Executive Director Jon Rausch has been named one of Cushman & Wakefield’s Top 20 Industrial Brokers in the Americas (North and South America) for his 2015 performance. The annual list recognizes top-producing brokers in the Cushman & Wakefield platform in the Americas. Rausch specializes in land services primarily in Minnesota and Western Wisconsin. Congratulations Jon!
United Properties has closed on a site in Maple Grove where it is planning to build a large industrial building ‘on spec’ — meaning it’ll move ahead even without signed lease deals.
The Bloomington-based developer will begin construction Sept. 15 on what it calls the Red Rock Industrial Building, with 32-foot ceiling and 320,000 square feet of space, near the intersection of County Road 81 and 85th Avenue North. The company bought the site for $4.17 million from Maple Grove-based Raven Investments.
A joint venture between Elion Partners andKraus-Anderson Cos. closed Thursday on a purchase of a 100-acre site in Woodbury from State Farm Insurance.
Florida-based Elion and Minneapolis-based Kraus-Anderson didn’t disclose the value of the land deal. The firms have spent 18 months pursuing a massive $100 million redevelopment of the site into a mixed-use office, hotel and retail center. Kraus-Anderson will begin grading the site Friday.
St. Paul’s Sibley Plaza shopping center will be torn down after nearly 60 years to make way for a Fresh Thyme Farmers Markets grocery store, a fitness center and 120 apartments, according to plans released by the property owner.
Sibley Plaza owner Paster Enterprises is partnering with Bader Development on the $50 million mixed-use project at the West Seventh Street property, which Paster has been contemplating for months.
A Cushman & Wakefield/Northmarq Transaction
Duke Realty has picked Dolce Living to develop two new, six-story buildings with a total of 400 apartments at the West End mixed-use development in St. Louis Park.
I reported earlier this month that Duke was pursuing partners to help it develop part of the site at the intersection of Highway 100 and Interstate 394 on the border of St. Louis Park and Golden Valley. It’s also trying to find a buyer for the lifestyle shopping center and entertainment complex known as the Shops at West End.
Indianapolis-based Duke is in the process of forming a strategic partnership with Hallendale Beach, Fla.-based Dolce. The companies want to create an urban village and still develop office space on the undeveloped portion of the site, according to a memo to the St. Louis Park City Council from Greg Hunt, the city’s economic development coordinator.
Anytime Fitness released images of its new corporate campus as it gets ready to break ground on the Woodbury headquarters building.
The 80,000-square-foot building will house 250 employees who are now working in the fitness club chain’s current headquarters in Hastings.
The new digs include a fitness club, outdoor gathering areas that will also be used for physical activities, a smoothie bar that turns into an alcohol bar, a gaming area and adjustable workstations that allow employees to work while standing or moving, said spokesman Mark Daly.
The Builders Association of the Twin Citiesreported “lackluster performance in both single family and multi-family construction” during August.
The BATC reported that builders took out 413 home building permits in August, down 16 percent from the 494 permits in August 2013, according to a press release.
A Florida-based real estate investment company appears to be winning over Woodbury officials with the idea of building 100,000 square feet of medical office space near the 400,000-square-foot former State Farm building off Interstate 94.
There would be two build-to-suit medical office buildings — 50,000 square feet each — to the north, a high-end grocery store and pedestrian-friendly retail to the south and possibly a hotel to the northwest of the former State Farm office building, according to a preliminary master concept plan released Thursday by Aventura, Fla.-based Elion Partners.
A Cushman & Wakefield/NorthMarq Featured Article
Land sales in the Twin Cities are finally showing some welcome signs of life with both transaction volume and sale prices on the rise.
“Things are starting to percolate, although sales are certainly not at the fever pitch that they were in 2004, 2005 and 2006,” says Dan Russ, a vice president in the Investment Services Group at Transwestern in Minneapolis. “But, it is starting to move in the right direction compared to the past few years, which has been stagnant.”
Local homebuilders stayed busy in September, although the rate of growth in permits slipped a bit compared with last month’s activity.
In September, residential permits were up 18 percent from a year ago and planned housing units more than doubled.
15306-15500 Highway 7, Minnetonka
After months of delays and design changes, Minneapolis developer Mark Davis has closed on land deals totaling $4.6 million, clearing the way for construction to start next week on the 63,000-square-foot Minnetonka Medical Building.
The Interchange project’s name has gone the way of Hiawatha Light Rail Transit and the Central Corridor LRT.
The Minnesota Twins, United Properties and Target Corp. reached a $3.75 million deal with Hennepin County — approved Thursday afternoon — to take over certain operations and other costs of the $85 million transit hub near Target Field.
A Cushman & Wakefield/NorthMarq Brokered Transaction
A Florida developer has closed on a $4.85 million land deal to build 158 market-rate apartments in the West End mixed-use development in St. Louis Park.
Millennium at West End LLC, an entity related to Dolce Living Homes LLC of Hallendale, Fla., closed Wednesday on the cash deal for two parcels totaling 3.55 acres, according to a certificate of real estate value made public Thursday.
WOLVERTON, MINN. – Jay Nord surveyed his wheat field from the seat of a combine as he mowed down this year’s crop.
The impressive machine is a new Case IH with 60 percent more horsepower than his old combine and the ability to harvest one-third more grain with each pass.
From storage sheds to swank new subdivisions, construction is booming in the Twin Cities. But for all the activity sprawling throughout the metro, there just aren’t enough workers, contractors or materials to keep pace.
With millions of dollars of valuable land available at a discount, far more than they can afford, metro parks agencies are scrambling to snatch up as much land as they can to bolster regional parks for the coming decades.
Suburban downtowns around the west metro are being rebuilt as cities strive to revitalize their cores by capitalizing on the latest development trends.
Many new projects, both residential and commercial, are underway in an attempt to bring density and dollars to sagging suburban centers.
Student housing development in the heart of Minneapolis’ Dinkytown is safe – at least for now.
The Minneapolis City Council on Friday voted 9-4 in favor of a rezoning that allows Minnetonka-based Opus Development Co. to develop a six-story, 140-unit student apartment project in the core of the area, located just off the University of Minnesota’s campus.
A novel groundbreaking for a new luxury apartment complex occurred last week in the shadow of a Cheesecake Factory.
Sure, there were the usual fancy shovels perched atop a ceremonial pile of dirt, surrounded by beaming real estate developers and city officials. But the site itself, at the corner of W. 69th Street and York Avenue S., has never been developed — even though its Edinalocation is one of the most attractive commercial spots in the Twin Cities.
Minneapolis-based CPM and some undisclosed East Coast business partners recently closed on a $6 million purchase of the old Sally’s Saloon & Eatery off the University of Minnesota campus in Minneapolis and have started demolition for a 98-unit, 158-bedroom student housing project.
The largest redevelopment project in Wayzata’s history is taking shape this summer.
Despite a wet and rainy spring that set back some construction work by two weeks, the $125 million first phase of the Promenade of Wayzata now remains on schedule and on budget, officials said, as it heads into the final stretches of construction this fall.
“We’re on track and we want to stay on track,” said John Mehrkens, vice president of project development for Roseville-based Presbyterian Homes & Services. “It’s certainly a very large and ambitious project.”
The housing boom in northwestern Plymouth has ramped up this summer, with freshly approved high-end developments like Creekside Hills, Cedar Hollow and Creek Ridge set to join 10 other major single-family residential developments Plymouth has approved since 2010.
Hennepin County Medical Center has picked a new site in Minnetonka where it plans to open a West Metro clinic, replacing a previous project that HCMC canceled earlier this year along I-394.
HCMC now plans to redevelop a 22,000-square-foot, single-story building at 11525 Excelsior Blvd. at the intersection with Shady Oak Road, according to a Minnetonka planning department staff report.
Minneapolis developer Paul Hyde closed Wednesday on the largest acquisition of his career — the 2 million-square-foot BAE Building in Fridley.
An entity related to Hyde Development paid $13.5 million for the property, which he hopes to convert over the next five years into a 1.7 million-square-foot modern industrial park.
Ryan Cos. envisions grocery store, apartments for St. Paul’s bustling Snelling-Selby intersection.
A grocery store and apartment development proposed for the intersection of Snelling and Selby Avenues in St. Paul will try to build upon what is already one of the capital city’s more eclectic commercial areas.
Plans for a new 210-room Hampton Inn & Suites would mark the largest new hotel development in downtown Minneapolis since before the recession. Golden Valley-based Mortenson Development is pitching the plan at a surface parking lot site at 19 Eighth St. N. in Minneapolis, one block away from the Target Center arena and a short walk from Target Field.
Facing much slower growth, the ethanol industry is likely to see more mergers and acquisitions in the future, according to a financial expert who spoke Wednesday at a biofuels conference in Bloomington.
Bob Dovenberg, a managing director of Minneapolis-based Greene Holcomb Fisher’s Energy and Infrastructure Group, told more than 90 people that, like other industries, the biofuels’ industry may eventually be reduced to just a few companies. The conference was sponsored by Willmar-based Christianson & Associates.
A team of developers Monday broke ground on a new 78-unit apartment project next to Fulton Brewing Co.
The $12 million project, called District 600, is at 600 Fifth St. N.
It was called The Mendoza back in April 2012, and then re-named The Natural in January this year. It has been re-named again to “District 600” referring to its street address at 600 Fifth St. N., in the Warehouse District of Minneapolis. The project’s marketing materials plays up its proximity to Target Field, with a baseball theme.
A Cushman & Wakefield/NorthMarq Land Team Transaction
An apartment developer out of Hallendale Beach, Fla., is eyeing a residential development in St. Louis Park at the site of an existing Olive Garden and a former Chili’s restaurant.
Dolce Living, which has a tentative deal to buy two neighboring parcels from Duke Realty Corp., has had a representative talking to the city of St. Louis Park about building an apartment complex there, said Sean Walther, a city planning official. Dolce officials couldn’t be reached for comment. The company has developed apartments near Miami and Dallas. This would be its first Minnesota project.
Source: Business Journal
With all eyes focused on the St. Paul Saints’ prospective Lowertown home in 2015, few are giving much thought yet to the future of Midway Stadium, the lovable shambles of a ballpark the team has occupied for 20 years.
Except for Louis Jambois, president of the St. Paul Port Authority, who can’t wait to get the authority’s hands on the stadium’s 12.8-acre site at Energy Park Drive and Snelling Avenue once the Saints move out.
An Apple Valley apartment developer has a letter of intent to buy from the city a four-acre site near the new outlet mall under construction in Eagan.
Stonebridge Cos. wants to build a 180-unit “higher end” apartment complex at the site. Stonebridge will present its preliminary plans to the Eagan Economic Development Authority at a meeting Tuesday, said Stonebridge President Wally Johnson.
The Three-Nine-Four apartment and senior housing complex in Golden Valley got a thumbs-up from the city’s Housing and Redevelopment Authority this week, moving the project closer to its expected fall groundbreaking.
The project has changed scope and layout since it was first approved by the Golden Valley HRA in April. The senior building changed from a five-story, 149-unit building to a six-story, 120-unit building.
A small frac sand mine first proposed in October 2011 won approval by Winona County Tuesday despite persistent opposition from local residents who fear it could pave the way for a cluster of other sand mines in the area.
A Cushman & Wakefield/NorthMarq Brokered Deal
The Old Village project in Lake Elmo just got a new push forward. Two large parcels of land have been put on the market, ready for developers to grab.
For sale are a 263-acre plot and another that could be nearly as big, according to city administrator Dean Zuleger.
One of the largest real estate projects in Minneapolis history, announced Tuesday, would transform a largely barren stretch of downtown that has long struggled to attract investment.
The $400 million proposal would target a five-block area near the new Vikings stadium, adding offices, residential housing, retail and an 9-acre park, according to developer Ryan Cos. City officials hope the proposed project will generate even more development in the years ahead.
Mount Development, which for more than a year has tried to build a medical office building along Edina’s France Avenue, has radically shifted its plans. It now wants to build an assisted living complex instead.
Mount filed plans with the city on May 1 that superficially resemble those for the 102,000-square-foot office building that had been approved for the site, at 6500 France Ave. It’s the same height (62 feet) and style, but is intended for specialized senior services instead of physician offices.
Rooftop gardens and community access to wetlands next to the development are two of the features of a new apartment project planned in Minnetonka by Minneapolis-based CPM Development.
The 93-unit market rate apartment project is slated for an area near the southwest corner of the intersection of Highway 169 and Minnetonka Boulevard (County Road 5). The four-story project, called Tonka on the Creek, backs up to Minnehaha Creek.
United Properties continues to play an important role in downtown Minneapolis. The developer most recently closed on the empty Neiman Marcus store at 505 Nicollett Mall in downtown. United Properties says it will now renovate the 100,000-square-foot building.
Dallas-based Trammell Crow Co. said this morning that it plans to begin construction this fall on 165 luxury apartments in Golden Valley. The Arcata will built on a 2-acre site near The Shops at West End. It’ll be adjacent to the Colonnade Office Tower and south of Golden Hills Office Center on Golden Hills Drive.
Housing construction in the Twin Cities was up more than 110 percent, making it one of the best Aprils in nearly a decade.
Throughout the 13-county metro area, builders were issued 372 permits to build 817 apartments and single-family houses, according to a report from the Builders Association of the Twin Cities. Luxury rentals in two new downtown buildings accounted for nearly 60 percent of those units, but a shortage of home listings helped boost permits to build single-family houses by nearly 27 percent.
Mortenson Development has a deal to buy a site near the First Avenue nightclub in downtown Minneapolis, where it’s planning a nine-story, 220-room hotel.
The site, located at the corner of First Avenue North and 8th Street North, is the same site where Turnstone Group recently suspended plans for a nine-story apartment building due to recent increases in construction costs.
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