Recently-formed Silver Bay Realty Trust Corporation, which will buy distressed properties for rental and resale, is hoping to raise between $238 million and $265 million through an initial public offering.
Real Estate
The city’s permitted construction projects surpassed the $1 billion mark for the first time since 2000.
On Tuesday night, the Shakopee City Council will discuss Emerson’s request for a $6 million assistance package; an Emerson spokesman said Shakopee is one of “multiple options” that it’s considering for expansion.
Blake Hastings, who most recently served as senior vice president at the Phoenix office of Cassidy Turley, will succeed the longtime leader at CBRE's Minneapolis office.
Local home prices rose 8.8 percent between September 2011 and September 2012; among 20 major metro areas measured, only Phoenix posted a more significant year-over-year gain.
Eighteen of the new restaurants will be in California, and a single new location will open in the cities of Lansing, Michigan; Independence, Missouri; and Yakima, Washington.
The Hotel Minneapolis was sold for $46 million, and the downtown Minneapolis Comfort Suites was purchased for an undisclosed sum and will become a Hyatt Place.
Residential real estate brokerage firm HomeServices of America has formed a new joint company that will launch a real estate brand called Berkshire Hathaway HomeServices and more than quadruple its network of brokers from about 16,000 to more than 69,000.
In early 2013, Sebesta Blomberg plans to move its headquarters from Roseville to St. Paul; Hawkins, Inc., will then relocate its corporate office from Minneapolis to the Roseville space.
Wells Fargo said that it will consolidate three suburban locations over the next three years and shift about 1,000 workers to the Metropoint complex in St. Louis Park, where it just signed a long-term lease.
Mark Phillips, who became DEED commissioner in January 2011, said he was “a good fit for a good part of the DEED work” but didn’t enjoy the administrative part of his role; he plans to retire in about five years and wanted to end his career in the private sector.
The announcement—which St. Paul Mayor Chris Coleman said is “in the interest of transparency”—comes five days after the Taxpayers League of Minnesota filed a lawsuit to halt construction of the $54 million stadium, claiming a violation of public bidding procedure.
Citing an unnamed source, the Star Tribune reported that 33 South Sixth is expected to be sold to a San Francisco real estate firm.
The store will be fully stocked for the holidays and will offer items from the highly anticipated limited holiday collection that Neiman Marcus and Target partnered to create.
The renovated 8.8-acre site is expected to house a commercial kitchen and a produce and fish farm—and it is among the locations being considered by St. Paul’s Flat Earth Brewing Company, which is looking for a larger space.
About 700 existing 3M researchers will occupy the new lab facility, which is expected to be completed in 2015.
Ryan Companies US, Inc., will serve as the general contractor and lead designer for the new $54 million Lowertown ballpark.
The Opus Group sold the Minneapolis development to Chicago-based Harrison Street Real Estate Capital, which bills itself as the nation’s third-largest owner of student housing projects.