INDUSTRY NEWS

News Posts

  • Jon Rausch Named 2015 Top 20 Industrial Brokers

    CWTopIndustrialProducers 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 to Go “Spec” on Maple Grove Industrial Building

    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.

  • Elion/Kraus-Anderson Breaks Ground on $100 Million Mixed Use Woodbury Development

    CityPlaceA 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.

  • Apartment, Retail and Market Planned for St. Paul’s Sibley Plaza

    15264177731 b401cbcd3a bSt. 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.

  • Duke, DLC Residential Revise Plans For West End

    A Cushman & Wakefield/Northmarq Transaction Duke Realty has picWestEndConceptPlanked 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 Moving Headquarters to Woodbury

    Anytime Fitness released images of its new corporate campus as it gets ready to break ground on the Woodbury headquarters building. 08 22 AnytimeFitness BWBR SouthThe 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.

  • Woodbury, Lakeville, Blaine and Maple Grove Continue to Lead Residential Sector

    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.

  • Opus and Mortenson Pitch Plans for St. Paul Site

    The city of St. Paul received development proposals for a city-owned plot near theXcel Energy Center from Minnetonka-basedOpus Group and Golden Valley-basedMortenson Development.

  • Woodbury State Farm Campus Eyes Redevelopment

    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.

  • Twin Cities Land Sales Comeback

    A Cushman & Wakefield/NorthMarq Featured Article A Florida developer’s purchase price for the site of a former Chili’s restaurant and an Olive Garden in St. Louis Park works out to nearly $30,700 per apartment. The site for the future 158-unit building is in the southwest quadrant of Highway 100 and Interstate 394, near the West End shopping center. (Staff photo: Bill Klotz)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.”

  • Residential Building Permits Continue to Climb

    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.

  • Minnetonka Medical Building Moves Forward

    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.

  • US_ECO_HOME_PRICES_YOY WASHINGTON — U.S. home prices rose 12.4 percent in July compared with a year ago, the most since February 2006. An increase in sales on a limited supply of available homes drove the gains.

  • Ryan Company Snelling/Selby St. Paul Site Moves Forward

    Recent developments suggest that the area around Snelling and Selby avenues in St. Paul could get a high-end grocery store and 206-unit apartment complex sooner rather than later.

  • United Properties and Twins Agree to Transit Hub Deal

    The view of the Interchange Project, now named Target Field Station, from overhead. The project will cost $85 million to build. (Submitted rendering: Hennepin County, Perkins Eastman and Knutson)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.

  • DLC Residential Purchases Site for 158 Class A Apartment Units

    Millenium Apts 5245 Wayzata Blvd St L PA 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.

  • Doubling Down in Downtown

    The downtown Minneapolis apartment building boom could soon produce much higher vacancy rates, according to the recent Compass report.

  • Farmers Turning to Corn and Soy Over Traditional Wheat

    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.

  • No Apartment Rental Bubble in Twin Cities – Yet

    Despite a barrage of new apartment buildings in the Twin Cities metro area, demand for rentals continues to outstrip supply.

  • New Home Prices Continue to Rise

    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.

  • Twin City Parks Clash With Development

    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.

  • West Metro Cities Looking to Redevelop

    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.

  • Opus U of M Project Gains Approval

    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.

  • New Apartments at Southdale Mall

    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.

  • Sally’s Bar at U of M to Be Converted to Apartment

    Minneapolis-based CPM Development is proposing a 98-unit, 158-bedrooom student housing project at 301 Walnut St. in Minneapolis that will include retail space. (Submitted graphic: Cuningham Group Architecture)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.

  • Corn, Soybeans Fall to Lowest Level in Nearly Three Years

    NEW YORK — The price of corn fell to the lowest in almost three years the forecast for rain in the Plains region boosted the outlook for this year’s crop.

  • Presbyterian Homes Wayzata Development Takes Shape

    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.”

  • Plymouth Plans for Growth

    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.

  • HCMC Finds Location for West Metro

    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.

  • New Senior Complex Coming to Maple Grove

    Ryan Cos. and SilverCrest will develop a first-phase of the project with 260,000-square-foot, four-story building that has 182 units and a mixture of independent assisted living and memory care units. Ryan Cos. US Inc. and SilverCrest Properties announced Tuesday they signed a deal to buy a nine-acre site from the city of Maple Grove to develop a $34 million senior living campus.

  • Hyde Development Plans Massive Industrial Redevelopment

    Developer Paul Hyde in front of the BAE building in FridleyMinneapolis 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.

  • Scannell Properties to Build 175,00 SF Build-to-Suit in Shakopee

    Rendering of Scannell Properties' proposed Valley View Business CenterThe Shakopee Planning Commission has recommended approval of Scannell Properties’ request for a 175,000-square-foot R&D office/showroom that could hold between 350 and 375 employees.

  • Ryan to Build Grocery and Apartments at Selby/Grand

    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.

  • Ethanol Industry to Consolidate?

    Distillation towers stand at the Mid-Missouri Energy ethanol plant in Malta Bend, Mo., in 2010. At a panel discussion this week in Bloomington, experts debated whether a slump in demand could fuel consolidation of ethanol industry players. (Photo: Patrick Fallon, Bloomberg News)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.

  • Apartment Next to Fulton Brewery Breaks Ground

    District 600 is a 78-unit apartment project that broke ground Monday, June 17 next to the Fulton Brewing Co. in Minneapolis' North Loop neighborhood. 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.

  • Florida Apartment Developer to Build in West End

    Developer Dolce Living has bought two parcels along I-394 for potential apartments, including this former Chili's restaurant 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

  • Midway Stadium In Line for Redevelopment

    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.

  • New Apartment Coming to Eagan

    A rendering of Cedar Grove ApartmentsAn 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.

  • I-394 Apartment Project Moves Forward

    A rendering of the senior housing building (on right) and apartment complex (left) in the proposed Three-Nine-Four project in Golden Valley. 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.

  • Frac Sand Mine Approved in Winona County

    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.

  • Lake Elmo Land For Sale Could Stir Major Area Development

    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.

  • Ryan to Develop 5 Blocks Near New Vikings Stadium

    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 Plans to Build Senior Complex in Edina

    Mount Development's proposed assisted living building at 6500 France Ave. in Edina (view looking southwest from France Avenue) where a medical office building had been proposed.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.

  • CPM Development Proposing 93 Unit Minnetonka Apartment

    Proposed Tonka on the Creek apartments in MinnetonkaRooftop 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 Purchases Nieman Marcus Building on Nicollett Mall

    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.

  • Trammel Crow to Add 165 Apartment Units in Golden Valley

    The Arcata will be 165 luxury apartments adjacent to the Colonnade Office Tower and south of Golden Hills Office Center on Golden Hills Drive.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.

  • Twin Cities Housing Construction Up 111 Percent

    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 To Build New Hotel Near First Ave?

    The proposed hotel would be built in this parking lot. The skyway would be removed during construction, and then added to the hotel.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.