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Minneapolis / St. Paul Business Journal
Feds issue warning to Minnesota bank
Two federal banking regulators are sounding alarm bells about the strength of Heritage Bank in Spicer, Minnesota.<\p> In April, the Office of the Comptroller of the Currency issued a consent order mandating the bank improve its operations and financial condition. This month, the Federal Reserve Board issued an enforcement action that told Heritage Bank it has two months to either prove it is well-capitalized or come up with a plan to raise adequate capital.<\p>
North Oaks estate tied to rail tycoon James J. Hill lists (photos)
An 11,800-square-foot estate with waterfront views of Pleasant Lake in North Oaks is on the market for $3.5 million.<\p> Located at 16 Evergreen Road, the five-bedroom, seven-bathroom home is situated on a property where railroad tycoon James J. Hill’s home once stood, according to its listing with Coldwell Banker Realty. The property "epitomizes opulent living amidst a rich tapestry of history,” the listing states.<\p>
Why the nation's child-care crisis largely comes down to real estate
More than half of Americans live in a child-care desert.<\p> That sobering statistic from public policy research and advocacy organization Center for American Progress underscores how tough it's become to access child care across America. <\p>
Uptown office complex, movie theater for sale
Some of the newest and best-known properties in Minneapolis' Uptown neighborhood are for sale, the latest sign in the shifting fortunes for the Minneapolis neighborhood.<\p> Axios reports that the portfolio being marketed includes the MoZaic East and MoZaic West office buildings near the Hennepin Avenue and Lagoon Avenue intersection, as well as the Lagoon Cinema.<\p>
Target turnaround? Sales rise for first time in a year
Target Corp. (NYSE: TGT) on Wednesday posted stronger-than-expected sales and profits for the second quarter, a sign that the retailer may have figured out a formula for success in the post-pandemic economy.<\p> The Minneapolis-based company reported sales of $25.5 billion, up 2.7% from $24.7 billion in the same period a year ago. It's the first year-over-year sales growth for Target in five consecutive quarters. <\p>
MOA sues to evict clothing store
The Mall of America is suing the owner of Franki by Francesca's, a girls apparel boutique, claiming that the retailer owes more than $32,000 in unpaid back rent.<\p> In a complaint filed at Hennepin County District Court, the Bloomington shopping center alleges that Houston-based Francesca's Collections Inc. hasn't paid rent since July 1. The mall is also seeking to recover the storefront from Franki's by Francesca, located on the second floor of the mall's south side.<\p>
Big plans disclosed for Rochester's IBM campus
At least 1,900 residential units and over 2 million square feet of commercial, industrial and recreational space, including a sports complex, could be built at the sprawling former IBM campus in Rochester.<\p> Those are some of the details disclosed in a document submitted to the Minnesota Environmental Quality Board by an engineering consultant for the city on behalf of the site's developer and property owner, Los Angeles-based Industrial Realty Group.<\p>
Local 450-employee IT firm sold
Norwest Equity Partners, one of the largest private equity firms in the Twin Cities, sold IT-services firm Bailiwick to ePlus Technology Inc. last week, according to an announcement issued Tuesday. <\p> Terms of the deal were not disclosed. <\p>
$5 Target birds causing a frenzy
Target Corp.’s (NYSE: TGT) $5 decorative birds have gone viral, stirring a frenzy among fans.<\p> The Wall Street Journal’s front page Tuesday likened the craze to the Beanie Baby trend of the 1990s. The appeal? The thrill of the hunt, as rare variants of the plastic-foam and polyester birds sell out online but are sometimes still in stock in stores.<\p>
Where to tour $1M+ homes next month (photos)
The 2024 Fall Parade of Homes kicks off next month, and out of the 300-plus homes, over 60 are listing for at least $1 million.<\p> The tour has many homes starting from $328,900 throughout the Twin Cities. However, those who want to check out the seven-figure options have a variety of locations to choose from.<\p>
Eden Prairie Center floats redevelopment of closed JCPenney
JCPenney at Eden Prairie Center has closed for good as the mall’s owner floats plans for the store's redevelopment.<\p> The Plano, Texas-based department store chain shuttered after a fire in April and recently said it would stay permanently closed. JCPenney filed for Chapter 11 bankruptcy in May 2020 and initially planned to keep the Eden Prairie store open until the recent shift in plans.<\p>
Foreclosure sale ahead for downtown St. Paul property
The Great Northern Building in downtown St. Paul is among the latest Twin Cities’ properties scheduled for a foreclosure auction. <\p> The owner of the 13-story office building, located at 180 E. Fifth St., defaulted on a $13 million mortgage, prompting the plan for a foreclosure sale, according to a July 1 legal notice in the St. Paul Legal Ledger. <\p>
Medtronic boosts outlook after Q1 results rise
Medtronic on Tuesday reported better-than-expected sales and earnings for its fiscal first quarter, and boosted its full-year guidance.<\p> The medical-device manufacturer, which is legally based in Dublin but has its executive offices in Fridley, Minnesota, posted net income of $1.04 billion, or 80 cents a share, compared with $791 million, or 59 cents a share, in the same period a year ago. <\p>
Decades-old retailer closes after foreclosure lawsuit
Capra's Sporting Goods, a decades-old Blaine retailer that specialized in gear for outdoors activities like fishing, hunting and camping, has closed and is changing ownership amidst a mortgage foreclosure lawsuit.<\p> One of the store's former owners, Sam Oftedahl, said construction in front of the store at 8565 Central Ave NE. was one of the chief reasons sales declined. "We went from doing $20,000 a day to $2,500 just because of that road construction for literally seven months," he said. "It started in June, and you can imagine the next seven months is our busiest season for hunting."<\p>
'Specialty grocer' headed for Plymouth
Interstate Development is eyeing Plymouth’s Cornerstone Automotive site as a site for a specialty grocery store with other commercial uses.<\p> The Eden Prairie-based developer went to the city’s Planning Commission earlier this month with a sketch for a 20,000-square-foot grocer, two small drive-thru restaurants and a car wash at 3901 Vinewood Lane, just southeast of Interstate 494 and Rockford Road. The 5.6-acre site also has a future opportunity to add green space or affordable housing.<\p>
AI is already fueling layoffs, but there is one silver lining
Employee concerns about the impact of artificial intelligence on their career prospects have ramped up as generative AI tools like ChatGPT have taken center stage.<\p> They have good reason to be concerned, according to a new survey of 984 business leaders by ResumeTemplates, which found 3 in 10 companies said they have replaced workers with AI this year. Additionally, 38% of companies that said they will use AI in 2025 will replace workers with the technology next year. <\p>
Plymouth's Prudential site lands big grocer, liquor store
Coborn's Inc. will open a grocery store and liquor store in The Boulevard, the new name of the former Prudential campus redevelopment.<\p> St. Cloud-based Coborn's said in a news release that the 71,000-square-foot store will be a prototype focused more on fresh produce, locally grown products and meals for any time of day. It's part of the 75-acre, $300 million development at the corner of Bass Lake Road and Interstate 494 that's been in discussion for years. Coborn's is slated to open by fall of next year.<\p>
Pella distributor lands 85,000-s.f. space in north metro
A Minnesota-based distributor of windows and doors for Pella Corp. has consolidated into an 85,000-square-foot space in Brooklyn Park.<\p> Pella Northland, also known as Pella Windows & Doors of Minnesota & Fargo, earlier this month moved into the Crosstown North Business Center V, located at 9100 N. Wyoming Ave., according to a news release by Forte Real Estate Partners, which represented the company on the deal.<\p>
Forbes ranks top young wealth advisers in MN
Forty-five young financial advisers in Minnesota have been ranked by Forbes in its recently published Top Next-Gen Wealth Advisers list.<\p> Two of those Minnesota financial advisers were put on the national list of the top 100. <\p>
MSP seeking new retailers, restaurants
Officials at Minneapolis-St. Paul International Airport are beginning a hunt for restaurants and retailers to fill an expanded Terminal 2 — a move that could also mean a goodbye for some tenants that have been at the airport for more than a decade.<\p> The Metropolitan Airports Commission, which oversees operations at MSP and six Twin Cities reliever airports, will send out a request for proposals on Sept. 3 for eight spaces within Terminal 2. MSP is seeking proposals for a bar, full-service restaurant, news and convenience store, two quick-service restaurants and three coffee shops. Only one of the spaces (a coffee shop) will be located pre-security. The lease terms will be for 10 years.<\p>
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