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.

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.

St. Louis firm buys local industrial properties

Posted by: Janet Moore Updated: April 7, 2014 - 2:41 PM

Three industrial properties in Brooklyn Park were recently sold to a St. Louis real estate investment firm for $25.7 million, according to a certificate of real estate value filed in Hennepin County last week.

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.

On its website, Altus describes itself as one of the "largest privately held real estate investment firms in the Midwest," with a portfolio consisting of over 3.1 million square feet of multi-tenant office space, plus industrial and retail properties.

The firm owns other industrial properties in Burnsville, Bloomington and St. Louis Park.

Osseo golf course sold

Posted by: Janet Moore Updated: April 7, 2014 - 2:04 PM

The French Lake Open Golf Couse in Osseo has been sold for $2.6 million, according to a certificate of real estate value recently filed in Hennepin County.

The buyer is an entity called French Lake GC Partnership LLC, based in Plymouth. It's unclear what the new owner plans to do with the property, located at 11500 N. Lawnsdale Lane. The seller was Premier Bank in Maplewood.

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