Sales of area multifamily properties are one of the few bright spots in an otherwise slow market.
The latest large complex to change hands was Stonehill Apartments in Plymouth, sold for about $22.6 million earlier this month to Minneapolis-based Stuart Co. The Twin Cities office of CB Richard Ellis handled the sale for Edina-based Ron Clark Construction, which built the 225-unit complex in 1987.
Stuart owns and manages about 4,900 apartment units in Minnesota, Wisconsin and Nebraska, including about 4,100 in the Twin Cities area, according to president and CEO Lisa Moe. She said Stonehill's luxury apartments complement two other complexes the company has in Plymouth that are aimed at middle-market tenants. Stonehill's amenities include underground parking, concierge service, a 24-hour fitness center, nearby walking trails and gas fireplaces in some units. Monthly rents range from $830 to $1,455, according to Stuart's website.
MMA Financial financed the transaction, which required some creativity to assemble. The deal featured an eight-month guarantee from the seller that Stonehill's rental revenue wouldn't dip below a certain threshold.
Child-care chain coming to Minnesota A fast-growing chain of child-care centers is entering the Minnesota market via Park Promenade Place in Brooklyn Park.
The Learning Experience, a Parsippany-based company that currently has about 60 child-care centers and more than 100 under development nationwide, will open a 15,000-square-foot facility in the Brooklyn Park retail center in May. Representatives of the company could not be reached, but the firm's website says it also has plans for centers in Edina and Andover.
Glenna Scheidt, who will own and operate the Brooklyn Park center under a franchise agreement, said she already has received inquiries from interested parents who have seen the facility under construction. The center will take children from 6 weeks to 5 years of age and will be open 6:30 a.m. to 6:30 p.m. weekdays. She expects to employ about 25 teachers and caregivers.
Built in 2006, Park Place Promenade is a multi-building complex at the intersection of Zane Avenue and Hwy. 610. It's anchored by Cub Foods and LA Fitness with other tenants that include Allstate Insurance, Brooklyn Park Chiropractic, Caribou Coffee, Great Clips, Ike's Wine & Spirits, Jimmy John's, M&I Bank, National Karate, Sprint and Taj Salon & Spa.
