Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

Twin Cities home builders launch 'Artisan Home Tour'

Posted by: Jim Buchta under Architecture Updated: April 14, 2014 - 4:11 PM

A rendering of a house by Schrader & Companies that will be featured on the Artisan Home Tour

The Builders Association of the Twin Cities (BATC) is adding a new, ticketed home tour this summer to its stable of Parade of Homes events.

The Artisan Home Tour will feature 25 "artisan-quality homes" during its inaugural run June 7-15, 2014. Here's BATC's description of the qualifications: "All the homes on the tour are built by members of the BATC and the home plans were reviewed by an architectural review panel to ensure architectural integrity and high-quality finish level."

Tickets: Online for $25 or at the door for $30, or $5 for an individual home. Half the net proceeds of ticket sales will be donated to BATC’s charitable arm, the BATC Foundation, which builds and remodels homes for families in need.

For more info: ArtisanHomeTour.org is online now. Guidebooks will also be published and distributed by direct mail to some households and will be included with the Summer issue of Artful Living Magazine. Guidebooks may also be picked up at participating homes.

HCMC plans new clinic and specialty center

Posted by: Janet Moore Updated: April 14, 2014 - 3:03 PM

Hennepin County Medical Center said Monday it will build a new 322,00-square-foot clinic and specialty center in downtown Minneapolis to "meet the growing need for outpatient care and specialty services."

The Hennepin County Board approved spending $10 million to buy property near the main campus in Minneapolis, across from the Emergency Department on 8th St., betwen Park and Chicago Aves. The cost of the new building, land and relocation of a helipad will be about $191 million, which will be financed through the sale of bonds.

The new facility is slated to open in 2016.

Updates on Calhoun Square, Urban Organics

Posted by: Janet Moore Updated: April 14, 2014 - 2:44 PM

A couple of updates are in order.

First, two certificates of real estate value were filed in Hennepin County last week for Calhoun Square -- it sold for $69.5 million. The buyer was The Ackerberg Group of Minneapolis.

We initially wrote about the deal here. In 2007, the Uptown shopping center changed hands for the second time in three years, when BlackRock, a New York investment firm, bought it for $47.3 million.

In addition. . .Urban Organics, the St. Paul indoor aquaponics farm, is officially open for business. The ground-breaking operation is located in the historic (and previously abandoned) Hamm's Brewery building in East St. Paul. We wrote about it initially here, then my colleague Jeff Strickler followed here and here.

Aquaponics is the combined culture of fish and hydroponic vegetable crops grown in a closed-loop recirculating aquaculture system. Urban Organics is projected to produce 720,000 pounds of greens annually and 150,000 pounds of fish.

Its first crop, organic fresh greens including kale, Swiss chard, Italian parsley and cilantro, are currently on the shelves at select Lunds and Byerly's stores. The tilapia will be available mid-summer.

"Our mission is to inspire a food system for the people, by the people," said Fred Haberman, co-founder and CEO of Haberman, a local PR agency, and co-founder and partner in Urban Organics, in a statement. "We are starting with a community-rooted, self-sustaining aquaponics facility in an area in need of economic revival -- East St. Paul. But this is a test for a movement that can be scaled nationally and internationally. This level of aquaponics could change the world of farming as we know it."

Sales of $1 million-plus homes nationwide nearly double

Posted by: Jim Buchta under Buying Updated: April 11, 2014 - 12:29 PM

A recent CoreLogic MarketPulse report provides a graphic look at a trend that you'd intuitively expect: Sales of expensive houses rise and fall with the stock market. The chart below shows the relationship between sales of $1 million-plus houses, which now represent about 2 percent of all sales, and the performance of the S & P 500. Not surprisingly, they follow they course. Here's a link to the full March report.

March housing: Closings declined, prices and listings increased

Posted by: Jim Buchta under Buying, Foreclosures Updated: April 10, 2014 - 10:46 AM

Twin Cities real estate agents say that a shortage of listings and harsh weather put a lid on home sales during March, but with fewer foreclosures in the mix and limited options for buyers in some areas, prices were up compared with last year. And those higher prices helped draw more sellers into the market. All of that is according to a monthly report from the St. Paul Area Association of Realtors. Here's a quick look at the Twin Cities housing market during March:

  • Closings: 3,133, down 16.7%
  • Pending sales: 4,141, down 8.4%
  • Median sales price: $190,000, up 7.6%
  • New listings: 6,492, up 5.5%
  • Inventory of homes for sale: 13,086, down 4.1%

More industrial-sized deals in the TC

Posted by: Janet Moore Updated: April 8, 2014 - 2:07 PM

Industrial property continue to change hands here in the Cities.

According to certificates of real estate value filed in Hennepin County on Monday, an Illinois firm purchased two industrial properties in the Twin Cities for $11.6 million.

UMIP LLC of Rosemont, Ill., purchased industrial property at 8401 Jefferson Highway in Maple Grove for $6.05 million from Stag II Maple Grove LLC, based in Boston.

In addition, UMIP purchased industrial property at 7309 27th St. W. in St. Louis Park for $5.53 million from Stag II of St. Louis Park LLC, the same firm in Boston.

On Monday, we reported that three industrial properties in Brooklyn Park sold last week to a St. Louis real estate investment firm for $25.7 million. Altus Northland LLC purchased 7601 Northland Drive, 9300 75th Av. N. and 7115 Northland Terrace in a deal that was made public on April 4. The seller was Minnesota Industrial Limited Partnership of Bethesda, Md.

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