July 1 through September 30, 2006

 

 

 

 

West

• WCB Properties sold MetroPoint Office Park (formerly Interchange Office Park) to BPG Properties for $86 million, or approximately $92 per square foot. The 936,000-sq.-ft. park was 76% leased at the time of sale.

• 505 Waterford has recently leased more than 55,000 sq. ft. to two tenants, Cannon Technologies and Paradysz Matera, Inc.

 

Southwest

• Jostens sold its 100,000-sq.-ft. corporate headquarters in Bloomington and leased 60,000 sq. ft. on three floors at France Place on a longer-term deal.

• Q-Logic is doing a build-to-suit at Dean Lakes in Shakopee. The deal is a long-term lease with planned occupancy for fall 2007.

• Eide Bailley renewed and expanded for a total of 45,000 sq. ft. at Norman Pointe I at Hwy 100 and I-494 in Bloomington.

• Analyst International renewed and expanded into 52,000 sq. ft. at Centennial Lakes III at 3601 W. 76th Street in Edina.

 

Southeast

• Lanier leased 10,000 sq. ft. in American Corporate Center at 1295 Northland Drive in Mendota Heights.

• Internet Broadcasting leased 20,000 sq. ft. at 1201 Northland Drive in Mendota Heights.

 

Northwest

• Honeywell Security Monitoring (HSM) took 35,507 sq. ft. at the McData Building at 6000 Nathan Lane in Plymouth. This space was marketed as a sublease for McData, but the building owner terminated that part of the lease to sign a long-term lease with HSM.

• In September, Opus sold the McData Building at 6000 Nathan Lane to Wells Real Estate Funds. The 184,000-sq.-ft. building is 100% occupied by McData, HSM, and subtenant RJF Agencies.

• Select Comfort has signed a lease to occupy 160,000 sq. ft. in the final phase of Opus' Bass Creek Business Park at Hwy 169 and Bass Lake Road in Plymouth. The new property is scheduled to be delivered in late 2007. Select Comfort also has another facility within the park.

 

Minneapolis CBD

• Berkley Risk Administrators signed an early extension of their lease for 93,000 sq. ft. at Campbell Mithun Tower at 222 South Ninth Street.

• Coloplast has subleased 42,000 sq. ft. at US Bank Plaza from General Mills. The two-year term is for floors eight and nine.

• At 50 South Sixth Street, Dunham took 26,000 sq. ft. on the 11th floor with a 12-year term. The company moved to the CBD from 8200 Normandale in Bloomington.

 

St. Paul CBD

• Transamerica Capital, Inc. leased 5,146 sq. ft. in the Hamm Building at 408 St. Peter Street.

• Also in the Hamm Building, CNW, LLC leased 3,934 sq. ft.

• A lease for 7,940 sq. ft. of space in the Landmark Towers at 345 St. Peter Street was signed by Tecmark.

 

Northeast

• Sile Stone purchased 89,298 sq. ft. of land from United Properties in the Eagle Pointe Business Park in Lake Elmo to build a two-story office building to house its corporate offices and a showroom.

• Cummins Power Generation (formerly Onan Corporation) leased the entire 75,000-sq.-ft. building at 6499 University Avenue NE in Fridley. The building, formerly occupied by Target Corporation's northern operations, will house Cummins' corporate staff.

• Deluxe Corporation renewed its lease for 66,000 sq. ft. at Shoreview Corporate Center in Shoreview.

• Keller Williams signed a 16,000-sq.-ft. lease to anchor a new building currently under construction at Tamarack Hills. Tamarack Hills is a mixed-use development located at Bielenberg Drive and Tamarack Road in Woodbury.

 

Medical Office

• University of Minnesota Physicians entered a long-term lease for a new family medicine clinic located near the Lake & Hiawatha light rail station. The 22,000-sq.-ft. space is located at 2020 28th Street East in Minneapolis. They moved their clinic from 2627 Franklin Avenue East.

• Associated Skin Care Specialists, P.A. signed a long-term renewal and expansion for approximately 15,000 sq. ft. at their existing clinic location in the University Avenue Business Center at 7205 University Avenue NE in Fridley.

• Summit Orthopedics, Ltd. expanded their premises and extended their lease term for approximately 7,000 sq. ft. at the Birch Center on HealthEast's Woodwinds hospital campus in Woodbury.

 

Northwest

• Internet, Inc. sold their 207,000-sq.-ft. facility in Anoka to Graco for $6.4 million and will now lease 72,000 sq. ft. in the Crosstown XII building in Brooklyn Park.

• O'Reilly Automotive (Midwest Auto Parts) will move 300 jobs from St. Paul into 300,000 sq. ft. at the Broadway Distribution Center in Brooklyn Park. The company purchased the building from First Industrial.

• Pratt Industries filled 92,000 sq. ft. at the Plymouth Distribution Center in Plymouth. The company moved from the Midway area of St. Paul.

• ATS Medical renewed 57,000 sq. ft. and expanded by 6,400 sq. ft. at Plymouth Business Center.

 

Northeast

• AMB Properties purchased a formerly owner-occupied facility at 2500 Walnut Street in Roseville from Cue Properties. The 129,000-sq.-ft. property is undergoing extensive renovations to reposition it as a multi-tenant building.

• First Industrial purchased the 189,000-sq.-ft. Roseville Distribution Center on Long Lake Road in Roseville from ARA as part of a strategic repositioning to re-tenant the empty facility.

• After an extensive search, US Tire and Exhaust expanded in the Roseville Distribution Center, signing a five-year lease for 89,000 sq. ft.

 

Southwest

• General Dynamics signed a lease for 145,800 sq. ft. in the First Industrial building at the Bloomington Corporate Center located at 11300 Hampshire Avenue South in Bloomington.

• Mitchell Enterprises purchased a 23,000-sq.-ft. industrial building at 7580 Quattro Drive in Chanhassen from Hall Properties.

• Ryan purchased 17.5 acres in Orono at the intersection of Hwy 12/I-394 and Old Crystal Bay Road. Ryan is planning a 240,000-sq.-ft. high-end business park.

• ACS signed a deal for 15,000 sq. ft. at Southtech Plaza in Bloomington.

 

Southeast

• Anytime Fitness purchased a 45,488-sq.-ft. building at 12181 Margo Avenue in Hastings from Anderson Performance. United Properties represented the seller on this direct transaction.

• Empire Carpet signed a deal for 18,000 sq. ft. at Silver Bell Business Center at 2020 Silver Bell Road in Eagan.

• Holmes Corporation took 20,000 sq. ft. in the Waters VI building at 2975 Lone Oak Road in Eagan. The company, which relocated and expanded from Trapp Road I in Eagan, designs, manufactures and distributes educational products.

• Fountains at Arbor Lakes in Maple Grove had a grand opening in September.  The total development is more than 800,000 sq. ft. Tenants include Lowe's, Costco, Dick's Sporting Goods, Marshall's, DSW and Dave & Busters, among others.

• The 100-acre Maine Street Promenade in Rochester broke ground and is scheduled to open in spring 2007. The 750,000-sq.-ft. development will include Lowe's, SuperTarget, a movie theater and additional junior boxes, restaurants and small shop space.

• Trader Joe's announced a second Twin Cities location in Shoppes of Arbor Lakes (Maple Grove's lifestyle center).

 

Office

• Interchange Office Park, located in the northwest corner of I-394 and Hwy 169 in St. Louis Park, was purchased by Berwind Properties. This high-profile, 936,856-sq.-ft., Class B multi-tenant property has four buildings that are 76% occupied. Whitehall/Goldman Sachs was the seller.

• Inland American Real Estate Trust purchased the 1.4-million-square-foot IDS Center at 80 South Eighth Street in downtown Minneapolis. Sold by The John Buck Company, this is the second sale in two years for this 95%-occupied, Class A property.

• Hines Interests sold the 225 South Fifth Street building in downtown Minneapolis to ASB Capital Management. This Class A, 1,391,761-sq.-ft. property is 75% leased. ASB Capital Management also has an interest in the AT&T Tower located downtown Minneapolis.

• The 279,423-sq.-ft. International Plaza at 7900 International Drive in Bloomington was sold to Navigator Real Estate Group by MetLife. This Class A property is 80% leased; tenants include Cisco, MetLife, and Prism Media.

• Frauenshuh purchased Metro Office Park at 3001 Metro Drive in Bloomington from the Metropolitan Airport Commission. This six-building, 370,000-sq.-ft. complex is 83% leased.

 

Multi-Family

• Laramar Group sold three Minnesota properties to Levin Realty Partners as part of a nine-building portfolio sale. Included are Town Centre at Lexington in Eagan (248 units), Greens at Edinburgh in Brooklyn Park (198 units) and Plymouth Square in Plymouth (160 units). Year One projected cap rates on these three properties ranged from 6.1% to 6.6%.

• O'Brien Family LP sold the 120-unit Gatewood Estates in Bloomington to condominium converter Focus Development Corporation. The property was originally built as condos and contains large floor plans.

 

Retail

• The 200,000-sq.-ft. Centennial Lakes Plaza on France Avenue in Edina was sold to an institutional investor in a deal that closed on September 14. Tenants include Old Navy, Office Max, Ultimate Electronics and Storables USA.

 

Industrial

• CitiGroup sold 14 buildings totaling 744,000 sq. ft. (82% occupied) in the Roseville area as part of the MIV Portfolio. Evergreen Realty purchased the portfolio for $37.2 million ($50 per square foot).