EAGAN, MINN. — A joint venture between Simon and Paragon Outlet Partners has opened Twin Cities Premium Outlets in Eagan, a suburb of Minneapolis-St. Paul. The center offers 409,000 square feet of retail and is located at the intersection of U.S. Highway 13 and U.S. Highway 77. The center includes more than 100 outlet stores featuring high-quality designer and name brands. Some stores include Armani Outlets, Asics Outlet, Express Factory Store, J Crew Factory Store, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Michael Kors and more. A grand opening celebration event for the new outlet center took place Aug. 14-17.
Property Type
INDIANAPOLIS — Tikijian Associates has brokered the sale of Villa Paree Apartments, a 209-unit complex in Indianapolis. EMK Property Investors purchased the property for an undisclosed price. The complex is located at the northeast corner of Kessler Boulevard and Allisonville Road. Tikijian Associates represented the seller, an Indianapolis-based private real estate investment firm, which owned Villa Paree for more than 20 years. The transaction completed a reverse 1031 tax-deferred exchange for the seller and a forward 1031 exchange for the buyer. With offices in Cincinnati and Indianapolis, EMK invests in value-add multifamily communities in Indiana, Kentucky, Ohio, Texas and other U.S markets. Barrett & Stokely Inc., a regional apartment management firm with headquarters in Indianapolis, will manage the property for the new owner.
PONTIAC, MICH. — Bernard Financial Group has secured a $1.8 million loan to refinance Walton Ridge, a 155-pad mobile home park in Pontiac. The property is situated on nearly 36 acres next to a lake and Galloway Creek. Dave Dismondy of Bernard Financial originated the loan for the borrower, Walton Development Co. LLC. Assurity Life Insurance Co. was the lender in the transaction.
OMAHA — NorthMarq Capital has arranged a $1.6 million loan to refinance the Alliance Group Office Building, a 24,304-square-foot office facility located at 2566 Leavenworth St. in Omaha. Gary Rifkin of NorthMarq Capital’s Omaha-based regional office structured the loan with a 15-year term and 15-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with Assurity Life Insurance Co.
ST. PAUL, MINN. —Marcus & Millichap has brokered the $1.5 million sale of 40,511 square feet of land located in St. Paul. Snelling Avenue Land is located at 678 Snelling Avenue South. The Water Senior Housing Group plans to redevelop the land into seniors housing. An 80-unit, four-story assisted living complex is expected to break ground next spring. Michael Ahles of Marcus & Millichap’s Minneapolis office represented the seller, Bradshaw Funeral Home Inc. The buyer, a developer, was secured by an outside brokerage. Bradshaw Funeral Home Inc. will be relocating across the street from the site.
REDLANDS, CALIF. – Amazon has announced it will open a fifth California fulfillment center in Redlands. The 704,115-square-foot facility will join existing California fulfillment centers in San Bernardino, Moreno Valley, Patterson and Tracy. Once complete, the online retailer will have expanded its presence in California to 2 million square feet. “We are proud to be hiring for more than 2,500 full-time jobs in California that offer wages 30 percent higher than traditional retail stores and include comprehensive benefits on day one, bonuses and stock awards,” says Mike Roth, Amazon’s vice president of North America operations. “We have found great talent in the state and we’re excited to be growing quickly to serve our customers.” The new center will be used to pick, pack and ship large items, such as big-screen televisions and kayaks. The landlord, Clarion Partners, was represented by JLL’s Ruben Goodsell, Peter McWilliams, Mike McCrary and Nicole Welch. Trammell Crow Company will manage the construction.
NAPA, CALIF. — Lowenberg Corp. has acquired Napa Valley Crossroads, a 313,812-square-foot industrial property in Napa for an undisclosed sum. The two-building property is located at 21 and 37 Executive Way. It is situated near the intersection of highways 12 and 29, about seven miles west of I-80. Napa Valley Crossroads was built in two phases that commenced in 2005 and 2008. The facility caters to the Napa Valley wine industry. Notable tenants at the facility include Collotype Labels and Sutter Home Winery. Both leases were negotiated by Glen Dowling of Cushman & Wakefield. Dowling also represented both Lowenberg and the seller, Live Oak Equities LLC, in the sales transaction. He worked in conjunction with Chris Neeb and Matt Bracco of the same firm.
OCEANSIDE, CALIF. – Presidio Cornerstone Master LLC has acquired a 28-acre parcel of land in Oceanside for $25 million. The property is located on the northwest corner of College Avenue and Old Grove Road within the master-planned community of Rancho Del Oro. The land has been approved for the development of Terraza, a 338-unit luxury apartment community. The units will range from one-bedroom, one-bath, to three-bedrooms, two-baths. Gunder Creager, David Santistevan and Ciara Layne-Trujillo of Colliers International represented both the buyer and the seller, RDO Village Investment LLC, in this transaction.
LITTLETON, COLO. — Phillips Edison-ARC Grocery Center REIT II has acquired Kipling Marketplace, a 90,124-square-foot shopping center in Littleton, for an undisclosed sum. The center is located at 5005 – 5075 South Kipling Street. Kipling Marketplace is anchored by Safeway. Other notable tenants include Sylvan Learning, Dairy Queen, Cost Cutters and H&R Block.
AUSTIN — Texas American Resources LLC has sold its south Texas properties to an undisclosed buyer for $135 million. The sale includes the company’s existing production, reserves and Eagle Ford and Austin Chalk oil development opportunities on its 55,000 acres of leasehold in Dimmit, Frio, La Salle and Zavala counties. The company plans to use the proceeds from the sale to repay debt, flow back equity to its partners and accelerate development on its Texas Panhandle assets.