Minneapolis, MN
Three-building Innsbrook office complex sold to Minneapolis firm for $31M – Richmond BizSense
The three-building complex is in the northeast corner of Innsbrook. (BizSense file photo)
A year after landing a state agency as a major tenant, an Innsbrook office complex has sold to a new-to-market buyer.
Franklin Commons, which spans three buildings at 5600-5640 Cox Road, was purchased this week by Minneapolis-based Onward Investors for $31 million, according to Henrico County.
The trio of three-story buildings are tucked away in the northeastern corner of Innsbrook and house 312,000 square feet between them.
The 25-year-old complex got a boost last year when the Virginia Department of Social Services signed on to take about 100,000 square feet to replace is its downtown Richmond nerve center. Another major tenant at the park is water treatment firm ChemTreat. The complex is about 85 percent occupied.
The seller was Franklin Street Properties Corp., a public REIT out of Massachusetts that bought the complex in 2003 for $38.1 million. Franklin Street didn’t respond to requests for comment.
Franklin Street was represented in the sale by Newmark brokers Will Bradley and Mark Williford.
The state’s Department of Social Services relocated there last year.
The sale was recorded with the county July 15. The lease with the Department of Social Services bolstered the complex’s value. The 26-acre campus’ assessed value jumped from $18.7 million in 2023 to $32.5 million in 2024.
The purchase marked Onward Investors’ entrance into the Richmond market and its first in Virginia overall. The firm has about $730 million in assets under management, with over $500 million of that in the Midwest.
Onward Investors director Francis Luzum said that the firm sees Richmond as a “very healthy market” and that it was drawn to Franklin Commons because of its “quality tenancy and stable cash flow profile, with the opportunity to grow net operating income and enhance value through future leasing.”
Private investment is part of how Onward Investors finances its deals. Last summer the company announced the closing of a $112 million capital raise for its “Onward Investors Value Fund III.” It said it planned to use those funds to pursue commercial and residential real estate investments. That fund looks to have helped finance the Innsbrook deal, as the entity Onward Investors used to buy Franklin Commons was OIVF III Innsbrook LLC.
In other Innsbrook office news, local Fortune 500 healthcare distribution giant Owens & Minor is relocating its global headquarters from Hanover County to the Henrico office park.
Just down the street from Franklin Commons is the former Innsbrook After Hours site that was planned to become a food truck court, however those plans were recently scrapped.
Minneapolis, MN
PTSD leave policy adds financial pressure to Minneapolis Fire Department
“You will expose yourself to things that most of the public won’t see, except maybe once in their life. But yep, we’re doing it. Fire departments are doing it on a very regular basis,” said Mike Dobesh, president of MNFire, an organization dedicated to keeping firefighters healthy, mentally and physically, and on the job.
“The fire service is recognizing that any of those unexpected events that we go to, yes, we sign up to do it, but at the same time, those unexpected events can cause trauma; that trauma can lead to PTSD,” Dobesh said.
However, paying for all those firefighters on mandatory PTSD leave is putting the Minneapolis Fire Department in the red. It’s all the overtime needed to fill in for the firefighters on leave.
“From the therapists that I’ve talked to, usually eight to 10 visits can get that firefighter back on the rig,” Dobesh said, which is the goal of the mandatory leave with treatment. “But then it’s going to be something that’s going to have to be managed for the… probably the rest of their career, because it’s not something that’s just going to go away.”
Dobesh says that PTSD was the number one claim MNFire had on its critical illness policy last year.
In 2023, Minnesota lawmakers created the PTSD leave policy in an effort to keep firefighters from applying for permanent duty disability benefits. The policy requires firefighters and other first responders to take up to 32 weeks of paid leave and get treatment first.
“A trauma-informed therapist can meet with a firefighter, desensitize that firefighter, get them back to work,” Dobesh said.
But that policy is costing some fire departments millions. The Minneapolis Fire Department told the city council this week that 7% to 8% of its firefighters are currently out on PTSD leave, and the overtime other firefighters are working to fill in for them has put the department up to $7 million over budget in recent years. It’s projected to go over again this year.
So what are things they can do to maybe prevent some of these problems that they’re having because of PTSD? Speed up access to treatment, according to Dobesh.
“The sooner we can get in and have that firefighter seen, the more likely they’re going to have a very positive outcome and get back on the job,” he said.
Dobesh says if and when a firefighter needs help varies from person to person, but his organization provides five free treatment sessions for any firefighter who’s struggling.
Minnesota firefighters can call MnFIRE’s helpline 24/7 at 888-784-6634 or visit mnfirehealth.org.
MFD Interim Chief Melanie Rucker shared the following statement late Wednesday night:
“The utilization of these leaves is often unavoidable and reflects benefits that support the health and well-being of our fire personnel. We take the health and wellness very seriously, including mental health. Through transparent communication with leadership regarding evolving staffing needs and necessary overtime budget adjustments, we can effectively address the budget overages and return to a sustainable path forward.”
Click here to watch the Minneapolis Budget Committee meeting on May 4.
Minneapolis, MN
Minneapolis Mayor Jacob Frey signs gun ban ordinance
MINNEAPOLIS (FOX 9) – Minneapolis Mayor Jacob Frey signed a new ordinance that carries a ban on assault weapons but won’t take effect unless there are major changes to state law.
Minneapolis gun ban ordinance signed
What we know:
The Minneapolis City Council approved the ordinance during its meeting last week.
The firearm regulations ordinance includes a ban on assault weapons, ghost guns, binary triggers, and high-capacity magazines. The ordinance also includes safe storage provisions for firearms.
Big picture view:
Many of the provisions in the law won’t go into effect unless there is a change in state law. Currently, Minnesota law prevents municipalities from enacting gun regulations.
Minnesota law only allows cities to bar the discharge of firearms within city limits and adopt regulations that are identical to state laws. Any regulations that go beyond state law are voided, according to state statute.
Local perspective:
Action on the gun ordinance was spurred by last year’s shooting at Annunciation Church and School. Two students were killed while attending morning mass at the church and more than two dozen students and parishioners were hurt in the barrage of gunfire.
Last week, parents of Annunciation students spoke out in support of the ordinance at a public hearing.
Minnesota Gun Owners Caucus threatens lawsuit
The other side:
Last year, St. Paul passed a similar law. The Minnesota Gun Owners Caucus filed a lawsuit shortly after the ordinance was signed. Arguments were heard last month on the case and a judge has set a trial for next year.
In a statement last week, the Minnesota Gun Owners Caucus said it was evaluating its legal options in Minneapolis.
Minnesota Gun Owners Caucus Chair Bryan Strawser said:
“The City of Minneapolis is attempting to make a political statement with an ordinance it has no legal authority to enact. Minnesota law clearly preempts the entire field of firearms regulation, and local governments cannot simply ignore state statute because they dislike the policy outcome.
“If the City Council moves forward with this unlawful ordinance, we will evaluate every available legal option to challenge it, just as we did in Saint Paul.
“The law is not optional, even for Minneapolis.”
Minneapolis, MN
Police investigating south Minneapolis shooting that left man wounded
A man was hurt in a shooting in south Minneapolis late Tuesday night, according to police.
A report of shots fired brought officers to the 2600 block of Third Avenue South around 9:50 p.m., the Minneapolis Police Department said. They found evidence of gunfire and began investigating.
Later, a man with survivable gunshot wounds showed up at Hennepin Healthcare.
No one has been arrested.
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