Minneapolis Commercial Real Estate News From CoStar Group

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Minnesota Developer Lures Defense Contractor to Brooklyn Park Industrial Project
Rendering of the 75,000-square-foot facility at 9200 75th Ave. N. in Brooklyn Park, Minnesota.Credit: Scannell Properties A company that specializes in upgrading battle tanks and other armored vehicles has signed on to be the tenant at a new facility in Brooklyn Park, a suburb north of Minneapolis that is in the midst of an industrial building boom. NAPCO International plans to move from its current home in Hopkins to a $5.6 million, 75,000...

Minneapolis Unveils Draft Plan of $125M Riverfront Development
Upper Harbor TerminalCredit: City of Minneapolis The city of Minneapolis and its master development team are showing off sweeping plans for redevelopment of the Upper Harbor Terminal, 48-acre tract of industrial land running along the Mississippi River. The concept was to be outlined Thursday evening by Minneapolis development firms United Properties, Thor Cos. and First Avenue Productions, which runs the famous downtown Minneapolis nightclub...

Sherman Steps Away from Minneapolis Development Alongside New Thrivent HQ
Sherman Associates is pulling the plug on plans to build a mixed-use complex with a 12-story apartment tower and 10-story hotel next to Thrivent Financial’s new corporate headquarters, even as multifamily development surges across Minneapolis. In March, Minneapolis-based Sherman unveiled a proposal for "two-and-a-half" structures immediately to the south of an eight-story office building that Thrivent will build on a 2.5-acre block bounded by Fifth...

Multifamily Value-Add Deals Arenít Slowing Down in Minneapolis
The Concierge, a 698-unit apartment complex at 7620 Penn Ave. S. in Richfield, MN. Despite the attention that big-ticket luxury multifamily trades garner in the Minneapolis metro area, the vast majority of deals over the past five years were for lower-rated, more-affordable properties. While new construction has disproportionately been concentrated in the luxury sector, out of the 1,300-plus sales transactions that have closed from 2014 through...

NYC Firm Pays $36 Million for Twin Office in Plymouth
DRA Advisors is now the owner of both Waterford office buildings in Plymouth, Minnesota. The New York-based company paid Chicago-based owner and developer CA Ventures $36.1 million for the 505 Waterford Park office building at 505 N. Hwy 169, the southern twin sister to a property already in DRA’s portfolio, 605 Waterford. The pair of 12-story office buildings were built by Minneapolis-based Ryan Cos. in 1987 and 1989. The two sit on 18 acres...

Minneapolis-based Architecture, Engineering Firm Expands to Dallas-Fort Worth
Jonathan Delcambre, associate partner with BKV Group, will lead the firm's new downtown Dallas office. Minneapolis-based BKV Group, a full-service architecture, interior design and engineering firm, has decided to expand to North Texas with a new office in downtown Dallas. In October, the firm plans to open a 3,000-square-foot office with two people on the seventh floor of Adolphus Tower at 1412 Main St. BKV hopes to expand to as many as 24 employees...

Infrastructure Giant AECOM a Front-Runner for Coveted Minneapolis Site
Los Angeles-based multinational engineering and construction services firm AECOM is poised to win development rights to a sought-after sliver of land in downtown Minneapolis, beating out three local companies in the process. AECOM is the favored candidate in the city of Minneapolis’ bid to find a suitor for 800 Washington Ave., said Emily Stern, senior project coordinator with the city’s planning and economic development department. Stern gave...

Atomic Data Leases 30,000 SF in Minneapolis
Atomic Data, an information technology software service provider, signed a 10-year lease for 30,000 square feet in the office building at 250 Marquette Ave. in Minneapolis, Minnesota. The 15-story building totals 522,656 square feet in the Marquette Plaza office park. FRM Associates developed the property in 1972. Other tenants include the U.S. Food and Drug Administration (FDA) and Foley & Mansfield PLLP. Ann Rinde, Mark McCary and Larissa...

Twin Apartment Towers with 350 Units Proposed for Downtown Minneapolis Corridor
A team of Chicago developers hopes to build interlocking twin towers with 350 apartments and up to 20,000 square feet of ground-floor retail on a prominent corner in Minneapolis. Harlem Irving Companies and CA Ventures want to construct the Janus-like structure on a collection of vacant lots that run from 240 to 258 Hennepin Ave., where Hennepin and Washington Avenues meet and the city’s downtown gives way to its tony North Loop district....