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Interstate Development News and Press Releases

Cool Offices: Canteen Vending quadruples its space, shows off its tech

Published February 26, 2019 By Carrigan Miller  – Staff writer, Minneapolis / St. Paul Business Journal Canteen Vending was bursting at the seems in its Twin Cities office. “We were at capacity the day we moved in,” Sam Steffen said. Steffen is Canteen’s district general manager. He describes an office with only one conference room, which was usually packed with employees who didn’t have a permanent space. Total office space was a tiny 3,000 square feet. And its warehouse, where vending machines are repaired and shipped out, wasn’t much better. Delivery trucks had to park on the street when they weren’t out dropping off machines....
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Just Sold: Interstate sells Cambridge warehouse for $3.35 million

Published May 30, 2018 By: Anne Bretts Editor’s note: “Just Sold” is a Finance & Commerce feature based on certificates of real estate value recently filed for commercial transactions and significant residential transactions in Twin Cities counties. Additional details in the transactions come from Plat Research, the Minnesota Secretary of State’s Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded. Full prices are available on the CRVs posted here. Eden Prairie-based Interstate Development has sold a 48,459-square-foot Class C warehouse and 15.6-acre site in Cambridge for $3.35 million...
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Just Sold: Interstate Development sells $12M portfolio in Maple Grove

Published May 30, 2018 By: Anne Bretts Editor’s note: “Just Sold” is a Finance & Commerce feature based on certificates of real estate value recently filed for commercial transactions and significant residential transactions in Twin Cities counties. Additional details in the transactions come from Plat Research, the Minnesota Secretary of State’s Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded. Full prices are available on the CRVs posted here. Eden Prairie-based Interstate Development has sold the three buildings in the Five Star Commerce Center in Maple Grove for...
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Hot Spots: Throwing axes and drinking beer — Bad Axe Throwing opens soon in Minneapolis

Published February 21, 2018 By: Austin Cope Bad Axe Throwing in Minneapolis will have 10 throwing lanes, each with two targets. A place to gather with friends, family or co-workers and throw axes at targets will soon open in Northeast Minneapolis. Bad Axe Throwing, an axe-throwing chain based in Burlington, Ontario, is slated to open an 8,000-square-foot location at 2505 Kennedy St. NE, Suite A, on March 10. This is its first Minnesota location, but 17th overall. Founded by CEO Mario Zelaya in 2014, the Bad Axe concept is straightforward: It’s like a bowling alley, but with axes and targets instead of...
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Like bowling, but edgier: Bad Axe Throwing coming to Minneapolis

Published August 18, 2017 By: Dan DeBaun If you enjoy drinking beer and hurling axes, there will soon be a place for you to do both in Minneapolis. Bad Axe Throwing, an axe-throwing chain based in Canada, has reached a deal to open an 8,000-square-foot location at 2505 Kennedy St. NE, company spokeswoman Melanie St. Amour said. Founded by CEO Mario Zelaya in 2014, the Bad Axe concept is straightforward: It’s a bowling alley but with axes and targets instead of balls and pins. Your group brings it s own beer and food, learns how axes are properly thrown by...
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New Retail Coming to Hot Corridor in Richfield

Published August 18, 2017 By: Clare Kennedy After about two years in the works, Interstate Development is ready to move on Plaza 66, a new retail development in Richfield near the intersection of Highway 77 and 66th Street. Interstate General Manager Victoria Perbix said the company will break ground later this month at the 1.25-acre site, which is bounded on the north by 66th Street, on the west by 16th Avenue South and on the east by a portion of 17th Avenue South. Plaza 66 will go up near another new development that will soon be underway, a $60 million apartment...
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Pryes Brewing opens its Minneapolis taproom this weekend

Published June 15, 2017 Minneapolis’ newest taproom isn’t so new after all. Pryes Brewing will officially open its own brewery and taproom on Saturday, but unlike some neophyte taprooms, Jeremy Pryes has nearly three years of professional brewing and distribution under his belt. Most locals already know Pryes Brewing for its hit IPA, Miraculum, which can be found at restaurants across the Twin Cities. While Pryes will continue brewing this award-winning beer, that’s only the beginning. The new brewery expands Pryes’ capacity from contract brewing 800 barrels annually to a whopping 20,000. The increase will be necessary to fulfill all of...
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Richfield’s Cedar Point Commons area getting more shops

Published May 2, 2017 Retail development continues sprouting up around Richfield’s Cedar Point Commons, with a third building in the works near the SuperTarget-anchored shopping center off Highway 77. Interstate Development is pitching a 10,700-square-foot building just southwest of Cedar Point. It will likely have five tenants, with a mix of general retail and food users, including a drive-through coffee shop, said Interstate Vice President Lonnie Provencher. Provencher said Eden Prairie-based Interstate has letters of intent with tenants for most of the building and plans to break ground this summer. To make way for the building, Interstate is buying and moving...
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East side redevelopment proposal focuses on food

Published February 18, 2017 Richfield officials are receptive to revised plans for a restaurant-focused redevelopment project at the intersection of 66th Street and Richfield Parkway. After two initial proposals failed to impress the gatekeepers last year, Interstate Development was back before the Richfield City Council, Planning Commission and Housing and Redevelopment Authority during a Jan. 24 study session. When he presented project plans to the city this past April, Interstate Development representative Lonnie Provencher was asked to revise the designs for the 10,000-square-foot complex so that it would more fully embrace 66th Street. When the developer hired a new architect...
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Bouldering gym will join Pryes Brewing on Mississippi riverfront near North Loop

A Seattle-based bouldering gym and a brewery are transforming a nearly vacant industrial building along the Mississippi River just north of the North Loop. Minneapolis Bouldering Project, which is affiliated with similarly named bouldering gyms in Seattle and Austin, Tex., has signed a lease for 42,000 square feet in Riverside Plaza, 1433 W. River Road N. The group has already begun a $4 million to $5 million buildout of the gym, and the owners hope to be open this fall if construction goes as planned. Bouldering is similar to rock climbing, except that no harnesses or ropes are used. The...
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Interstate Development buys Burnsville bus center

Description: Fully leased 30,000-square-foot Class C warehouse, built in 1968, on 1.81 acres at 3400-3404 Highway 13, Burnsville Buyer: 3400 Industrial LLC, an entity of Interstate Development, Eden Prairie Seller: JKMT Partnership, Scottsdale, Arizona Purchase price: $2.4 million Price per square foot: $80 The transaction: Partners Eric Simmer and Lonnie Provencher of Eden Prairie-based Interstate Development have paid a private investor in Arizona $2.4 million for a 30,000-square-foot Class C warehouse at 3400-3404 Highway 13 in Burnsville. The building is fully leased to First Student, a school bus transportation company. The buyers had a strong relationship with First Student, which also leases another building they own,...
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Industrial condos’ to house brewery, rock climbing

Description: One of eight units in a 157,996-square-foot, Class B flex light manufacturing condominium building, built in 1979, on 4.22 acres at 1499 W. River Road, Minneapolis Buyer: West River Road Industrial LLC, an entity of Interstate Development, Eden Prairie Seller: HD Partners LLC, Mound, a private investment entity Purchase price: $1.56 million, with a $30,000 down payment and a new mortgage Price per square foot: N/A The transaction: The sale appears pretty straightforward. West River Road Industrial LLC, an entity related to Eden Prairie-based Interstate Development, closed Nov. 14 on the $1.56 million purchase of a light industrial condominium unit in an eight-unit...
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