Minnesota

Doran Opens 257-Unit Apartment Development in Maple Grove, Minnesota

by Kristin Harlow July 3, 2018

MAPLE GROVE, MINN. — Doran Cos. has opened The Reserve at Arbor Lakes, a 257-unit apartment development in Maple Grove, a northwestern suburb of Minneapolis. The luxury apartment community features more than 80,000 square feet of amenity space, including a 25,000-square-foot clubhouse and two terraces with an outdoor pool, spa, grilling stations, lounge areas, bocce ball courts and a putting green. In addition to 243 apartments, the four-story property features 12 townhomes and two guest suites. Monthly rents for one-bedroom units start at $1,525.

July 3, 2018

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $4.5M Sale of Apartment Building in Savage, Minnesota

by Kristin Harlow July 3, 2018

SAVAGE, MINN. — Marcus & Millichap has arranged the $4.5 million sale of Lynn Court Apartments in Savage, about 15 miles south of Minneapolis. The 45-unit apartment building is located at 4350 W. 124th St. All of the units are one-bedroom units. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller. Neither the name of the buyer nor the seller was disclosed.

July 3, 2018

Loans Midwest Minnesota Multifamily

Dougherty Provides $4.8M HUD Loan for Acquisition of Apartment Property in Suburban Minneapolis

by Kristin Harlow July 2, 2018

COON RAPIDS, MINN. — Dougherty Mortgage LLC has provided a $4.8 million HUD 223(f) loan for the acquisition and rehabilitation of Drake Apartments in Coon Rapids, a northern suburb of Minneapolis. The 48-unit affordable housing property was originally constructed in 1978 and underwent a partial renovation in 2001. As part of this acquisition, the property will undergo a rehabilitation of approximately $34,000 per unit. The loan is fully amortized over 35 years. Drake MDG LP was the borrower.

July 2, 2018

Development Midwest Minnesota Office

Joint Venture Acquires 140,000 SF Office Building in Minneapolis, Plans Renovation

by Kristin Harlow June 25, 2018

MINNEAPOLIS — A joint venture between TriCoastal Group and The Davis Companies has acquired Renaissance Square in Minneapolis for an undisclosed price. The companies plan to renovate the 140,000-square-foot office building and rename it The Andrus in homage to the building’s first owner, John Emory Andrus. The scope of the renovation includes a new street-level façade and retail space, a new tenant lounge, upgraded lobby and conference facility. RSP Architects will manage the design and renovation work for the 11-story building. Construction is expected to begin this summer and be completed by early 2019. Cushman & Wakefield is providing leasing, property management, engineering and construction management services. WSP, Sedgwick, Cue Inc., Genus Technologies, Fastbridge, CBX and DLR Group currently occupy the property, which first opened in 1898.

June 25, 2018

Development Industrial Midwest Minnesota

Opus to Construct 86,000 SF Speculative Industrial Building in St. Paul

by Kristin Harlow June 22, 2018

ST. PAUL, MINN. — The Opus Group has unveiled plans to construct an 86,000-square-foot speculative industrial building at the St. Paul Port Authority’s Beacon Bluff Business Center in St. Paul. Completion is slated for the end of this year. The building will feature a clear height of 24 feet. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and structural engineer of record. Solutions Blue is the civil engineer. Todd Hanson and Jason Sell of Cushman & Wakefield will market the property for lease. Beacon Bluff Business Center will include both office and industrial space and is located near the Minneapolis-St. Paul International Airport.

June 22, 2018

Development Midwest Minnesota Multifamily

Doran, CSM Break Ground on $100M Luxury Apartment Project in Downtown Minneapolis

by Kristin Harlow June 20, 2018

MINNEAPOLIS — Doran Cos. and CSM Corp. have broken ground on The Expo, an apartment community in the St. Anthony Falls Historic District of downtown Minneapolis. The $100 million project calls for a 25-story, high-rise building that will include 199 units, and a lower-level building that will feature 157 apartment units and 12 townhome units. Amenities will include a pool, business center, fitness center, spa, game room, bike storage and entertainment suites. Design firm DLR Group will lead the interior design of the project. A grand opening is slated for late spring or early summer 2020.

June 20, 2018

Acquisitions Midwest Minnesota Office

Marcus & Millichap Brokers $2.1M Sale of Office Building in Burnsville, Minnesota

by Kristin Harlow June 11, 2018

BURNSVILLE, MINN. — Marcus & Millichap has brokered the $2.1 million sale of River Ridge Circle in Burnsville, about 15 miles south of Minneapolis. The 23,138-square-foot office property is located at 190 S. River Ridge Circle. Constructed in 1994, the three-story building originally served as the Minnesota River School of Fine Arts. In 2009, the school closed and the property was transitioned into an office building. Marc Paylor and Claire Roberts of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The undisclosed buyer plans to occupy space at the property.

June 11, 2018

Acquisitions Midwest Minnesota Office

LaSalle Acquires 222,000 SF Office Property in Downtown Minneapolis

by Kristin Harlow June 6, 2018

MINNEAPOLIS — LaSalle Investment Management has acquired T3, a 222,000-square-foot office property in downtown Minneapolis. Neither the purchase price nor the seller was disclosed. Built in 2016, T3 is located within the North Loop submarket. Amazon occupies approximately half of the property under a long-term lease.

June 6, 2018

Acquisitions Industrial Midwest Minnesota

CBRE Arranges $12.3M Sale of Industrial Property in Maple Grove, Minnesota

by Kristin Harlow June 1, 2018

MAPLE GROVE, MINN. — CBRE has arranged the sale of Five Star Commerce Center in Maple Grove, about 15 miles northwest of Minneapolis. The 163,012-square-foot industrial property is comprised of three buildings. Constructed in 1999, the property is fully occupied. Major tenants include Next Day Automation, Dance Complex, TruGreen and Brush Masters Inc. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, Interstate Partners. Sterling Office and Industrial Properties LLC, a North Dakota-based REIT, acquired the asset.

June 1, 2018

Acquisitions Midwest Minnesota Office

CBRE Brokers $9.1M Sale of Two Office Buildings in Apple Valley, Minnesota

by Kristin Harlow May 30, 2018

APPLE VALLEY, MINN. — CBRE has brokered the $9.1 million sale of Apple Valley Business Center in Apple Valley, 20 miles south of Minneapolis. The sale includes a 48,733-square-foot office building located at 5550 W. Upper 147th St. and an adjacent 56,320-square-foot building at 14720 Energy Way. Both properties are fully leased to Questar Assessments Inc., an educational assessment provider. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz represented the seller, Excelsior Group LLC. Apple Valley Dakota REIT purchased the properties.

May 30, 2018

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