BROOKLYN CENTER, MINN. — Kentaurus Capital has acquired Evergreen Park Manor, an 80-unit multifamily property in the Twin Cities suburb of Brooklyn Center. The purchase price was undisclosed. Completed in 1980, the property consists of four buildings. Recent upgrades include new flooring, trim, appliances, backsplashes and fixtures. Drew Rafshol and Ted Abramson of CBRE Minneapolis Multifamily represented the seller, ASK Properties.
MINNEAPOLIS — CA Ventures and Harlem Irving Cos. have started pre-leasing 270 Hennepin, a 22-story apartment tower located at 270 Hennepin Ave. in downtown Minneapolis. First move-ins are scheduled for this fall. The project features 346 apartment units and 20,000 square feet of retail space on the first floor. In addition to floor plans ranging from studios to three-bedroom units, there are two- and three-bedroom penthouse units. Amenities include an indoor pool, outdoor sky terrace, movie theater, fitness and yoga rooms, bike storage and two levels of underground parking. Monthly rents start at $1,425. Residents can currently receive up to two months of free rent.
MINNEAPOLIS — Minneapolis-based Target Corp. (NYSE: TGT) has unveiled plans to expand to over 160 Disney at Target stores across the country by the end of the year. Guests will find toys from popular Disney properties, including Star Wars and Raya and the Last Dragon. The announcement comes on the heels of Target’s launch of Ulta Beauty “shop-in-shop” concepts earlier this month. Target operates roughly 1,900 stores across the U.S. The retailer began opening Disney shops in select locations in 2019. In addition to the Disney shops, Target will offer an exclusive 70-piece toy collection with FAO Schwarz for the holiday season.
BROOKLYN PARK, MINN. — Taco Bell is building a restaurant with a new drive-thru concept in Brooklyn Park, a suburb of Minneapolis. Construction is underway on the 3,000-square-foot, two-story restaurant. Completion is scheduled for summer 2022. Known as Defy, the new restaurant concept was developed in partnership with Minneapolis-based Vertical Works Inc., a design company that works with quick-serve restaurants, retailers and healthcare tenants. In 2020, Border Foods, one of the largest privately held Taco Bell franchisees in America, enlisted Vertical Works to create a new restaurant design. With Defy, Taco Bell and Border Foods will partner on their 230th restaurant and 82nd new restaurant build. The concept reimagines the traditional drive-thru experience with four lanes, three of which are dedicated to mobile or delivery order pickups. This way, customers who order via the Taco Bell app or third-party delivery services can skip the line. The drive-thru lanes are situated below the restaurant kitchen. Additionally, digital check-in screens enable mobile order customers to scan in their order via a unique QR code. Food is delivered in a contactless manner via a proprietary lift system. The Defy footprint is smaller or equal to existing Taco Bell store footprints. There will be …
MINNETONKA, MINN. — A joint venture between PCCP and Doran Cos. has unveiled plans to develop a 350-unit apartment project at 5959 Shady Oak Road in Minnetonka, a suburb of the Twin Cities. The developer is scheduled to break ground on the project within the next month and the first units are expected to be ready for occupancy in spring 2023. Of the 350 units, 57 percent will be one-bedroom floor plans. Amenities will include a dog park, community garden, clubhouse, outdoor patio, pool and garage parking. The project will be situated adjacent to Opus Park.
MINNEAPOLIS AND BOSTON — JLL Capital Markets has arranged a $157.3 million joint venture equity partnership for the development of three bulk distribution and life sciences projects in Minnesota and North Carolina. Colin Ryan, John Huguenard, David Berglund, Pete Pittroff and Patrick Nally of JLL arranged the equity investment with Rockpoint Group LLC, a Boston-based real estate private equity firm, on behalf of the Minneapolis-based developer, Oppidan Investment Co. Blake Hastings, Jay Moore and Tim Brent of Oppidan are leading the project development. “We are excited to embark on a programmatic relationship with Rockpoint and continue to grow the industrial and logistics vertical at Oppidan,” says Blake Hastings, president of Oppidan. “Our cultures are very well aligned, and we look forward to a long, deep relationship.” The portfolio will include nine buildings on three construction sites that total about 1.6 million square feet. Five buildings are expected to begin construction this year, and completion of all nine are anticipated by 2023. The Minnesota facilities are planned for industrial use while the North Carolina facilities will be for life sciences firms. Two of the nine buildings will be within Chaska Creek Industrial Park, which is 26.5 miles from Minneapolis in Chaska. …
MAPLE GROVE, MINN. — Endeavor Development and joint venture partner Calibogue Capital have broken ground on Zachary Distribution Center, a 172,224-square-foot speculative distribution center in Maple Grove. Located on Zachary Lane, the project will feature a clear height of 32 feet, 17 loading docks, two drive-in doors and 52 trailer parking stalls. Jon Yanta, Jason Meyer and Brent Masica of Cushman & Wakefield are handling leasing and marketing efforts for the property. Zachary Distribution Center is situated within the Northwest submarket, which is the most active industrial corridor within the Twin Cities, according to Cushman & Wakefield. A timeline for completion was not disclosed.
FRIDLEY, MINN. — JLL Capital Markets has brokered the sale of The Cielo Apartments in the Minneapolis suburb of Fridley for $59 million. The 269-unit complex features floor plans that range in size from 586 to 1,345 square feet. Amenities include a fitness center, game room, community room, study area, walking paths and secured parking. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development. Peak Capital Partners was the buyer. JLL also worked on behalf of the new owner to secure a seven-year, $44.2 million acquisition loan through Freddie Mac.
COON RAPIDS, MINN. — Kraus-Anderson has completed a $5.8 million renovation of Allina Health’s Mercy Hospital in Coon Rapids, a northern suburb of Minneapolis. Designed by Leo A Daly Architects, the 25,000-square-foot project involved the renovation of the third-floor Mercy Specialty Center to accommodate an oncology clinic as well as pharmacy and lab space. The property is located at 11850 Blackfoot Street NW. Construction of the multi-phase project began in September 2020.
MINNEAPOLIS AND BOLINGBROOK, ILL. — Target Corp. (NYSE: TGT) and Ulta Beauty (NASDAQ: ULTA) have revealed further details about the Ulta Beauty at Target launch, which is slated to begin rolling out in more than 100 Target stores nationwide and online this August. Most of the initial locations will be concentrated in California, Colorado, Florida, Illinois, Minnesota, New York and Texas. The “shop-in-shop” retail concept will include 50 specially curated brands. The two companies are planning to roll out the concept at 800 Target stores in the coming years. Each shop-in-shop will be placed near the existing Target beauty section. Minneapolis-based Target operates more than 1,900 stores. Beauty retailer Ulta is based in Bolingbrook.
