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By: Finance & Commerce May 6, 2022  The construction industry faced a myriad of challenges in 2021 ranging from increased costs of materials and labor to rising inflation and supply chain issues. Despite all those challenges, Minnesota builders completed a plethora of projects, including banks, medical facilities, apartments and more. Among those finished projects, an independent panel selected 51 honorees for Finance & Commerce’s annual Top Projects awards. Projects honored this year include the Market at Malcolm Yards and an addition to the Center for Performing Arts; several apartment buildings, and a number of additions and renovations to schools and... Read More

Published August 23rd, 2021 By: Dylan Thomas  – Reporter, Minneapolis / St. Paul Business Journal A multi-tenant St. Paul industrial building sold July 1 for more than $16 million, according to a state record made public late last week. The buyer of 345 Plato Boulevard E. was Plato Industrial LLC, an entity associated with Eden Prairie-based Interstate Development. A commercial real estate company spun off of Interstate Partners, Interstate Development has a portfolio of about 50 properties totaling roughly 3 million square feet. The seller was Summit Limited Partnership of Edina, a company managed by Brown & Bigelow, Inc. CEO Bill Smith,... Read More

After a long search for a new location, Roseville-based Goodmanson Construction has found one in Minneapolis. Goodmanson, a concrete and asphalt contractor that had outgrown its space in the PACAL Business Center along County Road B, turned to Interstate Development in Eden Prairie to buy a new property and act as landlord. Kasota 600 Industrial LLC, an Interstate entity, closed April 8 on the $4.35 million purchase of the building and 5.26 acres at 600 Kasota Ave. NW. Joe Owen, senior vice president at Collliers International, represented the buyer. The seller was Northway Apartment Property II LLC, a private investor... Read More

Published December 15, 2020 By: Brian Johnson. Eden Prairie-based Interstate Development has paid $12.25 million for the 96-unit Kascade Place apartment building in Rochester, according to a certificate of real estate value made public this week. Interstate, doing business as Kascade Multifamily LLC, acquired the 4-year-old building from Kascade Place LLC, an entity related to the Stencil Group of Sioux Falls, South Dakota. The price breaks down to $127,604 per unit. The building, at 6520 Clarkia Drive NW, is about a 21-minute drive from the Rochester International Airport, according to the CoStar Group. The property’s market value is $10.3 million.... Read More

Published December 1st,  2020 By: Ann Bretts. Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, CoStar and other research. An entity related to Eden Prairie-based Interstate Development has spent nearly $9.4 million for 59 units in the Portage Townhomes, a residential community in Rochester. Portage Multifamily LLC, an Interstate entity, acquired the property from Meridian... Read More

Published November 9th, 2020 By Dylan Thomas  –  Reporter, Minneapolis / St. Paul Business Journal. Erik’s Bike Shop Inc. is relocating its corporate headquarters, warehouse and distribution center to Minneapolis from Bloomington this month. Erik Saltvold, founder and CEO of the 31-store retail chain, said the new location at 550 Kasota Ave. SE. in Minneapolis’ Como neighborhood made sense for both the business and its employees. At 100,000 square feet, the new warehouse gives Erik’s more than twice the space it had in Bloomington. “Our business has been growing and we needed more space, and we wanted to be in a... Read More

Published August 11th, 2020  By: Anne Bretts. Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the MinnesotaDepartment of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, CoStar and other research. How much wood does Woodchuck USA chuck to make its unique line of gifts? Enough that founder and CEO Ben VandenWymelenberg is moving it out of its startup space in former Ry-Krisp factory in Minneapolis and buying... Read More

Published June 18th, 2020 by: Anne Bretts. Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, CoStar and other research. Eden Prairie-based Interstate Development has paid $5.6 million for a vacant 168,000-square-foot St. Paul warehouse that once housed the Pioneer Press printing plant and later a pipe company, for use as a First Transit location. Interstate,... Read More

Published April 10th, 2020 by Anne Bretts. Editor’s note: 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. Partners Eric Simmer and Lonnie Provencher of Eden Prairie-based Interstate Development have a pretty solid portfolio of commercial, retail and industrial properties. On March 13, they paid $1 million for a 3,700-square-foot building at 3701 Stinson Blvd. in St. Anthony, leased to The Unofficial, a self-proclaimed dive bar and restaurant. Interstate’s long-term holdings include 46... Read More

Eden Prairie-based Interstate Development has paid Wisconsin-based Quad/Graphics $3.675 million for a campus the printing, marketing and communications company has closed in Shakopee. Valley Industrial Interstate LLC closed Jan. 27 on the acquisition of a 160,000-square-foot building, built in 1980 on 11 acres at 4101-5101 Valley Industrial Blvd. S. The seller was QG Printing II LLC, a Quad/Graphics entity, which bought the property in 2013 for $5.6 million. Eric Simmer, partner in Interstate, is enthusiastic about the new value-add project. “Our acquisition of 5101 Valley Industrial will allow us to deliver a tremendous value to future tenants,” Simmer said in... Read More

Published January 1st, 2020 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. An entity related to Eden Prairie-based Interstate Development has paid $6.2 million for Cottonwood Plaza, a 39,743-square-foot neighborhood... Read More

Description: Vacant 93,000-square-foot Tempur Sealy mattress factory, built in 1981 on 4.06 acres at 825 Transfer Road in St. Paul Buyer: Transfer Industrial LLC, an entity of Interstate Development, Eden Prairie Seller: Sealy Mattress Manufacturing Company LLC, Houston, Pennsylvania, an entity related to Tempur Sealy International Inc., Lexington, Kentucky Purchase price: $4.7 million, with a $100,000 down payment and a new mortgage Price per square foot: $50.54 The transaction: Eden Prairie-based Interstate Development has paid $4.7 million for a St. Paul mattress factory vacant since Kentucky-based Tempur Sealy International Inc. shut the doors last fall, eliminating about 100 jobs. Now Interstate Principals Lonnie Provencher and Eric Simmer are looking... Read More