Minnesota

Opus Completes 246-Unit Apartment Project in Edina, Minnesota

by Kristin Harlow July 12, 2018

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.

July 12, 2018

Industrial Leasing Activity Midwest Minnesota

Cushman & Wakefield Negotiates 134,000 SF Industrial Lease in Minneapolis

by Kristin Harlow July 10, 2018

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.

July 10, 2018

Development Healthcare Midwest Minnesota

Kraus-Anderson Constructs $2.1M Health Center Expansion in Hutchinson, Minnesota

by Kristin Harlow July 9, 2018

HUTCHINSON, MINN. — Kraus-Anderson has completed a $2.1 million expansion for Hutchinson Health. The 9,600-square-foot project includes a new 5,103-square-foot cancer center as well as a cardiac rehab area and on-call suites. The property is located at 1095 Highway 15 South in Hutchinson, about 60 miles west of Minneapolis. Designed by Wold Architects and Engineers, the expansion triples the size of the existing center and integrates all of Hutchinson Health’s cancer services into one location. The project includes three additional exam rooms, six infusion therapy rooms and a procedure room.

July 9, 2018

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $1.5M Sale of Apartment Property in North Saint Paul, Minnesota

by Kristin Harlow July 9, 2018

NORTH SAINT PAUL, MINN. — Marcus & Millichap has arranged the sale of Division Street Apartments in North Saint Paul for $1.5 million. The three-building apartment property is located at 2633 Division St. All of the property’s 21 units are one-bedroom units averaging 400 square feet. Evan Miller of Marcus & Millichap marketed the property on behalf of the undisclosed seller. He also procured the buyer.

July 9, 2018

Loans Midwest Minnesota Multifamily Student Housing

TH Real Estate Provides $83.2M Refinancing for Student Housing Property in Minneapolis

by Kristin Harlow July 6, 2018

MINNEAPOLIS — TH Real Estate has provided an $83.2 million loan for the refinancing of The Marshall near the University of Minnesota in Minneapolis. The Class A student housing community features 994 beds within 316 units. The property was developed in 2004 and was 98.9 percent occupied as of March 31. A joint venture between Schenk Realty Group and EdR owns the property. The fixed-rate loan features a 10-year term.

July 6, 2018

Acquisitions Midwest Minnesota Net Lease Retail

Marcus & Millichap Negotiates $3.1M Sale of Building Net Leased to Preschool in Eden Prairie, Minnesota

by Kristin Harlow July 6, 2018

EDEN PRAIRIE, MINN. — Marcus & Millichap has arranged the $3.1 million sale of a 10,816-square-foot building net leased to Prestige Preschool Academy in Eden Prairie, approximately 18 miles southwest of Minneapolis. The preschool, located on Mitchell Road, was constructed as a build-to-suit for Prestige this spring. Adam Prins, Matthew Hazelton, Sean Doyle and Cory Villaume of Marcus & Millichap marketed the property on behalf of the undisclosed seller. The team also procured the buyer. The asset traded as part of a 1031 exchange.

July 6, 2018

Acquisitions Industrial Midwest Minnesota

Scannell Properties Sells 335,400 SF Distribution Center in Rogers, Minnesota for $20.4M

by Kristin Harlow July 5, 2018

ROGERS, MINN. — Scannell Properties has sold the Wilfred Distribution Center in Rogers, about 25 miles northwest of Minneapolis, for $20.4 million. The 335,400-square-foot Class A distribution center is fully leased. Originally built in 1999 and renovated in 2008 and 2018, the facility features a clear height of 32 feet and parking for 99 trailers. Approximately 4.6 percent of the total space is allocated for office use. The property features additional land for a 141,000-square-foot expansion of the existing building. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented Scannell in the sale. An institutional buyer purchased the asset.

July 5, 2018

Development Midwest Minnesota Multifamily

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

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