Transwestern Real Estate Services (TRS) announced that St. Croix Hospice has signed a new, long-term lease at Mendota Tech – Workplace 3, located at 1175 Center Pointe Circle in Mendota Heights, Minnesota.

The care provider will occupy the full 30,586-square-foot suburban office building. Transwestern Principal Mike Honsa and Senior Vice President Eric Rapp represented owner Capital Partners in lease negotiations. St. Croix Hospice was represented by Tim Olsen of Carlson Partners.

“We’re excited to welcome St. Croix Hospice to the office campus,” said Honsa. “It is a great development for Mendota Heights as St. Croix brings its existing workforce to the city.” St. Croix Hospice, which is relocating from Oakdale, plans to occupy the building in the first quarter of 2025.

1175 Center Point Circle is in the 8-building Mendota Tech Office Park in Mendota Heights. The campus offers amenities such as outdoor patios and green space, ample free parking, and access to the Big Rivers Regional Trail along the Mississippi River.

Commercial brokerage R.W. Holmes recently brokered two industrial leases totaling 18,000 square feet at 118 Lumber Ln. in Tewksbury, MA. Lease terms were not disclosed.

Cable Plus, specializing in cabling, connectivity, racks & cabinets, power solutions, hardware and tools, leased 9,000 square feet. Additionally, J & M Floor Coverings, Inc., a flooring company, leased another 9,000 square feet in the same building.

SVP David Gilkie of R.W. Holmes represented the landlord, 118 Lumber Lane LLC, and J&M Floors. Cable Plus was represented by Mitch Jacoby of Lee & Associates.  

R.W. Holmes serves as the exclusive leasing agent for the property, which is located at the intersection of I-93 and I-495.

“This is a great location that offers easy access to major highways,” said Gilkie. “With the building’s 23’ clear height and ability to subdivide into two suites of 9,000 square feet, it is a rare find in this market. We are thrilled we could perform so quickly for our client.”

StarPoint Properties closed the $49.5-million sale of 6th Street Point, a new 179,000-square-foot industrial property located on a 9.8-acre site at 24712 6th St. in San Bernardino. The buyer for the Opportunity Zone (OZ) project was a global institutional real estate firm.

“While most OZ investments are planned for a 10-year hold, our Prime and Prime OZ Program is able to maximize returns on this investment in just three years,” said Paul Daneshrad, CEO and founder of StarPoint Properties. “As a result, by selling now and rolling these funds into multiple other investments, we’ll be able to pursue future projects that will continue to yield the highest returns possible for our investors.”

The first OZ sale for StarPoint, this represents one of the few full cycle OZ sales in the marketplace to date. It represents a 242% ROI, following the firm’s acquisition of the land for $6.5 million in 2020.

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.