Doran Adds On in Hopkins

By Ioana Neamt, Associate Editor

The Marketplace & Main – 10 Seventh Ave N, Hopkins, Minn.

Local player Doran Cos. is further expanding its Twin Cities portfolio. The Minneapolis-based company founded by Kelly Doran recently paid $12.8 million for an apartment building in Hopkins.

CBRE’s Minneapolis office arranged the transaction through a team led by Ted Abramson, Keith Collins, Abe Appert and Laura Hanneman, who represented the seller, Marketplace Holdings L.L.C., an affiliate of The Beard Group Inc.

Doran Partners I LLC, an affiliate of Doran Cos. purchased the 53-unit The Marketplace & Main located at 10 Seventh Ave. N. in downtown Hopkins. The property offers one-, two-, and three-bedroom apartments ranging in size from 810 to 1,345 square feet. Amenities include an underground parking garage, bicycle storage, barbecue area, a 24-hour fitness center and 24-hour maintenance.

The three-year-old building is near major employers such as Cargill and Supervalu, and provides access to Highway 169 and downtown Minneapolis.

The purchase of the fully-leased Marketplace & Main community is the third recent acquisition completed by Doran in Hennepin County. The company paid $10.6 million for a 40-acre development site in Maple Grove in April, and $12.1 million for a new Walgreens store in Wayzata the following month, according to the Minneapolis/St. Paul Business Journal.

Image courtesy of Marketplace & Main Apartments