BLOOMINGTON, MINN. AND MILFORD, OHIO — Four Springs Capital Trust (FSCT) has acquired two automotive service centers for an undisclosed price. One of the properties is a collision repair center leased to ABRA Auto Body & Glass in Bloomington, Minn. The other is a tire and service center occupied by AAA in Milford, Ohio. Sellers of the properties were not disclosed. New Jersey-based FSCT is an internally managed, private real estate investment trust focused on acquiring a portfolio of net leased retail, industrial and healthcare properties.
ST. PAUL, MINN. — Kraus-Anderson Construction Co. has completed RiverEast, a $21.9 million special education school in St. Paul. Located at 1055 Mackubin St., the 71,100-square-foot school will open in September and serve students in grades K-8. A maximum of 80 students will be enrolled in the school. Health and education design firm BWBR designed the school. Saint Paul Public Schools was the developer.
ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of an 87,044-square-foot industrial property in St. Paul for $4.6 million. Located at 195-215 Sycamore St., the property includes two freestanding warehouses with a fully paved and fenced outside storage space. Sean O’Brien and John Godwin of Marcus & Millichap marketed the property on behalf of the seller, a private investor. An out-of-state investor was the buyer. O’Brien also assisted the seller in negotiating an eight-year lease extension with tenant Allied Building Products prior to the closing.
ST. PAUL, MINN. — U.S. Bancorp Community Development Corp. has provided $5 million in construction financing for Junior Achievement of the Upper Midwest’s new learning center in St. Paul’s Midway district. The 50,000-square-foot facility will double the organization’s teaching capacity to 34,000 middle and high school students each year. The federal New Markets Tax Credit from U.S. Bank is part of Junior Achievement’s $20 million fundraising effort. The new center will house a business incubator for high school student entrepreneurs, a telecommunications and distance-learning hub to teach students across three states and better public transportation access via the Green Line. Completion is slated for this November. The organization currently operates out of Maplewood, Minn.
ST. PAUL, MINN. — The Vomela Cos. has unveiled plans to build a new corporate headquarters in St. Paul. The full-service specialty graphics provider, which has operated in St. Paul since 1947, will consolidate its four Twin Cities’ facilities into the new location. The 300,000-square-foot building will be located within Beacon Bluff Business Center on the site of 3M’s former campus. RJ Ryan Construction Inc. is serving as general contractor for the project. Construction began this month. The property will feature 252,000 square feet of production space and 47,500 square feet of office space. Completion is slated for July 2019.
LOS ANGELES AND NEW YORK — CBRE Global Investors (NYSE: CBRE) has formed a joint venture with Brookfield Property Partners (NASDAQ: BPY) to purchase three super-regional malls totaling 3.7 million square feet from General Growth Properties (NYSE: GGP). As part of the transaction, CBRE is purchasing a 49 percent stake in the three malls from BPY. The sales price for the portfolio was not disclosed, but The Wall Street Journal reports the deal is valued at more than $1 billion. The assets include Cumberland Mall, a 1 million-square-foot mall in northwest Atlanta; Ridgedale Center, a 1.2 million-square-foot mall in the western Minneapolis suburb of Minnetonka; and The Parks Mall at Arlington, a 1.5 million-square-foot mall in the Dallas/Fort Worth metroplex. The three malls were 98 percent leased at the time of sale to tenants including Amazon Pop-Up, AMC Theatres, Apple Store, Barnes & Noble, The Cheesecake Factory, Chick-fil-A, Costco, Dick’s Sporting Goods, Dillard’s, Disney Store, DSW, H&M, JC Penney, Macy’s, Nordstrom, Nordstrom Rack, Old Navy, Pottery Barn, Sears, Starbucks Coffee, Williams-Sonoma and Victoria’s Secret. “We believe that Class A, super-regional malls remain one of the most attractive investments available today,” says David Morrison, chief investment officer of the Americas at CBRE Global …
ROCHESTER, MINN. — Kraus-Anderson Construction Co. (KA) has completed a $12 million renovation at Rochester International Airport in Minnesota. The facelift included an upgraded terminal and expanded U.S. Customs facility. As part of the upgrade to the main terminal lobby, the ticket counter area for all airlines was relocated to one side of the terminal and the baggage claim for all airlines to the other side. In addition, KA expanded the customs area to 20,000 square feet to improve efficiency and meet the current safety, security and space requirements. Funding for the project included $7.3 million in federal funds, $3.8 million from the city of Rochester and $790,000 from Minneapolis Department of Transportation (MnDOT) Office of Aeronautics.
LITTLE CANADA, MINN. — Kraus-Anderson Construction Co. (KA) has completed Quora Education Center in Little Canada, just north of St. Paul. The $43 million special education school for Northeast Metro 916 Intermediate School District spans three stories and 157,000 square feet. The school will serve 300 students in grades 5 through 12 in both general education and special education programs. The building also includes administrative offices for more than 200 employees. The school will provide services for students who have autism spectrum disorders, developmental cognitive disabilities, emotional/behavioral disorders and other health disabilities. KA partnered with Lawal Scott Erickson Architects to design and construct Quora. The building’s layout allows for classroom, small group and individual learning environments with improved lighting, air quality and temperature control.
LAKEVILLE, MINN. — Upland Real Estate Group Inc. has arranged the $4.6 million sale of a retail property occupied by PetSmart in Lakeville, a southern suburb of Minneapolis. The 18,007-square-foot building is located at the southeast corner of 160th Street and Pilot Knob Road. Nearby retail stores include a HyVee supermarket and Target. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. The California-based buyer completed a 1031 tax-deferred exchange.
MINNEAPOLIS — Dougherty Funding LLC has provided a $58.1 million loan for the construction of Prospect Park Senior Living in Minneapolis. The 283-unit seniors housing property will be located in the Prospect Park neighborhood near the light rail transit station and the University of Minnesota campus. The project will include 130 independent living units, plus 98 assisted living and 54 memory care units and one guest suite. The 10-story building will feature an underground parking garage, child daycare services and one retail unit. Terms of the loan were not disclosed. Oppidan Investment Co. is the developer for the project, which is slated for completion in early 2020, according to the Minneapolis/St. Paul Business Journal.