Minnesota

Ryan Cos. Purchases 40-Acre Land Site in Arden Hills, Minnesota for $12.7M

by Kristin Harlow January 17, 2024

ARDEN HILLS, MINN. — Ryan Cos. US Inc. has purchased “Outlot A,” a 40-acre land site in Arden Hills, a northeast suburb of Minneapolis, for $12.7 million. The Ramsey County Board of Commissioners approved the purchase and sale agreement for the land parcel, which is situated adjacent to Rice Creek Commons, a planned residential and commercial redevelopment of the former Twin Cities Army Ammunition Plant (TCAAP). The parcel is zoned for commercial use under the city’s TCAAP Redevelopment Code. Alatus LLC continues to serve as the lead developer of the main 390-acre Rice Creek Commons redevelopment area. A preliminary development agreement with Alatus was approved in December. Ryan will offer Outlot A as a build-to-suit that can accommodate 400,000 to 600,000 square feet. Development possibilities include a corporate campus, a research and development center, life sciences offices or manufacturing facilities alongside retail and restaurant space. The parcel will connect to the Rice Creek North Regional Trail for bicycle and pedestrian access. Ryan also expects to incorporate green space and outdoor gathering areas. Ramsey County plans to request $25 million in funding from the Minnesota Legislature to build stormwater infrastructure and construct the main public roadway. The total future development value …

January 17, 2024

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $1.5M HUD-Insured Loan for Rehabilitation of Minnesota Seniors Housing Community

by Kristin Harlow January 16, 2024

BURNSVILLE, MINN. — Colliers Mortgage has provided a $1.5 million HUD 241(a) loan for the rehabilitation of Parkway Cooperative of Burnsville. The 102-unit seniors cooperative property features one- and two-bedroom units. Amenities include laundry rooms, community areas, underground parking, an exercise facility, library, craft room and workshop. The loan features a 26.5-year term and amortization. Parkway Cooperative of Burnsville was the borrower.

January 16, 2024

Loans Midwest Minnesota Office

Associated Bank Arranges $145.2M in Construction Financing for 400,000 SF Office, Lab Building in Suburban Minneapolis

by Kristin Harlow January 15, 2024

MAPLE GROVE, MINN. — Associated Bank has arranged $145.2 million in construction financing for a three-story, single-tenant office and laboratory building in the Minneapolis suburb of Maple Grove. The build-to-suit property for an undisclosed tenant will total 400,000 square feet, including 320,000 square feet of office space and 80,000 square feet of state-of-the-art laboratory space. Employee amenities will include a conference center, credit union/bank, cafeteria, coffee shop, fitness center, bike room, e-bar, game room and green space. Construction is underway with completion slated for late 2025. Ryan Cos. US Inc. is the developer. Steve Clifford of Associated Bank handled the loan arrangements and closing. The syndicated deal included a total of four lenders. Associated Bank served as joint lead arranger and administrative agent, holding $50 million of the total financing package. The other three lenders were First National Bank of Omaha, Alerus Financial NA and Johnson Bank.

January 15, 2024

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges Sale of 217-Unit Via Sol Apartment Complex in Suburban Minneapolis

by Kristin Harlow January 11, 2024

ST. LOUIS PARK, MINN. — Marcus & Millichap has arranged the sale of Via Sol, a five-story, 217-unit apartment complex in the Minneapolis suburb of St. Louis Park. The sales price was undisclosed. Completed in 2022 and located along Minnesota State Highway 7, the property features amenities such as an urban art forest, rooftop terrace, fitness center and underground parking. The average unit size is 677 square feet. Abe Roberts, Will Balthrope and Drew Garza of Marcus & Millichap represented the seller, Place E-Generation One LLC. The team also procured the buyer, Bigos-Via Sol LLC, an entity under Bigos Management. The buyer plans to rebrand the community as Zelia on Seven.

January 11, 2024

Acquisitions Midwest Minnesota Multifamily Seniors Housing

Inland Purchases Three Seniors Housing Communities in Metro Minneapolis

by Kristin Harlow January 3, 2024

MINNEAPOLIS, EDINA AND PLYMOUTH, MINN. — The Inland Real Estate Group of Cos. has acquired three seniors housing communities in metro Minneapolis for an undisclosed price. A JLL seniors housing capital markets team arranged acquisition financing on behalf of Inland. The Waters Senior Living will continue to manage the communities for Inland. The portfolio consists of The Waters of Edina, The Waters of Plymouth and The Waters on 50th. The three properties consist of 321 units, including 223 units for independent living/assisted living and 98 units for memory care. The communities were constructed in the past 10 years.

January 3, 2024

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $10.8M HUD-Insured Loan for Rehabilitation of Minneapolis Apartment Property

by Kristin Harlow January 3, 2024

MINNEAPOLIS — Colliers Mortgage has provided a $10.8 million HUD 221(d)(4) loan for the rehabilitation of Labor Retreat Apartments in Minneapolis. The 77-unit Section 8 property features one- and two-bedroom units. Amenities include a community room, onsite management office, outdoor patio, lounge area and laundry rooms. In addition to the HUD-insured first mortgage, the project will utilize 4 percent Low-Income Housing Tax Credits and tax-exempt bonds, which were underwritten by affiliate Colliers Securities LLC. The loan features a 40-year term and 40-year amortization schedule. The borrower was Labor Retreat Housing Partners LLC, an affiliate of Vitus Group LLC.

January 3, 2024

Acquisitions Midwest Minnesota Office

Colliers Arranges Sale of 31,780 SF Office Building in Plymouth, Minnesota

by Kristin Harlow January 2, 2024

PLYMOUTH, MINN. — Colliers has arranged the sale of a 31,780-square-foot office building in the Minneapolis suburb of Plymouth for an undisclosed price. The property at 13305 12th Ave. North includes 2,500 square feet of warehouse space. Nick Leviton and Laura Moore of Colliers represented the seller, a local partnership. Jason Sell of Cushman & Wakefield represented the undisclosed buyer. The property was occupied until the onset of the COVID-19 pandemic.

January 2, 2024

Loans Midwest Minnesota Multifamily

JLL Arranges $60.1M in Construction Financing for Minnesota Multifamily Property

by Kristin Harlow December 22, 2023

INVER GROVE HEIGHTS, MINN. — JLL Capital Markets has arranged mezzanine and construction financing totaling $60.1 million for Avalon Apartments and Townhomes in Inver Grove Heights, a southeast suburb of Minneapolis. The apartment and townhome project is set to break ground immediately and will include 244 luxury units as well as 193 parking spaces. Units will come in studios through three-bedroom floor plans. Amenities will include a pool, barbecue area, pickleball court, playground, yoga room, community room, speakeasy lounge, fitness center, golf simulator, business center, rooftop patio and dog run. Dan Linnell, Scott Loving, Josh Talberg and Mox Gunderson of JLL arranged a $45 million construction loan through Alerus, a provider of business and consumer banking products based in North Dakota. JLL also sourced $15.1 million in mezzanine financing from Centerspace, a real estate investment trust focused on apartment communities throughout the Midwest and Mountain West.

December 22, 2023

Acquisitions Industrial Midwest Minnesota Self-Storage

StorageMart Acquires Two Self-Storage Facilities in Minnesota

by Kristin Harlow December 21, 2023

CRYSTAL AND NORTH SAINT PAUL, MINN. — StorageMart has acquired two self-storage facilities in Crystal and North Saint Paul for an undisclosed price. Both properties will undergo comprehensive updates to align with StorageMart’s standards. Together, the facilities offer 1,564 units and 159,282 square feet of rentable climate-controlled space. Unit sizes range from five-by-five units to 15-by-40 units.

December 21, 2023

Leasing Activity Midwest Minnesota Office

McKnight Foundation Signs 50,000 SF Office Lease in Minneapolis

by Kristin Harlow December 19, 2023

MINNEAPOLIS — The McKnight Foundation has signed a new 20-year office lease at 921 Washington Ave. South in Minneapolis. The tenant will occupy the entire 50,000-square-foot property. Mike Salmen, Eric Rapp and Reed Christianson of Transwestern Real Estate Services represented ownership, STF Holdings LLC. The McKnight Foundation’s current office totals 38,577 square feet at 710 S. Second St. The new lease commences in February 2025. The building will undergo significant renovations to modernize the space and meet the climate and energy goals of the foundation. Updates will include a state-of-the-art HVAC system that will reduce onsite energy use while offsetting demand on the electrical grid, as well as electric vehicle car charging stations. Julie Kimble of KimbleCo represented the tenant in the lease negotiations.

December 19, 2023

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