Minnesota

Kraus-Anderson Begins Construction of $63M Maple River School in Southern Minnesota

by Kristin Harlow October 16, 2020

MAPLETON, MINN. — Kraus-Anderson has begun construction of a new $63 million K-12 school for the Maple River School District, located on the south side of Mapleton near County Highway 7 in southern Minnesota. Designed by ISG Architects, the two-story, 185,000-square-foot school will feature new classrooms, administration offices, three gymnasiums, playgrounds, a kitchen, café and 500-seat auditorium. The learning spaces will be organized via an elementary wing and a middle/high school wing. Outdoor spaces will include new parking lots, retention ponds, walking paths and playfields. Construction is slated for completion in fall 2022. Neither the name of the school nor the predicted number of students was released.

October 16, 2020

Acquisitions Midwest Minnesota Restaurant Retail

Marcus & Millichap Brokers $1.7M Sale of Arby’s-Occupied Property in Minnesota

by Kristin Harlow October 15, 2020

NORTHFIELD, MINN. — Marcus & Millichap has brokered the $1.7 million sale of a 3,496-square-foot property occupied by Arby’s in Northfield, about 40 miles south of Minneapolis. The net-leased building is located at 2220 Gleason Court. Tom Gommels of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Gommels also procured the buyer, an out-of-state limited liability company.

October 15, 2020

Acquisitions Midwest Minnesota Retail

Upland Real Estate Group Brokers $1.1M Sale of Two-Tenant Retail Property in Minnesota

by Kristin Harlow October 12, 2020

ALBERT LEA, MINN. — Upland Real Estate Group Inc. has brokered the $1.1 million sale of a two-tenant retail property in Albert Lea in southern Minnesota. Located on Bridge Avenue, the 7,000-square-foot, newly remodeled building is home to Verizon and Qdoba. It serves as an outparcel to Northbridge Mall. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the seller. Pete Guidera and Tina Swanson of Coldwell Banker Realty represented the buyer. Neither the buyer nor the seller was disclosed.

October 12, 2020

Development Midwest Minnesota Office

Accesso to Renovate Crystal Court Within IDS Center in Minneapolis

by Kristin Harlow October 8, 2020

MINNEAPOLIS — Owner Accesso has unveiled plans to renovate Crystal Court, a central gathering place located within IDS Center in Minneapolis. The renovation plan, which was designed in collaboration with Perkins and Will and New History, calls for updating the “functionality and aesthetics of the space to better meet the evolving needs of today’s consumer.” Renowned architect Philip Johnson designed the 57-story, 1.4 million-square-foot office tower, which opened in 1972. The updated Crystal Court will feature new collaborative seating areas, a grove of trees and a new water feature. Accesso, a manager, owner and operator, boasts a portfolio of 35 office properties spanning 15.6 million square feet throughout the U.S.

October 8, 2020

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $40M Refinancing for Multifamily Property in Minneapolis

by Kristin Harlow October 7, 2020

MINNEAPOLIS — Colliers Mortgage has provided a $40 million Fannie Mae loan for the refinancing of Stevens Community Apartments in Minneapolis. The 618-unit multifamily property consists of 23 buildings. The asset was constructed in phases from 1913 to 1964 and has been renovated several times. The loan features a 12-year term and a 30-year amortization schedule. Stevens Community Associates LP was the borrower.

October 7, 2020

Acquisitions Midwest Minnesota Multifamily Student Housing

JLL Brokers $25M Sale of Multifamily Property Near University of Minnesota

by Kristin Harlow October 6, 2020

MINNEAPOLIS — JLL Capital Markets has brokered the sale of Stadium Village Apartments near the University of Minnesota for $25 million. Originally constructed in 1960, the 121-unit multifamily property is located at 1015 Essex St. within the Stadium Village neighborhood. Floor plans range from studios to two-bedroom units. Stewart Hayes, Josh Talberg, Dan Linnell, Mox Gunderson, Scott Clifton, Teddy Leatherman and Riley McChesney of JLL represented the seller. Buyer and seller information was not disclosed.

October 6, 2020

Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Construction of $20M Apartment Project in St. Paul

by Kristin Harlow September 30, 2020

ST. PAUL, MINN. — Kraus-Anderson has completed construction of 590 Park Street, a 92-unit apartment project in St. Paul. The $20 million development offers micro, studio and one-bedroom units. Located on the site of the former Capitol Professional Office Building, the project is situated near the State Capitol, Regions Hospital and a Green Line transit stop. Amenities at the six-story building include a lobby lounge, game room, outdoor patio, dog run, fitness center and clubroom. Kraus-Anderson Development is the developer, UrbanWorks Architecture is the architect and Engelsma LP is the owner. Monthly rents start at $926.

September 30, 2020

Development Healthcare Midwest Minnesota Multifamily Seniors Housing

Kraus-Anderson Begins $15M Expansion of Healthcare Facility in Madison, Minnesota

by Kristin Harlow September 24, 2020

MADISON, MINN. — Kraus-Anderson has begun the construction of a $15 million expansion at Madison Healthcare Services in western Minnesota. The healthcare facility was originally constructed in 1952. The 52,639-square-foot renovation and expansion will include 37 new skilled nursing units, 12 assisted living units and 12 underground car parking spaces. Designed by HGA Architects, the project is slated for completion in summer 2022. Madison Healthcare Services provides skilled nursing, outreach specialty services, home care services, independent living, therapy services and a critical access hospital.

September 24, 2020

Loans Midwest Minnesota Multifamily

Hunt Real Estate Capital Provides $43M Refinancing for Multifamily Asset in Minneapolis

by Kristin Harlow September 23, 2020

MINNEAPOLIS — Hunt Real Estate Capital, a division of ORIX Real Estate Capital, has provided a $43 million Fannie Mae loan for the refinancing of Ironclad Apartments in the Downtown East area of Minneapolis. The 172-unit, luxury multifamily community opened last year. The loan refinances construction debt. It features a fixed interest rate and a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule.

September 23, 2020

Acquisitions Illinois Industrial Iowa Michigan Midwest Minnesota

Arbah Capital, Brennan Investment Group Acquire Five-Property Industrial Portfolio Across Midwest

by Kristin Harlow September 23, 2020

MICHIGAN, MINNESOTA, ILLINOIS AND IOWA — Saudi Arabia-based Arbah Capital and Chicago-based Brennan Investment Group have acquired a five-property industrial portfolio across four Midwest states. JLL Capital Markets arranged the joint venture partnership between the two companies as well as $22.9 million in debt financing for the acquisition. The portfolio spans more than 557,000 square feet and includes light industrial and flex space in Michigan, Minnesota, Illinois and Iowa. The properties include: 5460 Executive Parkway in Grand Rapids, Mich.; 1865 Industrial Drive in Grand Haven, Mich.; 7550 49th Ave. in New Hope, Minn.; 4050 Ryan Road in Gurnee, Ill.; and 1100 E. LeClaire Road in Eldridge, Iowa. Four of the five properties are single-tenant assets. The portfolio is 97.5 percent leased to tenants in the automotive, manufacturing and telecommunications industries. Claudio Sgobba, Christopher Carroll, David Berglund, Matthew Schoenfeldt and Doug Childers of JLL arranged the partnership and financing. Wintrust Bank provided the five-year, floating-rate loan. The seller was undisclosed.

September 23, 2020

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