Finance & Commerce

ElseWarehouse apartments in Minneapolis sell for $40.25M The 100-year-old ElseWarehouse in Minneapolis' North Loop sold for $40.25M in a 1031 exchange, boasting 116 apartments and 16,000 sq. ft. of retail space.

Busy day for news about apartment sales.

Chaska advances Beckman Coulter expansion plans Beckman Coulter, a provider of life diagnostics systems for the health care industry, wants to grow its already strong presence in the southwest metro area with a $50 million building expansion in Cha...

A business expansion plan in Chaska.

Saint Paul Port Authority to buy blighted Kmart property The Saint Paul Port Authority has acquired a blighted, long-vacant Kmart on the East Side of St. Paul and is now marketing the property for redevelopment.

Saint Paul Port Authority to take charge of Kmart site.

Wells Fargo Center sells at reportedly steep discount The new owner of the Wells Fargo Center in downtown Minneapolis appears to have landed the iconic building at a fire sale price.

A reportedly small price for another Minneapolis office building.

Huge housing development in Mankato advances After a positive review from the Mankato City Council this week, momentum is building for Mesenbrink Construction’s plan to develop more than 800 housing units on a 105-acre site in the city.

A big housing project clears an important hurdle in Mankato.

Just Sold: Chicago investor buys Lowertown lofts conversion Chicago-based Altitude Capital Partners, which describes itself as a private, alternative asset manager seeking opportunistic multifamily equity investments in the lower middle market, has paid $9.05 ...

The latest from our Just Sold feature.

Colliers brokers Thomson Reuters land sale to Ryan Cos. Ryan Cos. US Inc. has closed on its acquisition of the former Thomson Reuters campus in Eagan, according to Colliers.

We have an update on the Thomson Reuters site.

Future Topgolf site in Woodbury fetches $4M Texas-based Main Event Entertainment has paid $4.02 million in cash for a property on Bielenberg Drive in Woodbury, a transaction related to a future Topgolf-anchored entertainment center.

New Topgolf-related news in Woodbury.

Weidner buys 168-unit North Loop apartment Another 168 apartment units are now under ownership and management of Weidner Apartment Homes, after the Washington-based company’s recent purchase of a North Loop multifamily property.

Weidner makes another purchase near a property it already owns.

As data centers proliferate, conflict with local communities follows As data centers proliferate across the U.S., some communities are pushing back over economic and social concerns.

Here's an interesting look at data center development nationwide.

Life Time pitches luxury housing-fitness mix in Maple Grove As part of its ambitious expansion plan in Maple Grove, Life Time wants to bring luxury apartments to the city in addition to a high-end fitness club — a mixed-use concept that the company has advance...

Big plans for Life Time in Maple Grove.

Just Sold: Coborn’s acquires grocery site in Plymouth Coborn’s Inc., an employee-owned grocery retailer based in St. Cloud, has started work on a prototype grocery and liquor store that will serve as an anchor for “The Boulevard,” a 75-acre, $300 million...

An update for the Prudential redevelopment site in Plymouth.

Minneapolis Fed: Construction outlook is ‘optimistic’ With inflation moderating and interest rates trending down, local construction companies have a rosier outlook for the coming year than they did at this time in 2023 or 2022, according to a new survey...

Construction business more optimistic.

Eagan school site redevelopment would bring apartments, townhomes Eagan residents may see an influx of apartment and townhome units soon, depending on the Eagan City Council’s vote to approve an environmental assessment worksheet later this month.

Redevelopment plan gets revision in Eagan.

Two Endeavor warehouses sell for $66.5M A JLL investment subsidiary has purchased two warehouses in Maple Grove’s Arbor Lakes Business Park for $66.5 million according to a certificate of real estate value.

Arbor Lakes in Maple Grove sees warehouse sale.

Future Solventum home in Eagan sold for $11.65M The future home of 3M spinoff company Solventum has sold for $11.65 million, a deal that ties in with the health care company’s plans for a previously announced $200M-plus expansion and investment in ...

Office sale at the Eagan BCBS campus.

Cottage Grove keeps riding housing development boom Like many suburban edge cities, Cottage Grove saw a surge in single-family residential development earlier this decade.

What is driving development in Cottage Grove?

Enclave advances plans for 374 apartments, townhomes in Oakdale Enclave Cos. has another round of city approvals in hand for a development that will bring hundreds of new market-rate homes to a transit-oriented site in Oakdale.

Oakdale stays busy with development proposals.

Reuter Walton pitches workforce housing in West St. Paul St. Louis Park-based Reuter Walton plans to seek land use applications from the city of West St. Paul next month for a workforce housing project that would have, in the developer’s words, the “look an...

West St. Paul may soon get new housing.

Downtown Minneapolis revitalization pitch includes office conversions The Minneapolis Downtown Council is looking for about 3 million square feet of office space to convert into residential space, according to a new report released by the group earlier today.

ICYMI: New revitalization pitch for downtown Minneapolis goes big on office conversions.

Boston Scientific clears hurdle for building expansion in Maple Grove Boston Scientific has the Maple Grove Planning Commission’s support for a proposed building addition on the company’s Weaver Lake Road Campus.

News about a Boston Scientific expansion in Maple Grove.

Northwest metro apartments sell for a combined $15.9M Apartments located in Crystal and Anoka, with a combined 131 units, have been acquired by Los Angeles-based Coast View Strategies, according to a press release from Colliers.

Apartments trade hands.

Housing proposed on rare Eden Prairie farm property A rare active farm site in Eden Prairie could be the landing spot for a proposed development that would bring more than 100 new high-end, for-sale homes to the suburb.

High-end homes could soon rise on Eden Prairie farmland.

Home Depot distribution center sells for $70M A warehouse with 18 years left on its current tenant’s lease has been sold for $70.15 million, according to one of the brokers who facilitated the deal.

A strong tenant with a long lease made this property very appealing.

Eagan Council grants approvals for Thomson Reuters campus Minneapolis-based Ryan Cos. US Inc.’s plans to redevelop about two-thirds of the Thomson Reuters campus in Eagan are advancing on the heels of positive reviews from the Eagan City Council and the Metr...

The Thomson Reuters redevelopment effort in Eagan has picked up some key approvals.

Maple Grove OKs elementary school in development hotspot A new elementary school got the green light from the Maple Grove City Council at its Monday meeting.

Maple Grove signs off on new school near new homes.

Roers Cos. to seek OK for $95M project in St. Louis Park Roers Cos. is the latest suitor for the Wooddale Avenue Station site in St. Louis Park — a city-owned property that returned to the market last year after a previous project fell through.

Roers Cos. has plans for St. Louis Park's Wooddale Avenue Station.

Beacon hopes to get OK for apartments in St. Paul - Finance & Commerce Beacon Interfaith Housing Collaborative is hoping to see a vacant lot on St. Paul’s East Side rezoned so the nonprofit developer can build a 53-unit apartment building on the site, according to city p...

Apartment plans on White Bear Avenue.

Golden Triangle industrial buildings sold for $30M - Finance & Commerce St. Louis Park-based Big River Real Estate has paid $30.33 million for a portfolio of 1970s and 1980s industrial buildings in Edina and Eden Prairie.

Big River Real Estate makes an industrial move with portfolio purchase.

Q&A: Building community development connections with Northspan’s Shaun Hainey - Finance & Commerce Shaun Hainey is something of a numbers guy. “30% to 40% of my time,” Hainey said, is dedicated to running through information and working with his colleagues to maintain a database of various building...

F&C's latest Q&A sheds some light on what's happening Up North with Northspan's Shaun Hainey.