MINNEAPOLIS — Minneapolis-based Fabcon Precast, a provider of structural precast wall panels, has acquired Kerkstra Precast for an undisclosed price. Kerkstra is a producer of high-quality precast and prestressed concrete products in Michigan. From its two manufacturing facilities in Grand Rapids and Detroit, Kerkstra serves the industrial, commercial, residential and infrastructure markets across the Midwest. Its comprehensive product offering includes structural and architectural wall panels, hollowcore planks, beams, columns, double tees, stairs and other specialty products. With the addition of Kerkstra, Fabcon will offer an expanded portfolio of products and operate out of seven total manufacturing locations throughout Minnesota, Michigan, Kansas, Ohio, Pennsylvania and New York. Fabcon provides end-to-end integrated capabilities, from engineering and design to production, project management and construction.
MINNETONKA, MINN. — Colliers | Minneapolis-St. Paul has negotiated the sale of a 3.9-acre development site within Opus Park in Minnetonka for $4.9 million. The site presents a transit-oriented development opportunity, as it is adjacent to the Opus Light Rail Transit (LRT) station along the Southwest Light Rail Line. The buyer, Pittsburgh-based Linden Street Partners, plans to break ground on a 275-unit apartment complex later this year. Andy Heieie, Ted Bickel and Jeff Budish of Colliers represented the seller, Newport Partners.
RICHFIELD, MINN. — Developer Schafer Richardson has purchased a 3.5-acre site in Richfield, an inner ring suburb of Minneapolis, for $4.6 million. Richardson plans to build a Class A apartment complex with 237 market-rate units to be named Rya Apartments. Andy Heieie, Ted Bickel and Jeff Budish of Colliers | Minneapolis-St. Paul represented the undisclosed seller of the land, which is located on Richfield Parkway. A timeline for construction was not disclosed.
INVER GROVE HEIGHTS, MINN. — STAG Industrial Inc. has acquired an 80,000-square-foot industrial building in Inver Grove Heights, about 20 miles southeast of Minneapolis. The property was recently completed as a build-to-suit for Simpson Strong-Tie, a provider of structural products for the construction of homes and buildings. Known as InverPoint Business Park I, the building features a clear height of 24 feet, a training center and roughly 7,200 square feet of office space. Judd Welliver, Ryan Watts, Sonja Dusil, Bentley Smith and Tom Holtz of CBRE Minneapolis represented the developer and seller, United Properties. The property is the first of five planned projects to be completed in the InverPoint Business Park.
MINNEAPOLIS — Target Corp. (NYSE: TGT) has unveiled plans to invest approximately $4 billion annually during the next several years in an effort to accelerate new store openings and store remodels, as well as enhance its fulfillment services and strengthen the company’s supply chain. The Minneapolis-based retailer plans to increase its fresh and frozen food pickup assortment as well as launch adult beverage pickup in 800 more stores over the next few months. Target will continue to incorporate brand partnerships, including the opening of approximately 100 Ulta Beauty “shop-in-shops” in 2021, with plans to add hundreds more over time. Building on its 15-year relationship with Apple, Target has introduced a new Apple shopping destination online and in 17 stores. More locations are scheduled to roll out this fall. The discount retailer plans to open 30 to 40 new stores each year in urban centers, college campuses and dense suburban cities across the country. In urban centers such as New York City, Los Angeles and Portland, Target will open more small-format stores. It also plans to open small-format stores at the University of Georgia and University of Michigan. Target opened 30 new stores in 2020. Target also expects to accelerate its …
COTTAGE GROVE, MINN. — Oak Residential Partners has acquired Hinton Heights in Cottage Grove, a suburb of the Twin Cities. The purchase price was undisclosed. The 249-unit apartment community features amenities such as an indoor pool, spa and picnic areas. All units feature individual entrances and most have attached garages. Ted Abramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented the seller, Curtis Capital Group. The sale represents a value-add opportunity, according to Abramson. NorthMarq provided a $41.5 million Freddie Mac loan for the acquisition. The seven-year, fixed-rate loan features three years of interest-only payments.
MINNEAPOLIS — Riding on the strength of digital sales, Target Corp. (NYSE: TGT) reported that its fourth-quarter sales grew 20.5 percent compared with the same period a year ago. The Minneapolis-based retailer’s quarter ended Jan. 30. Comparable store sales increased 6.9 percent while digital sales grew 118 percent, accounting for two-thirds of the company’s overall growth. Same-day services such as order pickup grew 212 percent, led by more than 500 percent growth in drive-up services. CNBC reported that Target’s earnings topped Wall Street’s estimates, as its sales got a lift from a strong holiday season and stimulus checks. For the year, Target’s 2020 sales growth of more than $15 billion was greater than the company’s total sales growth over the prior 11 years. “Following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020, as our guests turned to Target to safely provide for their families throughout the pandemic,” said Brian Cornell, chairman and CEO, in a news release. Target’s stock price opened at $190.27 per share Tuesday, March 2, up from $109.06 per share one year ago.
CHANHASSEN, MINN. — JLL Capital Markets has negotiated the $5.5 million sale of Olive Branch Estates in Chanhassen, a suburb of Minneapolis. The 24-unit, 28-bed memory care facility was constructed in 2015. The one-story property sits on 4.6 acres. John Klement of JLL represented the seller, a private owner and operator. The buyer, a limited liability company, has retained Elysian Senior Homes to operate the community. The sales price represents a cap rate of 8.75 percent.
BROOKLYN PARK, MINN. — Minneapolis-based Davis has been selected by Allina Health and Surgical Care Affiliates to develop and own the venture’s first ambulatory surgery center in Brooklyn Park, a northwest suburb of the Twin Cities. Davis expects to break ground in late April or early May on the two-story, 40,000-square-foot project. Allina and Surgical Care Affiliates will lease 18,000 square feet on the second floor. The project team includes Plymouth, Minn.-based Timco Construction Inc. and Minneapolis-based Synergy Architecture Studio. Completion is slated for the end of first-quarter 2022.
MAPLE GROVE, MINN. — Colliers Mortgage has provided an $18.2 million Fannie Mae loan for the acquisition of Crossroads at Elm Creek in Maple Grove. The 98-unit apartment complex rises three stories. Amenities include a fire pit, children’s play area, outdoor seating, a fitness center, coffee bar, community room and storage lockers. Peak Capital Partners LLC was the borrower. The 10-year loan features a 30-year amortization schedule.