Media

Interstate Development News and Press Releases

Pryes Brewing building riverside brewery in Minneapolis

Published November 9, 2016 by Loren Green Pryes Brewing building riverside brewery in Minneapolis November 9, 2016 by Loren Green0 Comments Pryes Brewing rendering // Courtesy of Little Box Two years after Pryes Brewing launched their first beer, Miraculum, the company announced it has found a permanent home for its brewery along the Mississippi River in Minneapolis. The company, which started as an alternating proprietor at Lucid Brewing’s Minnetonka facility and now at North Loop BrewCo in Minneapolis, aims to open their own space to the public by mid-2017. Pryes’ taproom and production brewery will be located at 1401 W. River Road North,...
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Just Sold: Interstate buys 4 flex buildings in NE Minneapolis

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. 2425 Kennedy St. NE, Minneapolis Eden Prairie-based Interstate Development has expanded its portfolio with the $7.8 million purchase of the 154,481-square-foot Broadway Building Center campus in northeast Minneapolis. Two investment groups...
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1670-1680 Meadow View Road, Eagan

Description: 54,000-square-foot building, built in 1972, on 3.4 acres at 1670 Meadow View Road; fully leased 37,800-square-foot industrial warehouse, built in 1973, on 2.6 acres at 1680 Meadow View Road Buyer: Meadow View Industrial II LLC, an entity related to Eden Pairie-based Interstate Development Seller: JPMCC 2004-LN2 Twin Cities Pool A LLC, an entity related to Torchlight Loan Services LLC, Miami Purchase price: $3.675 million cash Price per square foot: $40 The transaction: Partners Lonnie Provencher and Eric Simmer of Eden Prairie-based Interstate Development Corp. have acquired a pair of distressed industrial buildings in nearby Eagan. Meadow View Industrial II LLC, an...
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Just Sold: Interstate Partners Gets New Name, New Orders, New Home

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. Tired from nearly four decades in the business and bruised by the recession, Greg Miller thought about retiring in 2012, but changed his mind and...
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MN Snapshot: Goodwill Expands Retail in Greater Minnesota

Editor’s note: Minnesota Snapshot reports interesting sales and development projects happening throughout Minnesota. The transactions are based on the certificates of real estate value filed with the state Department of Revenue, copies of which are available here. Other items may come from government agendas and news releases. 2100 Grant St. NW, Faribault St. Paul-based Goodwill-Easter Seals of Minnesota is continuing its push into new markets with a store under construction in Faribault. The 18,191-square-foot store, at 2100 Grant St. NW, isn’t set to open until May 2, but it already has been sold to a private investor for $3.495 million....
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Just Sold: At Home, Interstate Partners to Convert Blue Cross Building

Changes in CRV availability Recent, significant changes in the Minnesota Department of Revenue’s eCRV system have curtailed Finance & Commerce’s ability to provide readable copies of CRVs at finance-commerce.com. We are working on a solution and ask for your patience. 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...
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Moventas plans St. Paul facility

The Finnish wind gear manufacturer Moventas plans to start a gear-rebuilding facility in the Saint Paul Port Authority’s Beacon Bluff Business Center, according to the agency. The Port Authority and Interstate Partners have formed a joint venture — the port’s fifth joint venture — to build a $5 million, 58,000-square-foot industrial building on a four-acre site near Phalen Boulevard and Forest Street, said Tom Collins, the Port Authority’s senior vice president of marketing and communications. Moventas will occupy 28,000 square feet of the building under a five-year lease when the facility is ready for occupancy in February, Collins said. The...
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St. Paul Lands Wind Turbine Workshop With Up To 60 Jobs

A Finland-based manufacturer of wind turbine gearboxes plans to open a facility in St. Paul, where it is expected to create 20 jobs initially and grow its workforce to 60 within five years. Moventas plans to open its gearbox services workshop by Feb. 1, it announced in a news release. The company is nearly done finalizing a deal with the St. Paul Port Authority to lease about half of a $5 million, 58,000-square-foot building that the Port Authority is developing with St. Paul-based Interstate Partners in the Beacon Bluff business park, at 1065 Phalen Boulevard. “Moventas is an international leader...
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Fulton Brewing Up Major Expansion – But Not in North Loop

Fast-growing Fulton Brewing Co. is significantly expanding with a long-term lease for a 51,000-square-foot industrial building in Northeast Minneapolis. Fulton’s current home, at 414 Sixth Ave. N. in the North Loop neighborhood near Target Field, is only 6,000 square feet including a taproom. For comparison, Brooklyn Center-based Surly Brewing’s planned destination brewery will be 60,000 square feet. The new location won’t have a taproom, but will initially roll out 20,000 barrels of beer per year, compared to the 3,500 barrels annually produced at the North Loop brewery. Fulton said it will continue brew small batches at that location and keep...
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After bust, firm bets on better times

At age 61, Greg Miller, president of the Minnesota office of Interstate Partners, was exhausted and thinking about retiring to Florida to play golf. He gave it some thought, but ended up recruiting two younger partners, Lonnie Provencher and Eric Simmer, to join the firm and invest in new projects, including a 100,000-square-foot speculative industrial building they plan to start building in South St. Paul this spring. At its peak, Interstate, a regional development company, had nine employees working in the 12,500-square-foot office building it developed in downtown St. Paul in 2009. The company, which also has offices in Milwaukee...
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