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AcquisitionsMidwestMinnesotaMultifamilySeniors Housing

JLL Arranges $27.3M Sale of Active Adult Community Near Minneapolis

by Kristin Harlow

MAPLEWOOD, MINN. — JLL Capital Markets has arranged the $27.3 million sale of Frost English Silver, a newly built, luxury apartment community for residents age 55 and older in Maplewood, a suburb of Minneapolis. The property’s 107 units average 876 square feet each. Amenities include a fitness center, outdoor patio, community room, salon, indoor pool and heated underground parking. Located at 1957 English St., Frost English Silver is within walking distance of parks, lakes, trails and golf courses. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Ken Dayton of JLL represented the seller, Sherman Associates. Jeff Lepley of JLL arranged acquisition financing on behalf of the buyer, an affiliate of Axial Real Estate Advisors LLC. JLL is providing the seven-year, fixed-rate Fannie Mae loan.

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DevelopmentIndustrialMidwestMinnesota

Opus Breaks Ground on 137,178 SF Spec Industrial Building in Blaine, Minnesota

by Kristin Harlow

BLAINE, MINN. — The Opus Group has broken ground on a 137,178-square-foot speculative industrial building known as Sanctuary Business Center in Blaine, a northern suburb of Minneapolis. The property will feature two drive-in doors, 32 dock positions, parking for 160 vehicles, trailer parking and LED lighting. Completion is slated for July 2022. Opus is the developer, design-builder, interior designer, architect and structural engineer. Stantec is the civil engineer. Danny McNamara of Cushman & Wakefield is the listing broker for the property.

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IndustrialMarket ReportsMidwestMidwest Market ReportsMinnesota

Institutional Capital Targets Minneapolis Industrial Market

by Kristin Harlow

By Peter Loehrer, Colliers MSP Minneapolis has secured its position as the darling market of the Midwest industrial investment community. Minneapolis was the quintessential Midwest city: cautious real estate development, durable rents with stately growth and moderate but unwavering absorption growth year to year.  This, however, is no longer the case. A combination of repeated institutional capital injections, a highly constrained land market and exponential growth in tenants looking for new space has transformed Minneapolis into an institutional and foreign capital target market. Institutional capital By far the most transformational event in recent history for the Minneapolis industrial market was Link Industrial’s entrance into the market. Beginning in 2018 with the Gramercy acquisition, and continuing in 2019 with the Space Center acquisition — both of which have bits and pieces of the national portfolio located throughout Minneapolis — Link made its first real foray into Minneapolis in May of 2019 with the acquisition of the 2.2 million-square-foot Industrial Equities portfolio.  Link quickly followed this up with pieces of the GLP and Colony Capital acquisitions, as well as the largest real estate purchase in Minneapolis history, the 7.2 million-square-foot CSM Corp. industrial portfolio, and most recently the 2.5 million-square-foot Prologis portfolio.  …

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HospitalityLoansMidwestMinnesota

D2 Capital Advisors Arranges $48.6M Construction Loan for Minneapolis Hotel Project

by Kristin Harlow

MINNEAPOLIS — D2 Capital Advisors has arranged a $48.6 million loan for the construction of a 123-room, luxury boutique hotel in the North Loop District of Minneapolis. Commutator LLC is the developer of the project, which will be located at 125 N. 1st St. The 133,000-square-foot hotel will feature a rooftop bar, cellar bar, retail space, meeting space and a restaurant. Snow Kreilich Architects is the project architect, Neri & Hu is designing the interiors and Greiner Construction is the general contractor. Construction is scheduled to begin this month with completion slated for the first quarter of 2023. Jack Cortese and David Frankel of D2 arranged the loan with a Seattle-based REIT.

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AcquisitionsIndustrialMidwestMinnesota

PCCP Acquires 386,724 SF Distribution Center in Rogers, Minnesota

by Kristin Harlow

ROGERS, MINN. — PCCP and its joint venture partner Capital Partners have acquired Diamond Lake Road Distribution Center in Rogers, about 25 miles northwest of Minneapolis. The purchase price was not disclosed. The 386,724-square-foot distribution center is located at 19850 S. Diamond Lake Road. The facility was developed in 2001 as a build-to-suit for Archway Marketing Services. This month, the building became vacant for the first time in 20 years. Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith and Tom Holtz of CBRE represented the seller, STAG Industrial.

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LoansMidwestMinnesotaMultifamilyNorthmarq

NorthMarq Arranges $19M Construction Loan for Multifamily Adaptive Reuse Project in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — NorthMarq has arranged a $19 million construction loan for an adaptive reuse project at 1554 Midway Parkway in St. Paul. The former seniors housing facility will be transformed into 148 market-rate apartment units. Completion is slated for next year. Michael Padilla of NorthMarq’s Minneapolis office arranged the five-year loan, which features two years of interest-only payments followed by a 25-year amortization schedule. A local bank provided the loan on behalf of the borrower, Premier Holdings LLC.

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DevelopmentMidwestMinnesotaMultifamilySeniors Housing

Ryan Cos. Begins Construction of 200-Unit Senior Living Community in Woodbury, Minnesota

by Kristin Harlow

WOODBURY, MINN. — Ryan Cos. US Inc. has begun construction of Talamore Senior Living Woodbury, a 200-unit senior living community in Woodbury, an eastern suburb of the Twin Cities. The four-story, 245,000-square-foot property will include 90 independent living units, 70 assisted living units, 26 memory care units and 14 care suites. Along with multiple dining venues, amenities will include a library, wellness and fitness center, spa, clubroom, activity room and large gathering space. Ryan is the developer, builder and capital markets partner. Ryan Architecture + Engineering is the design architect and provided interior design, landscape architecture and civil engineering services. UrbanWorks will serve as the architect of record. Bell Bank is the lender. Upon completion, Ryan will own the property in partnership with Great Lakes Management and Artemis Real Estate Partners. Great Lakes Management will handle day-to-day operations and Ryan will provide asset management services.

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DevelopmentIndustrialMidwestMinnesota

Opus Breaks Ground on 130,440 SF Spec Industrial Building in Minneapolis

by Kristin Harlow

MINNEAPOLIS — The Opus Group has broken ground on Nordeast Business Center, a 130,440-square-foot speculative industrial building in Minneapolis. Located at the corner of University Avenue and 37th Avenue Northeast, the project will feature 136 vehicle parking stalls, 22 dock doors, two drive-in doors, 19 trailer parking stalls and a clear height of 32 feet. Completion is slated for summer 2022. Opus is the developer, design-builder, architect and structural engineer. John Ryden, Matt Oelschlager and Mike Bowen of CBRE are marketing the property for lease.

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AcquisitionsMidwestMinnesotaMultifamily

JLL Arranges $34M Sale of Apartment Property in Rochester, Minnesota

by Kristin Harlow

ROCHESTER, MINN. — JLL Capital Markets has arranged the $34 million sale of Red44, a 159-unit apartment property in Rochester. Built in 2017, Red44 comprises studio, one- and two-bedroom units averaging 850 square feet. Amenities include a pool, rooftop lounge, patio area with grills, clubhouse, fitness center, dog run and heated underground parking. Mox Gunderson, Adam Haydon, Dan Linnell and Josh Talberg of JLL represented the sellers, Roers Investments, Reuter Walton Development and North Bay Cos. Champaign, Illinois-based Regency Multi-Family was the buyer.

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AcquisitionsIndustrialMidwestMinnesota

Colliers Arranges Sale of 1.9 MSF Industrial Portfolio in Metro Minneapolis

by Kristin Harlow

MINNEAPOLIS — Colliers International has arranged the sale of a 22-building industrial portfolio spanning 1.9 million square feet in metro Minneapolis. The sales price was undisclosed. Half of the portfolio features a high office finish and is located in the southwest submarket of Minneapolis, while the other half is comprised of warehouse and distribution product. Mark Kolsrud, John McCarthy, Peter Carbonneau, Peter Loehrer, Kyle Delarosby and Lydia Paasch of Colliers represented the seller, a national industrial owner. The team also procured the buyer, Nicola Wealth Real Estate Acquisitions LTD. Mike Taylor, Brian Bonipart and Pat Taylor of Gantry secured a $130 million loan on behalf of the buyer. A life insurance company provided the seven-year loan, which featured a sub-3 percent rate and a 30-year amortization schedule.

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