Minneapolis Commercial Real Estate News From CoStar Group

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United Properties is Buying 4 Acres in Eden Prairie
Minneapolis developer United Properties has a contract for land in Eden Prairie, Minnesota, and appears to be planning both senior and multifamily housing at the site. A contract for deed dated to May 30 shows that United Properties is buying 4.4 acres at 16389 Glory Ln. from a church, Resurrection Life Ministries. The purchase price is listed as nearly $1.63 million, which would work out to about $368,500 an acre. The document was signed by...

Late-Cycle Minneapolis Retail Investment Remains Strong
Albertville Crossing, located at 5620 Lacentre Ave. in Albertville, MN, sold for $12.8 million in February 2018. Nearly a decade after the end of the Great Recession and in the midst of the retail sector right-sizing, the overall investor interest in retail real estate has remained strong in Minneapolis, despite the attention-grabbing headlines that have been declaring the end of brick and mortar retailing. To be sure, there are some issues with...

HPT’s Buying Binge Continues with $75 Million Minneapolis Acquisition
The Chartres Lodging Group LLC sold the Radisson Blu hotel in downtown Minneapolis for more than twice the amount it paid for the 360-room hotel in 2013. Newton, MA-based Hospitality Properties Trust (HPT) bought the hospitality property at 35 S. Seventh St. for $75 million, or about $208,000 per door, in an off-market transaction, Chartres’ senior analyst Greg Morgan said on Tuesday. The sale was announced Monday by Radisson Hotel Group, a Minnetonka...

Newcomer from Colorado Will Break Ground in North Loop
Vail, CO-based Solaris Redevelopment Corp. is poised to start work on its first project in Minneapolis, a 300,000-square-foot, six-story building in the city’s burgeoning North Loop neighborhood. The sleek black building will house 156 market-rate apartments and 22,000 square feet of retail space surrounding a public plaza. It will rise on a one-acre site at 128 N. Second St., a half-block chunk of land that has long been used for surface parking...

'Superb' Art Deco Building Up for Sale in Minneapolis
Image Credit: Spacecrafting. If you’re a fan of art deco, you have probably admired Minneapolis’ Foshay Tower and St. Paul’s City Hall, but have you heard of the "House that Flax Built"? That is 1667 Snelling Ave. N in Falcon Heights, a 161,000-square-foot structure that was one of the last major buildings in the Twi

Multifamily Developers in Minneapolis Looking Beyond Downtown
Construction is underway at the site of Xenia, located between the West End area of St. Louis Park and Golden Valley. Upon completion in the fourth quarter of 2018, the apartment complex will include 372 residential units. Though the wave of multifamily construction in the Twin Cities continues, many of those cranes in the air are for multifamily projects outside of the Downtown Minneapolis/University and Downtown St. Paul submarkets. For much...

SOIP Purchases Five Star Commerce Center for $12.5M
Sterling Office and Industrial Properties LLLP acquired the Five Star Commerce Center consisting of three fully-leased flex buildings in Maple Grove, MN for $12.4 million, or about $76 per square foot, from Interstate Development. The buildings are locatedat 9464 Hemlock Ln. and 11701-11751 95th Ave. N, and total 163,336 square feet. As reported by the buyer, the three buildings were occupied by 13 separate tenants, including TruGreen Lawn...

Arrow Electronics Leases Space in Hampshire Technology Center
Arrow Electronics, a Fortune 500 company, has signed a 91-month lease deal for 30,593 square feet of office space at 10900 Hampshire Ave. S in Bloomington, MN. The single-story, 144,441-square-foot office building was constructed in 1998 on 14.2 acres in the I-494 Corridor submarket of Hennepin County, within the Hampshire Technology Center. Arrow Electronics provides computing solutions and distributes electronic components to industrial and...

Lone Star Funds Divests 78,000-SF Flex Bldg
Water Street Partners LLC acquired the 610 Business Center IV flex building at 9300 Winnetka Ave. in Brooklyn Park, MN for $10 million, or aobut $128 per square foot, from Lone Star Funds. The 78,190-square-foot property was built in 2006 on 6.6 acres in the Northwest Industrial submarket of Hennepin County. It is fully occupied by a subsidiary of Southern Graphic Systems Inc. and serves as the regional headquarters for the Kentucky-based company...

Ovative to Move Into Newly Constructed Minneapolis Space
Ovative, a digital marketing group, has preleased 38,000 square feet on the top two floors of The Nordic at 729 Washington Ave. N in Minneapolis, MN. The Nordic is a new, Class A office building that is currently under construction in the city's Central Business District. When it delivers in early 2019, the 200,000-square-foot, 10-story tower is expected to feature office space along with 44 apartment units. Peter Fitzgerald of Cushman &...

Cantel Medical Leases 159,000 SF in Plymouth
Cantel Medical Corp., a medical device company, signed a full-building, 10-year lease for the office building located at 9800 N. 59th Ave. in Plymouth, MN. The four-story building totals 159,054 square feet in the Bass Creek Office Center. Cantel’s lease includes the entire four-story building. The company plans to move the majority of its 600 employees to the Bass Creek location by year-end while continuing to use its current space for product...

Timberland Partners Breaks Ground on Elevate at Southwest Station
Timberland Partners, a Bloomington, MN-based developer, has broken ground on a new multifamily building at 12900 Technology Dr. in Eden Prairie, MN. The new $63.7 million project will consist of 230,000 square feet feature access to the SouthWest Light Rail Station and Purgatory Creek Park. The 222-unit multifamily project was designed by Kaas Wilson Architects, a Minnesota-based architecture firm. Delivery is scheduled for August 2019.

Securian Financial Locks in Their New Location Securian Financial Locks in Their New Location
Securian Financial Group signed a new lease for 12,337 square feet in the office building at 400 Robert St. N in Saint Paul, MN. The 21-story building totals 520,290 square feet. Securian anchors the building occupying space on 14 floors. It retains building-top signage and naming rights of the tower. Other tenants in the Securian Center include Fellman Law Office, Radiology Advisors and SSOE Group. Ann Stahley with Cushman & Wakefield...

Meet Minneapolis Takes 18,000 SF in the Downtown Area
Meet Minneapolis, the city’s convention and visitors’ bureau, leased 18,126 square feet in the newly-renovated TCF building at 801 Marquette Ave. in downtown Minneapolis, MN. The 127,000-square-foot building was constructed in 1931 and recently underwent a multi-million dollar renovation in the fall of 2017. Its relocation puts the firm closer to the Minneapolis Convention Center and downtown Minneapolis. The new office space was designed by...

Jostens Leases 58,000 SF in Bloomington
Jostens, the keepsake manufacturer, leased 58,032 square feet in the office building at 7760 France Ave. S in Bloomington, MN. The 14-story, 276,425-square-foot, 4-Star office building was constructed in 1987 on 4.4 acres in the I-494 Corridor submarket of Hennepin County. Jostens lease includes the entire fourth and fifth floors along with 12,269 square feet of space on the sixth and eighth floors of the building. Brian Fogelberg of...