MINNEAPOLIS-The refinancing for 13 industrial properties totaling 2.3 million sf limits interest rate exposure and staggers maturity dates. The local office of L.J. Melody & Co. arranges the financing from MassMutual/Babson Capital Management.
MINNEAPOLIS-The upscale seafood restaurant chain hopes to add restaurants in San Diego, Atlanta, Miami and Baltimore over the next 12 months. Clarion Capital was the investor and will own a 45.4% stake in the company.
ST. PAUL-The move across the Mississippi River of US Bank hurts the market. Help is on the way with some vacant space converting to residential and new tenants, including Gander Mountain's big lease.
ST. PAUL-The 15,000-sf store on the southwest corner of University and Lexington avenues will join the German grocer's four other stores in the Twin Cities. Local groups say the project is not ambitious enough for the site.
MINNEAPOLIS-The 725,000-sf class A office tower located at 222 S. Ninth St. in Downtown is owned by TIAA-CREF. United's Jim Montez and Brent Erickson will lease the property, while Dave Costello, the building's general manager for five years, will continue to manage it.
OAKDALE, MN-The developer switches focus from lifestyle center to upscale power center when a competitor goes ahead with a nearby lifestyle center. Oakdale Village is located at the northwest corner of the intersection of Interstate 94 and Inwood Avenue.
ST. PAUL-More than a year and a half after it is unveiled, the University Enterprise Laboratories finally raises $9 million in charitable contributions and arranged financing to renovate the former 125,000-sf warehouse in biotech lab and office space.
ST. PAUL-The $6.1-million, three-story apartment and retail complex was developed by Selby Area Community Development Corp. and Legacy Management & Development Corp.
MINNETONKA, MN-American Church Mortgage Co., a real estate investment trust specializing in church properties, is offering secured investor certificates. The funds will be use to make mortgage loans to churches and other nonprofit religious organizations.
MINNEAPOLIS-The 84,000-sf department store will be closed in January. The parent company is considering putting a Herberger's department store in Gaviidae Common on Nicollet Mall.