In the News

Cushman & Wakefield I NorthMarq Brokers Sale of Six-Building
Mendota Office Portfolio to MSP Real Estate

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MINNEAPOLIS (August 13, 2015)– Cushman & Wakefield NorthMarq’s Capital Markets team completed the sale yesterday of a six-building, 420,000 sq. ft. Mendota Heights office portfolio to an entity related to MSP Real Estate, a St. Louis Park developer and investor. The sale, which was a 1031 exchange following the sale of MSP’s Louisiana Oaks apartment complex, marks the first office acquisition by MSP Real Estate, which has primarily focused on apartment and senior housing assets in recent years.

Scott Pollock, executive-Executive Director- for CWN, said that the portfolio garnered significant interest from investors:

“The office properties are well-leased and well-located and the demand certainly indicates that suburban office properties remain an attractive investment for many organizations “, he said.

Milo Pinkerton, CEO- of MSP Real Estate, said. “The investment provides diversification to our portfolio and great balance to the multifamily assets we manage throughout Minnesota and Wisconsin. We continue to watch the market for additional properties that fit our criteria.”

To celebrate the acquisition, MSP invited all tenants from each of the six buildings to a bar-be-que with live entertainment on the premises. More than 900 attended the afternoon event, including the Mayor of Mendota Heights.

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MSP Real Estate is the 55th largest senior housing developer and owns apartment projects with nearly 2,400 units in Minnesota, Wisconsin and Indiana. MSP Real Estate was represented by Mark Kolsrud and Dave Berglund of Colliers International.

The six Class A office buildings offer competitive lease rates and are all located on Northland Boulevard in Mendota Heights, Minnesota with convenient access to the Minneapolis-St. Paul International

April 2012

April 2012

“Senior Campus back on track” Development could break ground this summer with help of TIF and affordable housing tax credits, by MATT GEIGER Middleton Times-Tribune. Construction on the Heritage Middleton Senior Housing Campus, a 135-unit development that will replace a vacant, dilapidated grocery store on Allen Boulevard, is expected to begin in July, following the recent announcement of $691,403 in federal tax credits that will subsidize a portion of the project. The composition of the campus is slightly different from the 144-unit development approved last year. The updated version will include 56 units dedicated to independent living, 43 for assisted living, and 36 devoted to memory care. The Middleton Common Council in 2010 voted 7-1 in favor of contributing $2.1 million in public assistance to the project in the form of Tax Increment Financing (TIF).
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USDA Rural Development Wisconsin State Director, Stan Gruszynski, announced the selection of Mill View Apartments, Kiel, as recipient of USDA Rural Development’s Award of Excellence, recognizing their success and dedication to providing affordable housing to the residents of rural Wisconsin.
The citation from Gruszynski reads, “In recognition of your dedication and commitment to providing safe, affordable housing to residents of rural Wisconsin. Your contribution creates a valued asset and is a testament to community pride.”

Key individuals gathered following the presentation of the 2011 USDA Rural Development Award of Excellence to Mill View Apartments in Kiel June 29. From left are Kelly Edwards, Oakbrook Corporation Vice President of Operations; Dean Bornemann, Oakbrook Corporation Area Property Manager for Mill View Apartments; Scott Koegler, USDA Rural Development Area Specialist; Marlene Mielke, representative for U.S. Senator Herbert Kohl; U.S. Congressman Thomas Petri, District 6 (R-Fond du Lac); Dave Schwobe, USDA Rural Development Rural Housing Programs Director; Ryan Witte, Oakbrook Corporation Accountant; Melinda Whitemarsh, representative for U.S. Senator Ron Johnson; Brian Hudson, Area Director USDA Rural Development, and Barb Parrish, Compliance Manager, Oakbrook Corporation.
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