VIRGINIA, MINN. — Kraus-Anderson has completed construction of the Iron Trail Motors Event Center at 819 S. 9th Ave. in the northern Minnesota town of Virginia. The $38 million project converted the former Miners Memorial Facility into a regional convention center that will be utilized for concerts, tradeshows, events and meetings. The project for the City of Virginia pays tribute to the city’s mining history by incorporating elements into the exterior such as taconite, iron colors and shale rocks. Designed by DSGW Architects, the 120,000-square-foot facility features two hockey and ice arenas, a 6,400-square-foot ballroom, two meeting rooms with 1,000 square feet of event space and a 320-square-foot board room. The second floor houses offices for the Parks and Recreation Department, community workout spaces and storage space. A grand opening event is scheduled for the week of Sept. 20.
Midwest
MAPLE GROVE, MINN. — Pelican BioThermal has leased 117,242 square feet of distribution and production space at 10100 89th Ave. in Maple Grove, a suburb of Minneapolis. The company manufactures temperature-controlled packaging solutions for the transport of pharmaceuticals, vaccines, ventilators and blood supplies. Pelican BioThermal is expanding and relocating its headquarters from 70,000 square feet in Plymouth, Minn. Jared Scaringe, Ryan Foley and Mike Bowen of CBRE represented the tenant in the lease negotiations. The landlord was not disclosed.
ROSEMONT, ILL. — Colliers Chicago has renewed its 34,012-square-foot office lease at 6250 N. River Road in Rosemont. Colliers, which has been a tenant in the building since 2004, plans to embark on a multi-million dollar renovation of its existing floor. The property, One O’Hare Centre, spans 380,000 square feet. Amenities include a conference center, café, tenant lounge and fitness center. Darryl Silverman and David Florent of Colliers represented the tenant, while Francis Prock and Jon Connor of Colliers represented ownership, MDC Property Services and Nicola Crosby Real Estate. In addition to being a tenant, Colliers serves as the leasing agent for the property.
WAYZATA, MINN. — Healthcare real estate firm Davis has broken ground on a 16,147-square-foot medical office building in Wayzata, a western suburb of Minneapolis. To date, Tailwind Pediatric Dentistry and Lorenz Clinic have signed leases, filling the entire second floor of the two-story building, which will be situated at 1120 E. Wayzata Blvd. Completion is slated for August 2022. Davis will provide property management and leasing services. Minneapolis-based Synergy Architecture Studio is the project architect and Plymouth, Minn.-based Timco Construction is the general contractor.
ANN ARBOR, MICH. — JLL Capital Markets has arranged $17.8 million in joint venture equity and $39.9 million in construction financing for Avant, a 253-unit multifamily project in Ann Arbor. With an anticipated completion date of April 2023, Avant will include one-, two- and three-bedroom units averaging 1,029 square feet with a mix of flats and townhomes. Amenities will include a dog park, clubhouse, pool, walking trail, fitness center, bike parking and personal storage. Matthew Schoenfeldt of JLL represented the development team, S.R. Jacobson Development Corp. and ARCO Construction, and arranged the equity partnership with a life insurance company. Flagstar Bank provided the 42-month, floating-rate construction loan.
MUNDELEIN, ILL. — Bridge Industrial has acquired land at 290 Townline Road in Mundelein, a northern suburb of Chicago. The developer plans to build Bridge Point Mundelein, a 320,196-square-foot speculative industrial project. Plans call for 271 car parking stalls, 101 trailer parking stalls, two drive-in doors and a clear height of 36 feet. Located in the Lake County submarket, the infill project offers direct access to the four-way intersection at I-94 and Route 60. Construction is scheduled to begin immediately with completion slated for the third quarter of 2022. Whit Heitman, Sam Badger and Jared Paff of CBRE brokered the land sale.
NORTH AURORA, ILL. — A joint venture between PCCP and Transwestern Development Co. is building a 173,400-square-foot speculative industrial facility in North Aurora along the I-88 corridor. Construction is scheduled to begin in October with completion slated for the second quarter of 2022. Situated on nine acres at 950 Ice Cream Drive, the Class A building will feature a clear height of 36 feet, 42 trailer parking stalls, car parking and exterior docks. Transwestern Development currently has 34 industrial projects totaling 18.4 million square feet under construction or in pre-development stages nationwide.
OVERLAND PARK, KAN. — A group of private investors led by LANE4 Property Group has purchased an 83,000-square-foot office building in Overland Park for an undisclosed price. Located at 4551 W. 107th St., the three-story property is fully leased. Allied National Inc., a third-party administrator in the health insurance and benefits industry, occupies the majority of the building. Kessinger Hunter represented the undisclosed seller in the transaction.
CHICAGO — Law firm Cooley has signed a 30,000-square-foot office lease at Bank of America Tower in Chicago. Cooley is slated to relocate from its current coworking space to the new property in the second quarter of 2022. Developed by Howard Hughes Corp. and Riverside Investment & Development Co., Bank of America Tower is located at 110 N. Wacker St. It rises 55 stories and spans 1.5 million square feet. Other tenants at the building include HPS Capital Partners, Longshore Capital Partners, Chartwell Financial Advisory and SE Capital. Cooley launched its Chicago office in May of this year.
Joint Venture Receives $250M in Financing for 1.2 MSF Dayton’s Redevelopment Project in Downtown Minneapolis
by Katie Sloan
MINNEAPOLIS — The Telos Group and 601W Cos. have received $250 million in financing for The Dayton’s Project, a historic redevelopment of 700 Nicollet Mall in downtown Minneapolis. The 12-story property was previously occupied by Dayton’s department store, which rebranded as Macy’s in 2004 before closing its doors in 2017. The 1.2 million-square-foot project will include office space, 200,000 square feet of dining and retail, and a 45,000-square-foot food hall and market. Office amenities will include a rooftop terrace with views of the Minneapolis skyline, private lounge and library spaces, and a 10,000-square-foot, state-of-the-art health club. Over the past few months, the development has been at the center of legal drama between developer 601W Cos. and Monarch Alternative Capital, which holds the mezzanine loan on the project, according to reports by Twin Cities Business (TCB). 601W sued Monarch in June of this year, with Monarch countering through the advertisement of a foreclosure sale of 601W’s equity interests in the property under technical default for not meeting leasing obligations, according to TCB. Hennepin County District Judge Susan Burke granted 601W a temporary injunction to secure new financing, thereby stopping the foreclosure sale that had been set for Aug. 23. Jaime Fink, …