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Normandale Lake Office Park Sells for $268M

Normandale Lake Office Park Sells for $268M

By Gabriel Circiog, Associate Editor The Normandale Lake Office Park, a five-building complex located in Bloomington, was acquired by an affiliate of Chicago-based Equity Group Investments. Situated on 23 acres of land at the southwest corner of I-494 and Highway 100 in the Southwest suburb of Bloomington, the 1.7 million-square-foot…

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Opus Seals Financing Deal for Nicollet Residences

Opus Seals Financing Deal for Nicollet Residences

By Gabriel Circiog, Associate Editor Opus Development has secured financing for a 27-story residential development in Minneapolis, the Minneapolis / St. Paul Business Journal reports. Dave Menke, senior vice president & general manager of Opus Development, confirmed the company has sealed a financing deal with an unnamed large regional bank.…

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Kraus-Anderson Plans to Build 204-Unit Market-Rate Apartment Complex

Kraus-Anderson Plans to Build 204-Unit Market-Rate Apartment Complex

By Gabriel Circiog, Associate Editor Kraus-Anderson Construction Co. announced plans to build a new $39 million apartment complex in downtown Minneapolis’ historic Warehouse District. Located at 800 N. Third St., the new 266,000-square-foot apartment complex was designed by locally based UrbanWorks Architecture L.L.C. Third North, a six-story complex, will feature…

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Ebenezer Management Services to Expand its Arbors at Ridges Campus

Ebenezer Management Services to Expand its Arbors at Ridges Campus

By Gabriel Circiog, Associate Editor Ebenezer Management Services will soon expand its Arbors at Ridges campus in Burnsville, Finance & Commerce reported. The Minneapolis-based seniors housing provider will break ground on a $12 million project that will convert an existing building to memory care space. Located at 13897 Community Drive…

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IDS Center Hits the Market; Landmark Could Fetch $300M

IDS Center Hits the Market; Landmark Could Fetch $300M

By Gabriel Circiog, Associate Editor Inland American Real Estate Trust Inc. is marketing the 2 million-square-foot IDS Center in Downtown Minneapolis, a signature feature of the city skyline for four decades. Designed by Philip Johnson, the post-modern landmark encompasses a 57-story office tower with an eight-story annex, a two-story retail center,…

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Dominium Sells Newport on Seven Apartments

Dominium Sells Newport on Seven Apartments

By Gabriel Circiog, Associate Editor Dominium, a real estate development and management company headquartered in Plymouth, Minn., announced the sale of Newport on Seven apartments. Located in St. Louis Park, Minn., the property was acquired for $22.7 million by Charleston, S.C.-based Greystar Real Estate Partners, according to Keith Collins, a…

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American Campus Communities Acquires 480-Bed University of Commons

American Campus Communities Acquires 480-Bed University of Commons

By Gabriel Circiog, Associate Editor Austin-based American Campus Communities Inc. has closed on the purchase of University Commons for $31 million. The 480-bed off-campus community, located in the East Bank area in Minneapolis, serves students attending the University of Minnesota. The student housing property, just three blocks away from the…

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Pioneer-Endicott Buildings to be Converted into 234 Market-Rate Apartments

Pioneer-Endicott Buildings to be Converted into 234 Market-Rate Apartments

By Gabriel Circiog, Associate Editor The Pioneer-Endicott buildings in downtown St. Paul have been vacant for some time, but things could soon change. Local developer Rich Pakonen envisions a 234-unit market-rate apartment conversion project that would also include 31,900 square feet of commercial space, Finance & Commerce reports. The two…

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Opus to Build New Office Building for Xcel Energy at Nicollet Mall

Opus to Build New Office Building for Xcel Energy at Nicollet Mall

By Gabriel Circiog, Associate Editor The Opus Development Corporation has announced plans to build a 212,000-square-foot office building in downtown Minneapolis. The nine-story building will be built for Xcel Energy on the southeast corner of Fourth Street and the Nicollet Mall. The site is currently a private parking ramp which…

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Stone Grove Apartments Sold for $17.3 Million; Piper Jaffray Signs New Lease

Stone Grove Apartments Sold for $17.3 Million; Piper Jaffray Signs New Lease

By Gabriel Circiog, Associate Editor Franktown, Colo.-based Monarch Investment and Management Group has acquired The Stone Grove Apartments in Burnsville, the Minneapolis / St. Paul Business Journal reports. According to Dakota County property records, the 228-unit apartment building was sold by St. Paul-based Real Estate Equities for $17.3 million. The…

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StuartCo, Simon Property Group Plan Residential Development at Southdale Center

StuartCo, Simon Property Group Plan Residential Development at Southdale Center

By Gabriel Circiog, Associate Editor Bloomington-based StuartCo has reached an agreement with Simon Property Group, the owner of Southdale Center, to develop a 232-unit apartment project on an underused piece of land at the shopping center in Edina. The Minneapolis / St. Paul Business Journal reports that StuartCo presented the…

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Zeller Realty Secures Refinancing for LaSalle Plaza

Zeller Realty Secures Refinancing for LaSalle Plaza

By Gabriel Circiog, Associate Editor Chicago-based Zeller Realty has secured refinancing for LaSalle Plaza from a unit of Minneapolis-based U.S. Bancorp, U.S. Bank Commercial Real Estate. While terms of the deal were not disclosed, the Minneapolis / St. Paul Business Journal reports the loan is estimated to be worth around…

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