Minnesota

Grocers, Redevelopment Projects Highlight Twin Cities Retail

by Jeff Shaw September 28, 2016

It’s hard to argue with the fact that the Minneapolis and St. Paul metropolitan areas are among the most economically dynamic and socially vibrant cities in the United States. With a thriving business environment, strong growth and impressive demographics, Minnesota consistently ranks in the top five of the most educated states in America, according to the United States Census Bureau. The Twin Cities also boast an expanding workforce, outstanding public transportation network and a booming economy. With 17 Minnesota-based Fortune 500 companies, it’s not surprising that the Twin Cities are competitive on a national and even global scale. The competitive energy and high-level activity in the city’s retail marketplace is being fueled in part by a surge of new retailers. The aggressive entry of new tenants to the market, along with the challenge of a 4 percent vacancy rate, is prompting quality spaces to be absorbed almost immediately. As stated in the Welsh Q2 2015 market report, over 1.1 million square feet of retail space were absorbed during 2015, the highest number in the market in over a decade. The vacancy rate for regional mall trade areas is actually closer to 2.6 percent, with numbers for the Minnetonka/Ridgedale Mall trade …

September 28, 2016

Market Reports Midwest Midwest Market Reports Minnesota Multifamily Office

Office, Multifamily Developers Capitalize on Growth in Twin Cities’ West End

by Haisten Willis June 25, 2015

You can hardly open the local paper lately without reading that “Downtown is hot right now; urban living is great.” Yes, downtown is booming. The suburbs are also riding the wave of new mixed-use development and could see more success. It may surprise some, but office vacancy rates and rental rates along I-394 and I-494 rival, and sometimes trump, downtown Minneapolis. The message is clear: convenience has value. The idea of a mixed-use neighborhood where people are living, working, shopping and having fun in one place is a relatively new concept to the Twin Cities. Minneapolis no longer turns into a ghost town after 6 p.m., but many people don’t want to live downtown. They find it too congested and far from work, with little green space and few parking options. If only there was a way to have the vitality of a mixed-use neighborhood without the drawbacks of the concrete jungle, right? Today that question is answered all around the metro area. West End’s Advantages In particular, the West End region of the Twin Cities shares that same long-term vision. With a strong office market long in place, Duke Realty’s addition in 2009 of The Shops at West End, …

June 25, 2015

CVS Health Agrees to Take Over Target Pharmacies, Clinics in $1.9B Deal

by Nellie Day June 15, 2015

WOONSOCKET, R.I. AND MINNEAPOLIS — CVS Health Corp. (NYSE: CVS) has agreed to acquire Target’s (NYSE: TGT) pharmacy and clinic businesses for about $1.9 billion. The acquisition includes more than 1,660 pharmacies throughout 47 states. They will operate as a “store-within-a-store” format, and will be rebranded as CVS/pharmacy. The purchase also includes Target’s 80 in-store health clinics, which will now fall under the CVS MinuteClinic flag. CVS also plans to open 20 new clinics inside Target stores within three years of this transaction closing. This acquisition helps CVS realize its goal of operating 1,500 clinics by 2017. CVS Health and Target also plan to develop five to 10 small, flexible format stores over a two-year period once the transaction closes. The stores will be branded as TargetExpress. Each will include a CVS/pharmacy. Target and CVS Health will jointly evaluate and select locations for the new outposts. “This strategic relationship with Target supports the highly complementary customer base, brand and culture we share,” says Larry Merlo, CVS Health’s president and CEO. “When we introduced the new name for our company, CVS Health, we began a new era of growth with a broader healthcare focus and an appreciation of the rise of …

June 15, 2015

Loans Midwest Minnesota

Grandbridge Finances $6M Debt and Equity for Property in Fridley, Minn.

by Danielle Everson May 14, 2015

FRIDLEY, MINN. — Grandbridge Real Estate Capital has provided a $4.1 million first mortgage and raised additional equity funds from a regional equity fund secured by a 150,000-square-foot office/tech/warehouse property in Fridley. Minneapolis-based Dave Rasmusen of Grandbridge originated the debt and equity. Grandbridge worked with the borrower, an affiliate of Hoyt Properties, and lender to structure the transaction to meet the borrower’s objectives. The client sought to purchase the value-add property, which was 60 percent leased. Grandbridge brought $4.1 million of non-recourse debt from a local bank and approximately $2 million of equity from a regional equity fund to complete the purchase.

May 14, 2015

Midwest Minnesota Retail

M&M Arranges Sale of Two Childcare Properties in Minnesota

by Danielle Everson May 12, 2015

SAINT PAUL AND ROSEVILLE, MINN. — Marcus & Millichap has arranged the $850,000 sale of two Kindercare Learning Centers located in Minnesota. The properties are located at 1541 Humboldt Ave. in Saint Paul and 2186 Fairview Ave. N. in Roseville. Reed Fenton and Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office represented the seller and the buyer, both private investors. Craig Patterson of the firm assisted in closing the transaction. The property at 1541 Humboldt Ave. was built-to-suit for Kindercare in 1977. The building spans approximately 4,950 square feet. The property at 2186 Fairview Ave. N. was built-to-suit for Kindercare in 1976 and also spans approximately 4,950 square feet.

May 12, 2015

Loans Midwest Minnesota Multifamily

Oak Grove Capital Arranges $35.9M FHA Loan for Apartments in Woodbury, Minn.

by Danielle Everson May 11, 2015

WOODBURY, MINN. — Oak Grove Capital has arranged a $35.9 million FHA loan for Uptown at City Walk, a 245-unit multifamily apartment complex in Woodbury. Tim Leonhard, managing director of Oak Grove Capital, secured the interest rate modification loan for the undisclosed borrower.

May 11, 2015

Loans Midwest Minnesota

Dougherty Arranges $2M HUD Loan for Westgate Townhomes in Minnesota

by Danielle Everson May 1, 2015

NEW PRAGUE, MINN. — Dougherty Mortgage LLC in partnership with the Minnesota Housing Finance Agency has arranged a $2 million HUD 223(f) loan for the refinance of Westgate Townhomes in New Prague. The 37-unit affordable multifamily rental property includes a Section 8 HAP Contract. The loan was underwritten by the Minnesota Housing Finance Agency for borrower New Prague Westgate Townhomes LLC and assigned to Dougherty Mortgage LLC to close and service the loan. The principal of the borrower entity is Southwest Minnesota Housing Partnership. Westgate Townhomes is a newly renovated, smoke-free property that features private entrances, neutral décor, off street parking and a playground.

May 1, 2015

Midwest Minnesota Multifamily

Summit Breaks Ground on BlueStone Flats Luxury Apartments in Duluth, Minn.

by Danielle Everson April 27, 2015

DULUTH, MINN. — Summit Management has begun construction on BlueStone Flats, a 142-unit high-end luxury apartment community in the BlueStone Commons residential and commercial development in Duluth. The new building will include studio, one- and two-bedroom floor plans. Units will feature balconies, six-foot windows, granite countertops, custom wood cabinets, stainless steel appliances and plank flooring pendant lighting. Amenities at the property will include an indoor, year-round swimming pool, whirlpool, sauna and a fitness center. Doran Construction, a Bloomington, Minn.-based general contracting company, will also build Bluestone Flats. An official groundbreaking ceremony for BlueStone Flats will take place in May.

April 27, 2015

Loans Midwest Minnesota Multifamily

Dougherty Funding Arranges $10.3M Loan for Apartment Project in Minneapolis

by Danielle Everson April 24, 2015

MINNEAPOLIS — Dougherty Funding has arranged a $10.3 million construction loan for a new six-story, 45-unit apartment project in Minneapolis. The site for the project is located at Lagoon Avenue and Irving Avenue in the Uptown neighborhood. Dougherty Funding arranged financing for the borrower, Laguna Property Investors LLC. CPM Development will begin construction on the project in May. Construction is expected to take 12 months. Dougherty Funding LLC serves as lead lender and servicer for the loan.

April 24, 2015

Industrial Midwest Minnesota

Hillcrest Development, Opus to Develop Industrial Park in Cottage Grove, Minn.

by Danielle Everson April 23, 2015

COTTAGE GROVE, MINN. — Hillcrest Development LLLP and The Opus Group will develop a 40-acre industrial business park in Cottage Grove. The property is located south of U.S. Highway 61 at the northwest corner of Hemingway Avenue South and 91st St. South adjacent to Hamlet Park. Plans for the site include a variety of development scenarios ranging from 425,000 to 550,000 square feet of rail-served industrial space with the ability to support a 38-foot ceiling height and outside storage. Canadian Pacific will provide rail service to the site.

April 23, 2015

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