Twin Cities real estate brokers reached another high mark last year when overall sales topped $1.2 billion. The region also saw the highest price ever paid for a portfolio of buildings: Chicago-based Blackstone Real Estate Investment paid $247.2 million last spring in a 34-building deal.
Six of the most iconic northern Minnesota resorts sold in a deal nearing $21 million in real estate alone, and included such locations as Beacon Pointe in Duluth and Grand Superior Lodge in Two Harbors.
One project to watch in the coming year is also a record-breaker as the Southwest LRT line is the biggest public works project in Minnesota history.
Read about these deals and more in our 2019 Year in Review—a collection of eight year-end feature stories highlighting everything from the Top 10 commercial real estate sales, to multifamily housing, and hotel sales to commercial real estate.
The Southwest LRT line is the biggest public works project in Minnesota history. It encompasses 16 stations, 29 new bridges, seven bridge modifications, eight tunnels, 15 at-grade crossings, 182,000 feet of track and more than 100 retaining walls. The closure of Glenwood Avenue between Lyndale Avenue North and 11th Street North in Minneapolis for light rail construction began on July 15 and will last approximately two years. (Submitted photo: Metropolitan Council)
BY BRIAN JOHNSON
Some of the projects, such as the $1.536 billion Bottineau Light Rail Transit line, are still in the planning stage. Others, such as the $240 million Silver Ramp at the Minneapolis-St. Paul International Airport, are in the home stretch of construction.
The 150,087-square-foot Mid City Industrial Center at 600-630 Hoover St. in Minneapolis was one of the properties Blackstone purchased in 2019 as part of the most expensive Twin Cities industrial property portfolio ever sold. (Submitted photo: CoStar)
BY MATT M. JOHNSON
Twin Cities real estate brokers have been saying since the start of the year that there weren’t enough industrial buildings on the market to satisfy investors wanting to buy into that market. Now that the year is over, the numbers are in that prove their point.
This $9 million sale of this home at 310 Ferndale Road in Wayzata made it the biggest residential sale in the state in 2019. (Submitted photo: Spacecrafting/Realtor.com)
BY ANNE BRETTS
A $9 million deal for a classic four-bedroom, six-bath, 9,600-square-foot home built 20 years ago at 310 Ferndale Road in Wayzata was the biggest sale of the year when it closed in March. Nothing else has come close to it since.
The $3.3 million sale of Larsmont Cottages in Two Harbors was part of a $21 million real estate portfolio related to sale of Odyssey Resorts, which includes six northern Minnesota properties. (File photo)
BY ANNE BRETTS
This year’s list of top resort sales was dominated by the biggest portfolio sale in memory.
The first buyers closed in 2019 on their condominiums in the new Wayzata Blu, a mixed-use building with 18 condominiums and 3,000 square feet of commercial space at 259 Lake St. E. in downtown Wayzata. While some still are empty shells being built out, three already have made the Top 10 condo sales for the year. (File illustration)
BY ANNE BRETTS
When buyers closed Dec. 23 on the nearly $2.8 million purchase of two unfinished condominium shells in the new 18-unit Wayzata Blu mixed-use condominium building in downtown Wayzata, the deal grabbed the No. 1 spot on the first-ever Finance & Commerce list of top 10 top condo sales in Minnesota in 2019.
Houston-based Vista Host opened a 160-room Hampton Inn at 200 W. Seventh St. in St. Paul as part of a redevelopment of the site of the former Seven Corners Hardware and a church. (File photo: Bill Klotz)
BY MATT M. JOHNSON
In terms of blockbuster sales, 2019 was a slow year in the Twin Cities. But investors still came to the metro area to buy as hotel developers continued to build.
The former Checkerboard grain elevators could soon give way to a 500-unit mixed-income apartment project being developed by Hall Sweeney Properties. (File photo: Bill Klotz)
BY WILLIAM MORRIS
Some multifamily housing projects are part of a larger mixed-use development that will define neighborhoods or entire communities for decades to come. Some take advantage of challenging properties and their surrounding environment, natural and manmade, in creative and intriguing ways. Some are just really, really big.
The price Starwood paid for Wells Fargo Center at 90 Seventh St. S. in downtown Minneapolis is the highest for a Twin Cities office building since the City Center complex sold for $320 million in 2018. (File photo: Matt M. Johnson)
BY MATT M. JOHNSON
Although 2019 has had its share of big office sales, it remains to be seen how the year ranks for total Twin Cities sales over the past six years.
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