Heartland Real Estate Business

FEB 2018

Heartland Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Midwest.

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M I N N E S O TA & W I S C O N S I N 10 • February 2018 • Heartland Real Estate Business www.REBusinessOnline.com CBRE ARRANGES SALE OF 166,650 SF FLEX OFFICE PORTFOLIO IN EDEN PRAIRIE EDEN PRAIRIE, MINN. — CBRE Cap- ital Markets has arranged the sale of the Southwest Office/Tech portfolio in Eden Prairie, a southwestern suburb of Minneapolis, for an undisclosed price. The portfolio consists of three flex office buildings totaling 166,650 square feet: Edenvale Executive Cen- ter A & B and Valley Gate North. The buildings were constructed between 1986 and 1987. The portfolio is cur- rently 82 percent occupied. Judd Welliver, Ryan WaĴs, Sonja Dusil and Tom Holĵ of CBRE represented the undisclosed seller. Red Tail Acquisi- tions, a private real estate investment firm based in Irvine, Calif., purchased the portfolio. ARA ACQUIRES 403,219 SF RETAIL CENTER IN EAGAN EAGAN, MINN. — American Realty Advisors (ARA) has acquired Central Park Commons in Eagan. The sales price was $126.3 million, according to the Minneapolis Business Journal. The 403,219-square-foot retail center is currently 97 percent occupied by ten- ants including Hy-Vee, HomeGoods, Marshalls, Hobby Lobby, Ulta and Petco. The newly constructed prop- erty, located at 3333 Pilot Knob Road, also includes medical office space. Bob Mahoney of CBRE represented the seller, a joint venture between CSM Corp. and John Johannson. DORAN, KM2 TO DEVELOP 185-UNIT LUXURY APARTMENT PROPERTY EDINA, MINN. — Doran Cos. and KM2 Development are developing a 185-unit luxury apartment property in Edina, a southwest suburb of Min- neapolis. Known as ENVi, the prop- erty will be situated on a site formerly occupied by Best Buy, which closed in 2012. The store will be demolished in order to make room for the apartment property. Designed by Doran Archi- tecture, the building will have envi- ronmental features such as a white roof to reduce the heat island effect, increased thermal building design, Energy Star appliances and electric car-charging stations. Slated for com- pletion in summer 2019, the project will include a mix of studio, one-, two- and three-bedroom apartments as well as 13 townhomes. Amenities will include an entertainment clubroom, outdoor pool, grills, bocce ball, busi- ness center, fitness center, spa, sauna and golf simulator. Mike Mikan and Kurt Krumenauer of KM2 purchased the property and an adjacent single- family home in 2016. COLLIERS BROKERS SALE OF 578,000 SF OFFICE COMPLEX IN MILWAUKEE MILWAUKEE — Colliers Internation- al has brokered the sale of 310 W. Wis- consin Avenue in Milwaukee for an undisclosed price. The 578,000-square- foot office complex is the third larg- est multi-tenant, stand-alone office complex in the state of Wisconsin, ac- cording to Colliers. Built in 1984, the blue glass building features two office towers connected by an atrium that reaches 14 stories high. The property is situated on the planned streetcar path and is within walking distance of the new Bucks arena currently un- der construction and the proposed Milwaukee Symphony Orchestra de- velopment. Major tenants at the prop- erty include Captel, Previant Law, the General Services Administration, 540 ESPN and the Capital Grille. Tom Shepherd and Dan Wroblewski of Colliers represented the seller, RAIT Reuss Federal Plaza LLC. Time Equi- ties Inc. purchased the complex and an aĴached 606-stall parking deck. TRIBE 9 FOODS SIGNS 50,814 SF INDUSTRIAL LEASE MADISON, WIS. — Tribe 9 Foods LLC has signed a 50,814-square- foot industrial lease in Madison. The manufacturer will occupy the space at 2901 Progress Road. Tribe 9 Foods produces grain-free foods, gluten-free foods, nut buĴers and pastas. Andy Hess of Founders 3 represented the tenant in the lease transaction. ScoĴ Revolinski of Founders 3 represented the landlord, LCM Funds 40 Madison LLC. Alicia Turlington 404-832-8262 aturlington@francemediainc.com REGISTRATION & GENERAL INFORMATION: Rich Kelley 914-468-0818 rkelley@francemediainc.com SPONSORSHIP & SPEAKING INFORMATION: interfaceconferencegroup.com/hcw2018 Seniors Housing Business, Western Real Estate Business and the InterFace Conference Group are pleased to host the 9th annual InterFace Healthcare Real Estate West information and networking conference on February 28th at the Omni Los Angeles. The event will focus on the state of healthcare and medical office real estate investment, development, financing and operations on the West Coast. If you are active in healthcare and MOB real estate in California, Oregon, Washington, Nevada, Arizona, Colorado, Utah or New Mexico, THIS IS A MUST-ATTEND EVENT! February 28 th » Omni Los Angeles 9 th Annual I N T E R FAC E HEALTHCARE REAL ESTATE WEST Chris Bodnar Vice Chairman CBRE John Pollock CEO Meridian Daniel Buehler Vice President AmSurg Corp John Smelter Senior Director Marcus & Millichap Steven Stubbs Regional Director, Mergers & Acquisitions Adventist Health Robin Kosiek Director, Healthcare Asset Development Walgreen Co. Jeff Land Senior Vice President Dignity Health CONFIRMED SPEAKERS (as of January 16th) PLATINUM SPONSOR GOLD SPONSORS SILVER SPONSORS

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