RICHFIELD, MINN. — Domestic online sales for Best Buy Co. Inc. (NYSE: BBY) increased 89.3 percent in the fourth quarter on a year-over-year basis, according to the company. The Richfield-based retailer’s fourth quarter ended Jan. 30. “Online sales grew to a record $6.7 billion and made up 43 percent of our total domestic sales,” said CEO Corie Barry said in a news release. “Our stores played a pivotal role in the fulfillment of these sales, as almost two-thirds of our online revenue was either picked up in store or curbside, shipped from a store or delivered by a store employee.” Barry also announced that Best Buy would pay its employees a cash bonus in recognition of their efforts despite the pandemic. In the next few weeks, all hourly U.S. employees will receive $500 if they are full-time workers and $200 if part-time. The retailer is also encouraging its employees to get COVID vaccinations and will offer paid time off to do so. Best Buy’s fourth-quarter net income rose to $816 million, up from $745 million the year prior. Best Buy’s stock price closed at $113.24 per share on Wednesday, Feb. 24, up from $81.89 per share one year ago. There …
BROOKLYN CENTER AND BROOKLYN PARK, MINN. — Marcus & Millichap has negotiated the sale of two multifamily properties in suburban Minneapolis for $12.6 million. Built in the late 1960s, West Broadway Apartments in Brooklyn Park includes 59 units. Monthly rents range from $850 to $1,673. Sterling Square Apartments in Brooklyn Center features 54 units across four buildings. Units average 820 square feet and monthly rents range from $860 to $1,665. Abe Roberts of Marcus & Millichap marketed the properties on behalf of the seller and procured the buyer, a national investor.
MINNEAPOLIS — Blu Dot is expanding its headquarters in the Northeast Minneapolis Arts District to 60,000 square feet. Blu Dot, a furniture designer and retailer, will expand its onsite retail store and add creative office space for its employees. The company’s headquarters are located at the 20-acre Crown-Arts Center, which is owned by Chicago-based R2 Cos. Today, Blu Dot owns and operates 10 stores across the U.S. and three internationally.
EAGAN, MINN. — Endeavor Development has acquired a 7.7-acre lot in Eagan with plans to build a 112,500-square-foot industrial project. The Class A warehouse will be named Yankee Doodle Business Center. It will feature a clear height of 28 feet, 11 dock doors and two drive-in doors. Construction is expected to begin in April with completion slated for the fall. Chris Hickok and Connor Ott of JLL will market the project for lease. Eagan’s current industrial vacancy rate is 4 percent, according to JLL.
CHANHASSEN, MINN. — Phillips Edison & Co. Inc. (PECO) has acquired West Village Center in Chanhassen, about 20 miles southwest of Minneapolis. A 64,643-square-foot Lunds & Byerlys grocery store anchors the 142,724-square-foot shopping center. Other tenants include Party City, TCF Bank, FedEx, OfficeMax, Caribou Coffee, Great Clips, a nail salon and an orthodontic office. The purchase price and seller were undisclosed.
BURNSVILLE, MINN. — Lyon Contracting Inc. is underway on construction of The Overlook on Crystal Lake, a 110-unit apartment complex in Burnsville, about 15 miles south of Minneapolis. Northland Real Estate Group LLC is the project developer. Units will range from 600-square-foot studios to 1,500-square-foot three-bedrooms. Amenities will include a rooftop patio, community room, fitness room and workspaces. The project sits on a three-acre site adjacent to Crystal Lake and directly across from Buck Hill Ski Area. Construction began in January and is expected to be completed in 14 months. Venture Capital Mortgage arranged the debt and equity for the project. Additional project team members include The Cole Group, Civil Site Group and Great Lakes Management Co.
MINNEAPOLIS — Colliers Mortgage has provided a $32.5 million HUD 223(a)(7) loan for the refinancing of Third North Apartments in Minneapolis. The 204-unit apartment complex was built in 2014. The new loan features a 40-year amortization schedule, a lower interest rate and a lower mortgage insurance premium, resulting in annual cash flow savings, according to Colliers. Third North LLC was the borrower.
MINNEAPOLIS — Kraus-Anderson has completed construction of 240 Park, a 17-story apartment building located at 240 Park Ave. in Minneapolis. Garden Communities MN, the residential arm of MV Ventures, was the developer for the project that offers views of the downtown Minneapolis skyline, Mississippi River and U.S. Bank Stadium. Designed by BKV Group, the building features 204 units and more than 4,500 square feet of retail space on the first floor. Amenities include a clubroom, fitness and yoga studio, pool and spa, golf simulator, pet spa and dog run. MV Ventures will manage lease-up via its in-house team. Residents can now earn two months of free rent if they move in by May 1. Monthly rents start at $1,575.
WOODBURY, MINN. — JLL Capital Markets has brokered the $8.7 million sale of Regency Hill Apartments in Woodbury within metro Minneapolis. The 38-unit multifamily community is 97 percent occupied. Built in 2006, the townhome-style rental property includes barbecue picnic areas, a courtyard and heated underground parking. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the sellers, Bigos and Williams-Regency Hill LLC. Premier Storage purchased the asset while completing a 1031 exchange.
MINNESOTA AND WISCONSIN — Colliers International has brokered the sale of a six-building industrial portfolio spanning 1.2 million square feet in Minnesota and Wisconsin. The sales price was undisclosed. One of the buildings is in Lino Lakes, Minn.; two are in Pewaukee, Wis.; two are in Milwaukee; and one is in Menomonie, Wis. Tom Shepherd and Mark Kolsrud of Colliers brokered the transaction. All six properties are fully leased. Minneapolis-based Biynah Industrial Partners and Maryland-based Alex Brown Realty Inc. sold the portfolio to Kansas-based Platform Ventures.