MINNEAPOLIS-A venture of local developer Alatus, TE Miller Development and Solhem Cos. reportedly have a plan to build a 260-unit apartment building here near the University of Minnesota. The JV presented the plan recently to the West Bank Community Coalition.
The property was once the site of the former Grandma’s Saloon and Grill, at 1810 S. Washington Ave. in the Seven Corners area of West Bank. The site has been vacant for about a year.
The coalition was formed in the early 1970s to try to keep alive the neighborhood, which has suffered from high poverty and low income levels. Alatus bought the Saloon site in 2007. After a 25-story apartment project plan was eliminated due to height concerns, the developers are shopping around the new plan to the community, The venture will reportedly present a formal plan to the city in May. Alatus officials did not a request for comment.
ARDEN HILLS, MN-Cushman & Wakefield/NorthMarq recently secured an 114,000-square-foot lease for Delkor Systems in the Arden Gateway Center at 4300 Round Lake R. W. here. The packaging firm will take occupancy beginning June 1, 2012. Todd Hanson and Jason Sell represented Cornerstone RE Advisors in securing the lease. Tom Hauschild with the Tegra Group represented Delkor.
CHICAGO-Tony Karmin and Corby Marx of the Transwestern’s Tenant Advisory Services group recently represented Ocean Tomo LLC in a 36,112-square-foot early lease renewal. The tenant is extending the current lease for its corporate headquarters at 200 W. Madison St., where the firm has been since 2005. Tamara Kos and Teddy Walsh represented the landlord in the transaction.
CHICAGO-Summit Design + Build LLC has been selected as general contractor for American Society for Surgery of the Hand’s new corporate headquarters facility at 822 W. Washington Blvd. here. Founded in 1946, the group is the oldest medical specialty society in the United States devoted entirely to continuing medical education related to hand surgery. The site will require reconstruction of the existing 30,000-square-foot, two-story office/warehouse structure with full basement. Completion is scheduled for end of second quarter 2012.
MILWAUKEE-Mid-America Real Estate Corp.’s Net Lease Investment Group recently completed the sale of a newly renovated, 8,566-square-foot freestanding Family Dollar Store here at 4331 W. Oklahoma Ave. for $1.5 million. The building was purchased by a Florida-based private investor and the seller was a local developer. There is 10 years remaining on the double net lease. Tom Fritz, Mark Goldberg and Dan Cohen comprised the Mid-America team representing the seller.
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