Minneapolis-St Paul
Zeller Realty, Invesco Partner to Buy Fifth Street Towers
By Gabriel Circiog, Associate Editor Zeller Realty Group and Invesco Real Estate have teamed up to acquire Fifth Street Towers at a sheriff’s auction, the Minneapolis / St. Paul Business Journal reports. The 1.1 million-square-foot office complex, located in downtown Minneapolis at 100 and 150 S. Fifth St., consists of two state-of-the-art buildings. The 25-story […]
Real Estate Recycling Plans Green Office Project in Downtown Minneapolis
By Gabriel Circiog, Associate Editor Minneapolis developer Paul Hyde, a principal with Real Estate Recycling, plans to construct a two-story office building at 1016 Marquette Ave., the Minneapolis / St. Paul Business Journal reports. Real Estate Recycling acquired the existing 1931 single-story building from local developer Larry Abdo on April 2 for $825,000. The design […]
Twin Cities Developer Peter Remes Plans Renovation of Recently Acquired 5.5-Acre Complex
By Gabriel Circiog, Associate Editor Twin Cities developer Peter Remes and his First & First L.L.C. purchased nine buildings in St. Paul’s Midway area and plans to invest millions of dollars in renovation, Finance & Commerce reports. The 5.5-acre, 205,000-square-foot complex, located from 550 to 558 Vandalia St., used to be the home of heating […]
Vikings Stadium Plan Receives Majority Support from City Council
By Gabriel Circiog, Associate Editor The latest Minnesota Vikings stadium plan is now backed by a majority of the Minneapolis city council, the Minneapolis / St. Paul Business Journal reports. The development was announced by Gov. Mark Dayton; Minneapolis Mayor R.T. Rybak, City Council President Barb Johnson and six other council members posted online letters […]
Shakopee City Council Approves Economic Development Incentives
By Gabriel Circiog, Associate Editor Shakopee City is set to welcome two new companies that will bring hundreds of jobs to town after the city council approved economic development incentives for SanMar Corp. and Trystar Inc., the Minneapolis / St. Paul Business Journal reports. SanMar Corp., an imprintable-clothing supplier, will invest $35 million to build […]
Target’s New Lease Could Lead to Sale of 50 S. 10th Street
By Gabriel Circiog, Associate Editor Target Corp. could get the ball rolling in the downtown Minneapolis real estate market. After it recently reached a major lease agreement for 50 S. 10th St., local experts are expecting a chain reaction, Finance & Commerce reports. Target will lease all the rentable office space in the building, a […]
Inland Real Estate Expands Portfolio
By Gabriel Circiog, Associate Editor Inland Real Estate Corp. announced the acquisition of two retail properties in the Minneapolis market. IRC, through a joint venture with PGGM, bought Silver Lake Village, a grocery-anchored community center situated in the dense urban inner-tier suburb of St. Anthony. The center has a total of 159,303 square feet of […]
CPM Development Plans Student Housing, Retail for Arby’s Site
By Gabriel Circiog, Associate Editor With around 49,000 students attending the University of Minnesota and residence halls able to accommodate only about 6,000 of them, it seems likely that a new student housing project could prove successful. Accordingly, Finance & Commerce reports that Minneapolis-based CPM Development is planning student housing and retail on a two-acre property […]
W.P. Carey Closes on BCBS Portfolio Sale-Leaseback
By Gabriel Circiog, Associate Editor Blue Cross and Blue Shield of Minnesota has sold its six-building headquarters campus in Eagan to investment firm W.P. Carey & Co. The New York-based investment management company announced closing on sale-leaseback financing with the entity through CPA:17 – Global, a publicly held non-traded REIT affiliate. The transaction also included […]
Back-up Plan Surfaces for Downtown Block-E Complex
By Gabriel Circiog, Associate Editor
The future of the Block E retail-entertainment complex is in question, as Mayor R.T. Rybak says the plan to build a $400 million casino is not gathering pace at the Capitol, the Star Tribune reported.
Ten years have passed since the Block E opened, and now the building that was expected to […]