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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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Gov. Mark Dayton Signs Off on Agreement to Build New Vikings Stadium at Metrodome

Gov. Mark Dayton Signs Off on Agreement to Build New Vikings Stadium at Metrodome

By Gabriel Circiog, Associate Editor Gov. Mark Dayton signed off on an agreement to construct a new $975 million stadium for the Minnesota Vikings at the Metrodome during a Capitol ceremony attended by business leaders, fans and team owners Zygi and Mark Wilf, Finance & Commerce reported. As previously reported by…

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Dominium Closes in on Approval for Pillsbury A Mill Conversion

Dominium Closes in on Approval for Pillsbury A Mill Conversion

By Gabriel Circiog, Associate Editor Plymouth-based Dominium Inc. is inching closer to the end of a lengthy approval process for a $100 million conversion of the historic Pillsbury A Mill complex into affordable housing for artists, the StarTribune reports. The Ways and Means Committee of the Minneapolis City Council is…

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Zeller Realty, Invesco Partner to Buy Fifth Street Towers

Zeller Realty, Invesco Partner to Buy Fifth Street Towers

By Gabriel Circiog, Associate Editor Zeller Realty Group and Invesco Real Estate have teamed up to acquire Fifth Street Towers at a sheriff’s auction, the Minneapolis / St. Paul Business Journal reports. The 1.1 million-square-foot office complex, located in downtown Minneapolis at 100 and 150 S. Fifth St., consists of…

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Real Estate Recycling Plans Green Office Project in Downtown Minneapolis

Real Estate Recycling Plans Green Office Project in Downtown Minneapolis

By Gabriel Circiog, Associate Editor Minneapolis developer Paul Hyde, a principal with Real Estate Recycling, plans to construct a two-story office building at 1016 Marquette Ave., the Minneapolis / St. Paul Business Journal reports. Real Estate Recycling acquired the existing 1931 single-story building from local developer Larry Abdo on April…

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Twin Cities Developer Peter Remes Plans Renovation of Recently Acquired 5.5-Acre Complex

Twin Cities Developer Peter Remes Plans Renovation of Recently Acquired 5.5-Acre Complex

By Gabriel Circiog, Associate Editor Twin Cities developer Peter Remes and his First & First L.L.C. purchased nine buildings in St. Paul’s Midway area and plans to invest millions of dollars in renovation, Finance & Commerce reports. The 5.5-acre, 205,000-square-foot complex, located from 550 to 558 Vandalia St., used to…

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Paragon Plans 400,000-Square-Foot Outlet Shopping Center in Cedar Grove

Paragon Plans 400,000-Square-Foot Outlet Shopping Center in Cedar Grove

By Gabriel Circiog, Associate Editor Paragon Outlet Partners L.L.C. has presented to the Eagan Economic Development Authority a preliminary concept plan for a new upscale outlet shopping center in Cedar Grove. The Baltimore-based developer proposes a project that would feature between 90 and 100 high-end outlet stores on approximately 35…

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