MINNEAPOLIS, March 17, 2016 – CBRE Multifamily announced today that it has sold Excelsior & Grand, a 337-unit apartment community and retail development in St. Louis Park, for $97.5 million on behalf of its owner, Excelsior & Grand LLC, an entity related to TOLD Development. The buyer is The Connor Group, a multifamily investment firm based in Dayton, Ohio making its first acquisition in the Minneapolis market.
Keith Collins, Abe Appert and Laura Hanneman of CBRE’s Minneapolis office represented TOLD Development in the sale.
The Excelsior & Grand property at 3820 Grand Way included in the sale is part of the 16-acre premier redevelopment project in St. Louis Park, which revitalized Excelsior Boulevard and created a downtown for the city. Plymouth-based TOLD Development, which completed the redevelopment project, has owned the property since 2003. Excelsior & Grand earned the nation's first LEED Neighborhood Development certification.
The sale includes 337 units of apartments, 64,000 sq. ft. of retail space and two parking ramps. The retail space is 100 percent occupied which includes CVS Pharmacy, Starbucks, Kindercare, Xfinity, Bank of America and many others.
“This sale represents the culmination of a project that we have been involved with for over 15 years. It is the realization of a visioning process that the city of St. Louis Park started long before we became involved,” said Gary Dreher, President of TOLD Development. “From start to finish, TOLD has enjoyed working with an immense team of professionals that delivered on every level. Excelsior & Grand was one of the first new urbanist, vertical mixed-use projects in the Twin Cities. We are very proud of the project and look forward to developing others like it in the future.”
“The location, quality of construction and resident profile give us a great opportunity as we start in the Minneapolis market,” said The Connor Group’s managing partner, Larry Connor. “We are looking forward to growing into this market and believe this is a great starting point.”
About CBRE Group, Inc.:
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
