BLOOMINGTON, MINN. — Stan Johnson Co. has arranged the sale of Penn & American, a 58,531-square-foot retail center in Bloomington, for $19 million. Fresh Thyme Farmers Market anchors the center, which is located at 2100 W. 80th St. Tom Fritz, Brandon Duff, Matt Spangenberg and Mackenzie Wolfgram represented the seller, a Minneapolis-based developer. Wisconsin-based SARA Investment Real Estate was the buyer.
MINNEAPOLIS — Dougherty Funding LLC has provided a $41.4 million loan for the construction of Second & Second Apartments in Minneapolis. The name stems from the property’s location at the southeast corner of 2nd Avenue and 2nd Street. Plans call for 158 apartment units and 22,716 square feet of retail space. Dougherty provided the loan on behalf of the borrower, 128 2nd Street North LLC.
PROVIDENCE, R.I. AND MINNEAPOLIS — Natural and organic products distributor United Natural Foods Inc. (NASDAQ: UNFI) has agreed to acquire grocery retailer Supervalu Inc. (NYSE: SVU) for $2.9 billion. UNFI, which distributes to Whole Foods Market and other grocery chains, will pay $32.50 per share in cash for Supervalu, according to a joint statement. The deal includes the assumption of outstanding debt and liabilities. Steve Spinner, UNFI’s current CEO, will lead the combined entity. Sean Griffin, UNFI chief operating officer, will head the Supervalu integration efforts and lead an integration committee comprised of executives from both companies. Reasons cited for the acquisition were a diversified customer base, more cross-selling opportunities, larger market reach and scale. and an estimated $175 million in efficiency savings over the first three years. Headquartered in Minneapolis, Supervalu is one of the largest grocery wholesalers and retailers in the U.S., distributing to 3,437 stores. Supervalu operates 29 distribution centers serving 48 states and 114 grocery stores. Fiscal-year 2018 annual sales were approximately $14 billion. UNFI specializes in “healthier food options” and distributes more than 110,000 products to 43,000 customer locations including natural product superstores, independent retailers, conventional supermarket chains, ecommerce retailers and food service customers. “We have been executing an ambitious strategic transformation for over two …
APPLE VALLEY, MINN. — Dominium has completed development of The Legends of Apple Valley, a 163-unit affordable seniors housing property located 20 miles south of Minneapolis. Residents who are 55 and older and who earn up to 60 percent of the area median income are eligible to live at the property. Amenities include a fitness center, community room, theater room and a beauty salon. Eagle Building Co. was the general contractor. Dominium’s Legends portfolio comprises 2,100 units of affordable senior apartments across the metro area.
SOUTH ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of The Hillcrest Apartments in South St. Paul for $4.5 million. The 53-unit apartment property is located at 219 3rd Ave. The seven-building property features a mix of studios, one- and two-bedroom units. The property was fully occupied and had been under the same ownership and management since the 1960s. Evan Miller of Marcus & Millichap marketed the property on behalf of the undisclosed seller. A private investor purchased the asset.
ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $34 million HUD-insured loan for the construction of The Legends at Berry Senior in St. Paul. The 241-unit affordable seniors housing property will be situated on the former Weyerhaesuer Lumber site. All of the units will be restricted to persons age 62 and older who earn 60 percent or less of the area median income. Amenities will include a beauty salon, craft room, community room, fitness room, theater room, courtyard and patio. The FHA 221(d)(4) loan guaranteed by HUD is fully amortized over 40 years. Financing also involves 4 percent low-income housing tax credits. St. Paul Leased Housing Associates IX LLLP was the borrower.
WASECA, MINN. — Coldwell Banker Commercial Fisher Group (CBCFG) has arranged the sale of an 821,190-square-foot industrial warehouse in Waseca, which is located in southern Minnesota. The sales price was not disclosed. The property, located at 2300 Brown Ave., features 54,000 square feet of office space as well as climate-controlled storage and rail access. A group of Minnesota-based developers purchased the asset. The seller was not disclosed. David Schooff of CBCFG is marketing the property for lease. Brown Printing occupied the building upon its opening in 1949, and Quad/Graphics occupied the property until about four years ago, according to local media. The building now sits vacant.
RICHFIELD, MINN. — Kraus-Anderson and Inland Development Partners have broken ground on a $53 million apartment project in Richfield, about nine miles south of Minneapolis. The three-story, 316-unit property will be located at 6745 18th Ave. The project includes six buildings, three of which are new construction. Approximately 20 percent of the units will be designated as affordable housing. Dougherty Mortgage arranged HUD financing for the project. The City of Richfield sold the property to the developers. Kraus-Anderson Construction is the general contractor. The first units are slated to open in the fall of 2019.
EDINA, MINN. — The Opus Group has completed The Loden, a 246-unit apartment project in Edina. The site was formerly home to a vacant office building. Amenities include an outdoor pool deck and hot tub, fitness center, yoga studio, dog wash, bike storage and work-from-home space. From alcoves to two-bedroom units with dens, the floor plans range from 498 to 1,322 square feet. Opus Development Co. was the developer, Opus Design Build was the builder and Opus AE Group was the interior designer, architect and structural engineer of record. The Excelsior Group will manage the property and oversee leasing efforts.
MINNEAPOLIS — Cushman & Wakefield has negotiated a 134,000-square-foot industrial lease on behalf of Canteen, a food service company. The property is located at 700 24th Ave. SE in Minneapolis. The landlord, Interstate Development, plans to demolish part of the property and reposition the remainder in order to meet Canteen’s needs. Significant landscaping and parking improvements will also be made to the property. Canteen, a division of Compass Group, is a vending, office coffee and refreshments services company. Canteen will move into the new space in October. David Stokes and Chris Weirens of Cushman & Wakefield represented Canteen in the lease transaction.
