae loan for the refinancing of Faribault Senior Living. The 90-unit senior living property is located in Faribault, about 50 miles south of Minneapolis. Built in 2011, the four-story property includes independent living, assisted living and memory care units. Property amenities include an outdoor patio with resident gardens, a hair salon, fitness room, game room, activity room, library, dining hall and lounge areas. The 12-year loan is amortized over 30 years. Faribault Senior Living LLC was the borrower.
OAKDALE, MINN. — Summerhill Commercial Real Estate LLC has arranged the $8 million sale of a 109,444-square-foot warehouse in Oakdale, about 20 miles east of Minneapolis. Built in 1998, the property features a clear height of 24 feet, 13 dock doors and one drive-in door. RR Donnelly and Sky Zone fully occupy the property on net leases. Andy Richards and Peter Kordonowyof Summerhill represented the buyer, STAG Industrial Holdings LLC. Mark Young and John Higgins of Crossroads Properties Inc. represented the undisclosed seller.
MINNEAPOLIS — Arch Street Capital Advisors LLC has acquired the Lafayette Park Office Campus in metro Minneapolis. The purchase price was $86.4 million, according to the Minneapolis/St. Paul Business Journal. The four office buildings total 677,514 square feet and are fully leased to the state of Minnesota. The properties have served as the headquarters for four state agencies since the mid-1980s. Ladder Capital, a New York-based real estate investment trust, was the seller.
WASHINGTON, D.C. — SIOR Foundation has announced Aaron Barnard as its new president for the 2018-2019 term. The transition from current president Bill Ginder to Barnard occurred last week at the Society of Industrial & Office Realtors (SIOR) Fall World Conference in Denver. Barnard is a veteran broker in Minneapolis with Cushman & Wakefield and specializes in investment analysis, tenant and landlord representation. Additional 2018-2019 SIOR Foundation officers are President-Elect Chris Curtis (Nugent Curtis Real Estate), Vice President Albert McNeel (Endura Advisory Group) and Treasurer Stan Kleweno (Transpacific Investments). New SIOR Foundation Trustees who began three-year terms at the latest conference include Nancy Morse (Newmark Knight Frank), Jack O’Donoghue (Grant Street Associates/Cushman & Wakefield Alliance), Adrian Arriaga (AAA Real Estate & Investments), Robert Horn Jr. (JLL), Jesse Laikin (Lee & Associates) and Peter Richardson (Primera Cos.). As the largest association of commercial real estate brokers, Washington, D.C.-based SIOR Foundation promotes and funds programs that advance the real estate profession through educational scholarships, research projects, publishing and development of real estate curricula for higher education.
MINNEAPOLIS — Merchant & Gould, a full-service intellectual property law firm, has unveiled plans to relocate its Minneapolis office from the IDS Center to Fifth Street Towers. The firm will occupy 40,246 square feet on the 21st and 22nd floors beginning in August 2019. Paul Donovan, Jaclyn May and Jeremy Striffler of Cushman & Wakefield represented the tenant in the lease transaction. Jennifer Stumm of Cushman & Wakefield will oversee the buildout of the space on the client’s behalf.
MINNEAPOLIS — PCCP has provided a $44.8 million senior loan for the development of 1400 Nicollet Avenue, a proposed 231-unit apartment project in the Loring Park neighborhood of Minneapolis. Reuter Walton Development is developing the project, which will include 10,000 square feet of ground-floor retail space and 170 parking spaces. Approximately 80 percent of the units will be priced between $1,200 and $1,800 per month. Amenities will include a tenant lounge, clubroom, game room, fitness center, pet spa, bike storage and repair center, rooftop deck and pool. A timeline for construction was not disclosed.
MINNEAPOLIS — TE Miller and Solhem Cos. have sold a three-property multifamily portfolio in the North Loop neighborhood of Minneapolis for an undisclosed price. The properties, which total 308 units, include Nolo Flats, Solhavn and Soltva. Constructed in 2012, Soltva offers six floors of apartments over underground parking at 701 N. Second St. The 100-unit building includes a mix of units averaging 762 square feet. The neighboring Solhavn apartments at 815 N. Second St. were constructed in 2013. The building is comprised of 137 units with an average unit size of 773 square feet. Built in 2016, Nolo Flats is located at 602 N. First St. The seven-story building includes 71 apartments with an average unit size of 505 square feet. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the sellers. An institutional real estate investment manager purchased the portfolio.