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.

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.

This weekend's most expensive open house: A $3.495 million private peninsula on Lake Mtka

Posted by: Jim Buchta under Buying Updated: April 4, 2014 - 4:52 PM

Warmer weather is expected to bring out the house shoppers this weekend, and agents are at the ready with thousands of open houses in all corners of the metro and in all price ranges.

Here's the top-priced listing that'll be open this weekend: 2400 Cedar Point Drive in Woodland is a private peninsula that's listed at $3.495 million (that's after $1.455 million in price reductions). The property, which includes 1,693 feet of shoreline, is listed by Ellen DeHaven of Coldwell Banker Burnet. The owner, according to county records, is US Bank. Here's a link to the listing. The open house is from 2:30 to 4:30 Sunday.

Opus completes Mendota Heights school project

Posted by: Janet Moore Updated: April 4, 2014 - 1:56 PM

The Opus Group has completed a 31,000-square-foot addition and renovation at the Visitation School in Mendota Heights.

The first phase was completed in January 2013, and involved constructing a new 4,000-square-foot Science, Technology, Engineering and Math (STEM) building. Known as Opus Hall, the building will serve as a work and assembly space for the school's robotics program, as well as a site for engineering and math classes for upper school students, and computer programming classes for grade-school students.

The first phase also included an 1,800-square-foot expansion to the school's dining area and the addition of an interior courtyard.

Phase two construction began in June of last year, the day after the end of classes. This phase, called the Heart of the School, included 14,300-square-feet of new construction, including the addition of a third level and other renovations.

A new entryway and commons area was added, as well as a three-story atrium space, classrooms and breakout and study areas. Renovations included tech upgrades in the library and updated heating, cooling and water systems. This phase was completed in March 2014.

Craig Larson, vice president of Opus Design Build LLC, said, “by completing the project in two phases we allowed heavy traffic areas to bypass the construction, limiting disruptions to the educational environment.”

Opus Design Build was the design-builder and Opus AE Group LLC served as the design architect and architect of record. NELSON provided interior design services.

Visitation School is an independent Catholic school for boys and girls in Montessori preschool through  grade 6 and all-girls, college preparatory school in grades 7 to 12.

 

More than half the homes on the market in seven major American metros are unaffordable

Posted by: Jim Buchta under Buying Updated: April 4, 2014 - 11:46 AM

More than half the homes on the market in seven major American metros are unaffordable, raising the threat of a price bubble in those markets, according to a new Zillow analysis of home price data from across the country. Most of those at-risk markets are not surprisingly on the West Coast, including Los Angeles, San Francisco and San Jose.

No risk of a price bubble anytime soon here in the Twin Cities metro, where 31.8 percent of the houses on the market are unaffordable and 13.6 percent of their income is spent on their mortgage.

Nationwide, one-third of the houses on the market are unaffordable to the people who live in those cities based on the median area income.

The takeaway from the report is that as mortgage rates and home prices rise, affordability will wane, forcing families in those most-expensive markets to forgo buying or move far from the urban core where prices have become the most expensive. And Zillow says that if mortgage rates hit 5 percent, homeownes in the Twin Cities will spend 15.1 percent of their income on their mortgage.

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