Weekly business roundup:
Top Business Stories from week 6/1 – 6/7
Minneapolis
The Macy’s building renovation is getting a boost from a new broker.
- Mid-America Real Estate Minnesota was hired to market the base level of the building.
- Telos, a Chicago-based firm, is in charge of leasing the upper levels of the nearly 1 million square foot building, mostly as office space.
Bright future: Insurance startup Bright Health gets $160 million from its latest round of fundraising, led by Greenspring Associates.
- Greycroft Partners, Redpoint Ventures and Cross Creek Advisors were also involved.
- Bright Health, who seek to create a “a smarter, more connected” healthcare experience has been fundraising for a little over a year.
- This brings their total funding to $240 million.
Another new New Bohemia: The fast-growing local sausage and beer chain is opening yet another location, this time in downtown Minneapolis.
- This location will be their eighth (with a food truck).
- They also plan to incorporate space for patrons to play frisbee. Because why not?
Uncommon interest: Grant Street Commons, a brick apartment complex at the edge of downtown, was sold for $11.3 million.
- That’s $3 million higher than the last owners paid for it.
- We call that winning.
St. Paul
Landmark Towers in downtown St. Paul is for sale.
- The office building overlooks Rice Park and the St. Paul Hotel.
- Only 20 stories of the building will be for sale. Five stories of condos, including the most expensive condo in St. Paul, at the top of the building will not be included.
- If you have to ask you can’t afford it: there was no asking price released with the statement.
St. Paul is getting its first Spyhouse Coffee Shop.
- It will be the fifth Spyhouse location in the Twin Cities.
- It will be located in the former Timeline Antiques space, not too far from both St. Kate’s and Macalester College.
Speaking of New Bohemia: The owners are planning Seventh Street Truckyard in the open space(s) next to their expansive downtown St. Paul location, located at the base of the newly-opened Oxbo Building.
- It will be equal parts food hall, food truck rally, and campground, with a few games thrown in for good measure.
- 70’s-themed food trucks will offer different eats, from pizzas to ice cream. You’ll then dine in different campground-themed areas named for St. Paul neighborhoods.
- Think National Lampoon’s Vacation, but with more food and drink and fewer mishaps (maybe).
Innovating office space in St. Paul, from City of Saint Paul Communications Services:
Metro
Unshackled: 3M is selling its ankle monitor company for $200 million.
- The company designed ankle monitor bracelets for law enforcement agencies.
- The deal is between 3M and private equity firm Apax.
JC Penny is relinquishing its space at Southdale Mall.
- There are plans for Lifetime Fitness to fill the space.
- The owners of Southdale spent $4 million on the space.
- Southdale was the first climate-controlled shopping mall in America. Designed by Victor Gruen, it opened in 1956. Gruen also designed the downtown St. Paul’s Macy’s building, currently being retrofitted to become Treasure Island Center.
