Minnesota

HFF Arranges $25.4M Acquisition Financing for Retail Portfolio in Suburban Minneapolis

by Kristin Harlow August 7, 2018

COON RAPIDS AND ARDEN HILLS, MINN. — HFF has arranged $25.4 million in acquisition financing for a two-property retail portfolio in suburban Minneapolis. The properties include Village Ten Shopping Center in Coon Rapids and Shannon Square Shoppes in Arden Hills. Cub Foods and Life Time Fitness anchor the 208,127-square-foot Village Ten Shopping Center. Cub Foods also anchors the 97,638-square-foot Shannon Square Shoppes. Chris Drew, Nat Scarmazzi, Jules Sherwood, Tim Joyce and Matthew McCormack of HFF arranged two separate loans for the acquisition. Morgan Stanley Bank NA provided the 10-year, fixed-rate loans. The portfolio was 99 percent occupied at the time of purchase.

August 7, 2018

Development Hospitality Midwest Minnesota

Ceres, Orlean to Develop 170-Room Hotel in Bloomington, Minnesota

by Kristin Harlow August 6, 2018

BLOOMINGTON, MINN. — Ceres Enterprises LLC and The Orlean Company are developing a 170-room hotel in Bloomington adjacent to the Mall of America. The Cambria-branded hotel is slated to open in August 2019. BGL Real Estate Advisors arranged senior construction financing through an affiliate of Oz Real Estate. Project costs were not disclosed. Cambria Hotels, a brand under the Choice Hotels umbrella, caters to business travelers.

August 6, 2018

Acquisitions Midwest Minnesota Retail

Stan Johnson Co. Arranges $19M Sale of Retail Center in Bloomington, Minnesota

by Kristin Harlow August 2, 2018

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.

August 2, 2018

Loans Midwest Minnesota Multifamily

Dougherty Provides $41.4M Construction Loan for Apartment Property in Minneapolis

by Kristin Harlow July 30, 2018

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.

July 30, 2018

Acquisitions Industrial Midwest Minnesota Top Stories

Foodservice Distributor UNFI to Acquire Grocery Retailer Supervalu for $2.9B

by David Cohen July 30, 2018

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 …

July 30, 2018

Development Midwest Minnesota Multifamily Seniors Housing

Dominium Opens 163-Unit Affordable Seniors Housing Property in Suburban Minneapolis

by Kristin Harlow July 24, 2018

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.

July 24, 2018

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $4.5M Sale of Apartment Property in South St. Paul

by Kristin Harlow July 24, 2018

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.

July 24, 2018

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Provides $34M HUD-Insured Loan for Construction of Seniors Housing Property in St. Paul

by Kristin Harlow July 23, 2018

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.

July 23, 2018

Acquisitions Industrial Midwest Minnesota

Coldwell Banker Arranges Sale of 821,190 SF Industrial Warehouse in Waseca, Minnesota

by Kristin Harlow July 23, 2018

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.

July 23, 2018

Development Midwest Minnesota Multifamily

Kraus-Anderson, Inland Break Ground on $53M Apartment Project in Richfield, Minnesota

by Kristin Harlow July 17, 2018

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.

July 17, 2018

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