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Artspace will buy, preserve Northrop King Building for artist studios
The Northrop King Building, home to hundreds of artists in Northeast Minneapolis, is under contract to Artspace, a nonprofit that develops space for artists.

Business Journal announces its 2019 CFO of The Year honorees
The Business Journal has announced the honorees for the 2019 CFO of the Year awards, our annual recognition of outstanding financial executives in the Twin Cities. The honorees will be recognized at a Nov. 7 luncheon and profiled in a special publication the next day. (Scroll down to see photos from last year's event.) We introduced this project in 2007 to honor outstanding financial leaders at Twin Cities companies large and small. CFOs are a crucial part of a company’s leadership team, but…

Long-and-low FreightYard rentals in North Loop sell for $26 million
A blocks-long apartment building that predated the North Loop neighborhood revival by decades has been bought by Investors Real Estate Trust in a $26 million deal.

Alerus shares debut on NASDAQ, but offering falls short
Alerus Financial Corp. was aiming to raise $75 million through an initial public offering this week. It instead raised around $60 million as the IPO price came in under expectations, according to filings.  The bank and financial services firm said in early September it would offer 3.25 million shares of its stock at an expected price between $22 to $24. The actual figure came in at 2.86 million shares priced at $21. The company also said there's a 30-day option to purchase an additional 429,000…

Georgia's Huddle House to buy Perkins restaurants
An Atlanta-based company is preparing to buy Perkins, the diner chain with operations and key ownership in Minnesota. Huddle House Inc. is purchasing Perkins Restaurant & Bakery in a deal expected to close Oct. 21, 2019. The deal follows a Chapter 11 filing by Perkins & Marie Callender’s Inc. earlier this summer. Huddle House's executive team will manage Perkins out of its Atlanta headquarters, according to a statement from the company. Each restaurant brand will be run as separate entities,…

Man accused of tricking Delta out of 42 million frequent-flier points
A Chicago man from Ukraine is accused of scamming Delta's SkyBonus miles program to the tune of 42 million points – a $1.75 million value — by fraudulently routing points to a relative's fertility center. U.S. Attorney for the Northern District of Georgia announced the indictment on Friday of Gennady Podolsky, a U.S. citizen from Ukraine who runs a travel business in Chicago. The federal indictment alleges that Podolsky would book travelers through his legitimate business, Vega International…

3M's former Texas campus entangled in Austin real-estate drama
Three World Class properties are currently scheduled to be sold on the Travis County Courthouse steps Oct. 1. But the embattled real estate firm has a history of staving off foreclosure by renegotiating its debt.

Red's Savoy pizzeria returning to its downtown St. Paul roots
Two years after closing its original location, local pizza chain Red’s Savoy is planning a return to downtown St. Paul. Red’s Savoy is poised to become the latest addition to Treasure Island Center, 400 Wabasha St. N., home to the Minnesota Wild’s practice rink. It’s slated to open late this year or early next year in the ground-level storefront previously occupied by a Tim Horton’s donut shop. With 36 seats plus a bar, it will be smaller than the original Red’s Savoy. That store closed…

Cargill selling CarVal investment fund business to top managers
Cargill Inc. said Thursday it plans to exit the asset-management business, selling its CarVal Investors subsidiary to a group of CarVal employees. Reuters has a report on the deal for CarVal, which has about $10 billion under management.  Jay Olson, treasurer for Minnetonka-based Cargill and chairman of CarVal, said the agribusiness giant wanted to divest the unit because it wasn't actively managing the business. "Cargill would rather, in terms of the businesses we’re managing around the world,…

How to live in Minneapolis on $50K a year (and get mentioned in The Wall Street Journal)
A young worker at Minneapolis-based Ameriprise Financial Services Inc. is the face of Minneapolis in a Wall Street Journal piece that looks at how millennials in five U.S. cities — all earning starting salaries of about $50,000 — work, play and save. The piece illustrates both the broad differences in cost of living in U.S. cities, as well as the common expenses facing young workers, from student debt to pet insurance to socializing. (In case you're wondering, avocado toast isn't mentioned once.) The…