MINNEAPOLIS — Deluxe Corp. has leased 71,000 square feet of office space at 801 Marquette Ave. and 23,000 square feet at 121 S. Eighth St. in Minneapolis. Franklin Street Properties Corp. owns both office buildings, which now boast occupancy rates of approximately 92 percent. Deluxe, a financial tech firm, also leased 172,000 square feet of office space in Atlanta this month.
ST. PAUL, MINN. — Lund Food Holdings Inc. has entered into a long-term lease agreement with developer Ryan Cos. to open a full-service Lunds & Byerlys grocery store within the Highland Bridge project in St. Paul. The 51,000-square-foot store is expected to open in 2022. It will offer an extensive selection of prepared foods, specialty products and two levels of covered parking. The store will anchor a building with 230 apartment units. The existing Lunds & Byerlys store at 2128 Ford Parkway will remain open until the grand opening of the new store. Highland Bridge is a large mixed-use redevelopment of the former Ford Motor Co. production plant in St. Paul’s Highland Park neighborhood.
OMAHA, NEB. — Immanuel has started construction of new assisted living and memory care units, as well as new common areas, at Pacific Springs, a seniors housing community in West Omaha. The expansion is scheduled to open in fall 2021. Pacific Springs is located adjacent to the Pacific Springs Golf Club and currently offers exclusively independent living. Renovation plans call for a fitness center and wellness studio; onsite restaurant and lounge featuring a golf simulator; outdoor areas and walking paths; and a chapel adorned with a locally designed stained glass window donated by residents.
OMAHA, NEB. — American Street Capital (ASC) has arranged a $5.5 million loan for the refinancing of a 111-unit multifamily property in Omaha. Built in 1968, the asset features a mix of studio, one- and two-bedroom floor plans with updated interiors and private patios. Amenities include a pool and onsite laundry facilities. The property was 99 percent occupied at the time of closing. Igor Zhizhin of ASC arranged the CMBS loan, which features a fixed rate for 10 years. The new loan will retire the existing HUD debt on the complex. The borrower was undisclosed.
BELLEVUE, WASH. — The specialty outdoor retailer REI Co-op has completed the disposition of its newly completed corporate campus in Bellevue’s Spring District. Facebook acquired the property for $390 million. Site developer Wright Runstad & Co. and Shorenstein Properties also purchased an undeveloped two-acre portion of the property. Facebook’s acquisition includes the 400,000-square-foot campus and approximately six acres of land. In August, REI announced its intention to sell its Bellevue campus and shift to a more distributed work model. The co-op’s future “headquarters” will span multiple satellite locations across the region, and REI will lean into remote working as a more engrained, supported and normalized model for headquarters employees. Following the sale, REI and Facebook are each donating $1 million to the Eastrail, a 42-mile trail that the co-op has been involved in bringing to life for the last four years. Once complete, the trail system will connect the diverse communities and businesses of King County’s Eastside through access to transit alternatives, employee hubs and greenspace.
DENVER — Los Angeles-based Oak Coast Properties has completed the disposition of Pembrooke on the Green Apartments, located at 10700 E. Dartmouth Ave. in southeast Denver. An undisclosed buyer acquired the asset for $163 million. The 37-building property features 959 units in a mix of studio, one-bedroom and two-bedroom units, heated swimming pools, a fitness center, soccer field, playground, dog park and two clubhouses. In 2016, Oak Coast originally purchased the community, which was built between 1974 and 1980 in different stages, and implemented a $1.9 million renovation plan as part of a value-add investment strategy. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal.
FORT COLLINS, CALIF. — Buchanan Street Partners has purchased The Vibe Apartments, a multifamily community located at the south end of Fort Collins. Milestone Development Group sold the asset for $74 million. Built in 2018 on 10 acres, The Vibe features 276 residences spread across 12 buildings. At the time of sale, the property was 93 percent occupied. Buchanan plans to implement modest operational changes to The Vibe and position it as a stabilized core asset to benefit from the positive submarket fundamentals and long-term forecasted growth of the area.
RIVERSIDE COUNTY, CALIF. — Rockefeller Group has purchased 30 acres of land in Riverside County for the development of a total of 623,109 square feet of Class A industrial distribution space. Newcastle sold the parcels for $20 million. The first project — Val Verde Logistics Center — is located on 13 acres and will include a 289,556-square-foot speculative distribution building. The second project — Harvill Avenue Logistics Center — is located on 16.9 acres and will include a 333,553-square-foot speculative distribution facility. The developer expects to break ground on both projects in October. Newport Beach, Calif.-based RM Dalton is serving as general contractor, Herdman Architecture + Design is serving as architect and Kimley-Horn as civil engineer for both projects. Bill Heim, Alex Heim and Nesha Ritchie of Lee & Associates are the exclusive leasing agents for both logistics centers.
LAS VEGAS — Los Angeles-based CIM Group has completed Gallery Tower, an eight-story expansion at Downtown Grand Hotel & Casino in Las Vegas. The 495-room Gallery Tower is the first new ground-up hotel constructed in more than 10 years in downtown Las Vegas, according to CIM. Set to debut on Sept. 22, Downtown Grand Hotel & Casino will now offer guests a total of 1,124 rooms in an assortment of configurations, including three new 1,500-square-foot penthouse suites. The hotel and casino property spans two full city blocks between Casino Center Boulevard and North Fourth Street, and East Ogden and East Stewart avenues. The 250,000-square-foot Gallery Tower features Downtown Grand’s industrial chic aesthetic and derives its name from the property’s art collection, featuring works by local and national artists. Gallery Tower guests have direct access to Downtown Grand’s rooftop pool deck and the hotel’s ground-floor casino, dining and entertainment venues. CIM Group redeveloped and repositioned Downtown Grand Hotel & Casino to offer a boutique hotel experience when the property opened in 2013.
DETROIT — Bedrock, the real estate arm of Quicken Loans Founder Dan Gilbert, has begun lease-up of The Press/321 in Detroit. The 105-unit apartment project is a transformation of the former Detroit Free Press building, which dates back to 1925. Project costs are $113 million. The 14-story building, designed by legendary architect Albert Kahn, originally served as the in-house production facility for Michigan’s oldest newspaper, which launched in 1831. The building spans 250,000 square feet. Located at 321 W. Lafayette Blvd., the property features floor plans ranging from studios to three-bedroom units. Monthly rents start at $995 and move-ins are scheduled to begin in mid-October. “We could not be more thrilled to welcome residents into The Press/321 property and bring life back to one of Detroit’s architectural gems, which has sat vacant since 1998,” says Jonathan Mueller, director of residential development for Bedrock. “Our priority was to uphold the aesthetic elements of the Albert Kahn building while tailoring the living experience for our future residents.” The rooftop pool on the seventh floor, designed in conjunction with Myrtha Pools, will be completed later this year and ready for the spring 2021 season. Once complete, it will be the second outdoor pool …