ELK RIVER, MINN. — Northwoods Management has acquired Elk Park, a 205,009-square-foot shopping center in Elk River, about 34 miles northwest of Minneapolis. The purchase price was undisclosed. Grocer Cub Foods is the anchor tenant. The property, which is located at 19216 Freeport Ave., is also home to Planet Fitness, Famous Footwear and Maurice’s. CBRE represented the seller, Brixmor Property Group.
BURNSVILLE, MINN. — KW Commercial | AMK Properties has arranged the $3.1 million sale of Ridgeview Business Center in Burnsville, about 20 miles south of Minneapolis. The 45,503-square-foot industrial property, located on Portland Avenue, features nine loading doors and a clear height of 14 feet. Matthew Klein and Andy Manthei of KW Commercial | AMK Properties represented the seller, Aaron Lake LLC. The undisclosed buyer will occupy space within the facility.
ROCHESTER, MINN. — Marcus & Millichap has arranged the sale of Falcon Heights Townhomes in Rochester for $32.5 million. Built in 2019, the 120-unit rental property comprises floor plans that range in size from 1,250 to 1,400 square feet. Amenities include a fitness center, pool and Wi-Fi throughout the community, which is located at 4400 Red Hawk Drive SE. Brad Barham, Chris Collins, Evan Miller and John Solari of Marcus & Millichap represented the seller, the original developer of the asset. The team also procured the buyer, a private investor.
MINNEAPOLIS — Kraus-Anderson has broken ground on North Loop Green, a mixed-use development in the North Loop neighborhood of Minneapolis. Hines, along with partners AFL-CIO Building Investment Trust and Marquee Development, are the developers. Plans call for 350,000 square feet of office space, 350 residential units, 100 hospitality units and 17,000 square feet of retail and restaurant space. A key feature of the project will be The Green, a one-acre green space that will host community events. The project architect, ESG Architects, plans to move its office to the development. Completion is slated for spring 2024. Brent Robertson of JLL will lead leasing efforts for the office component.
ROGERS, MINN. — MDH Partners has purchased Rogers Logistics Center for an undisclosed price. The 285,582-square-foot industrial facility is located at 20000 S. Diamond Lake Road in Rogers, a northwest suburb of Minneapolis. Constructed in 2004, Rogers Logistics Center features a clear height of 32 feet, 33 exterior docks and 215 car parking spaces. Developed as a build-to-suit for Archway Marketing Services Inc., the property has been fully occupied since completion. Archway’s current lease runs through January 2026. Judd Welliver and Bentley Smith of CBRE represented the undisclosed seller. The acquisition marks the first purchase in Minnesota for Atlanta-based MDH. Houston Hawley of MDH led the acquisition on behalf of the firm.
MINNEAPOLIS — Minneapolis-based NAI Legacy has acquired a portfolio of five retail properties for $20.5 million. Stablewood Properties was the seller. The assets include a CVS Pharmacy in Florida, a 7-Eleven in Colorado, a Sherwin-Williams in Missouri, an Advance Auto Parts in Florida and a Tractor Supply Co. in Pennsylvania. NAI Legacy will place the portfolio in a Delaware Statutory Trust, which often meets the demand for 1031 investors.
MINNEAPOLIS — Nonprofit developer Ecumen has broken ground on The Hillock, a 100-unit affordable seniors housing community in the Longfellow neighborhood of Minneapolis. The development will include 11 units designated for veterans who are experiencing homelessness. The rest of the units will be reserved for residents age 55 and older who earn up to 60 percent of the area median income. Monthly rents are expected to range from $816 to $1,339. Amenities will include a community garden and onsite clinic. Project costs are estimated at $24 million, and completion is slated for fall 2022. Phase II calls for an 89-unit affordable housing building with 13 units for veterans experiencing homelessness. Ecumen and Snelling Yards Development, a joint venture between Lupe Development Partners and Wall Cos., are co-developing the overall campus. The two communities will sit on a three-acre site that formerly housed the City of Minneapolis Public Works maintenance yard.
ROGERS, MINN. — JLL Capital Markets has brokered the $43.5 million sale of Vincent Woods Apartments in the Twin Cities suburb of Rogers. Completed in 2020, the Class A apartment community is comprised of 168 units that average 862 square feet. Amenities include a community room, patio terrace, fitness center, dog park, parcel storage system, heated underground parking and access to walking trails. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development. Brock Yaffe, Pat McMullen and Ken Dayton of JLL arranged a Fannie Mae acquisition loan on behalf of the buyer, Timberland Partners. The loan will be serviced by JLL Real Estate Capital LLC, a Fannie Mae DUS lender.
EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged $85.1 million in joint venture equity and construction financing for Paravel, a 246-unit apartment complex in the Minneapolis suburb of Eden Prairie. JLL secured a $59.5 million construction-to-permanent, fixed-rate loan through a life insurance company, and sourced $25.6 million in joint venture equity from a high-net-worth family office. Located at 8300 Commonwealth Drive, Paravel will be part of the Castle Ridge mixed-use development. The complex will include 358 underground parking stalls and 67 surface parking spaces. Josh Talberg, Brock Yaffe, Dan Linnell, Mox Gunderson, Pat McMullen, Adam Haydon, William Haass and Ken Dayton of JLL represented the borrower, Timberland Partners.
MINNEAPOLIS — Monarch Alternative Capital LP has acquired the Westin Minneapolis hotel in partnership with HEI Hotels & Resorts. Although the purchase price was undisclosed, Monarch says it acquired the hotel at a significant discount due to disruptions caused by the pandemic. The acquisition marks Monarch’s 12th hotel purchase this year. The 214-room, business-oriented hotel is in the heart of downtown. Monarch plans to improve the asset with an upcoming renovation. Monarch will operate the property in partnership with HEI Hotels & Resorts.
