January 1 through March 31, 2007

 

 

 

 

West

• Buffalo Wild Wings signed a 10-year lease for 44,000 sq. ft. at the Colonnade on Wayzata Boulevard in Golden Valley starting October 1, 2007. The company is vacating 17,000 sq. ft. at the 1600 Tower.

• Three major leases were signed at Metropoint in St. Louis Park. UnitedHealth Group will take 59,000 sq. ft. at the South building effective August 1. Aetna will vacate 38,000 sq. ft. at Crescent Ridge to relocate to Metropoint North and take 44,000 sq. ft. as of October 1. Wells Fargo insurance expanded by 9,000 sq. ft. for a total of 54,000 sq. ft. in the Tower in March 2007 and extended their lease for another five years. These transactions will help offset the 92,000 sq. ft. that Allianz Life Insurance vacated at the end of February to relocate to its own facility.

• As of May 1, HCC Benefits Corporation will vacate 20,000 sq. ft. at Metropoint North and 11,000 sq. ft. at 605 Waterford Park to move into 25,000 sq. ft. at Crescent Ridge Corporate Center on Wayzata Boulevard in Minnetonka.

 

Southwest

• A new, two-building, 450,000-sq.-ft. build-to-suit project for Cargill is now under construction at Excelsior Crossings in Hopkins.

• United Health Group signed a lease for 70,000 sq. ft. at Market Pointe in Bloomington, bringing the building to 100% occupancy. The property is now being marketed for sale.

• SuperValu has taken 350,000 sq. ft. at the former Best Buy headquarters site in Eden Prairie at Shady Oak Road and Highway 212. The lease is believed to be for five years and would still allow LIberty to develop 130,000 sq. ft.  on the existing site.

 

South/Airport

• No significant transactions to report.

 

Northwest

• ChildrenJane Claytons Health Care signed a 10-year lease at Maple Grove Executive Plaza on Elm Creek Boulevard for nearly 13,000 sq. ft., effective February 1.

• Verifications expanded their space by 7,500 sq. ft. at Wedgwood Commerce Center I in Maple Grove and extended their lease. The company now occupies just over 17,000 sq. ft.

• Occupancy at Bell Tower South on Kirkwood Court in Maple Grove increased to 47%. The larger tenants in the building include Mortgages Unlimited with 8,500 sq. ft., Atacom with 6,500 sq. ft. and Hogue Clinic with 7,500 sq. ft.

 

Minneapolis CBD

• Minute Clinic signed a seven-year lease for 52,650 sq. ft. at International Center on Second Avenue South. Commencing July 1, the lease encompasses space on second, third and fourth floors with expansion options for the fifth floor.

• Kimberly Clark's six-year lease at US Bancorp Center on Nicollet Mall is for 16,000 sq. ft. on the 29th floor.

• Opus has committed to developing a new office property on the Southeast corner of Tenth Street and Nicollet Mall. The timing of the project has not been determined.

 

St. Paul CBD

• HealthPartners signed a 10-year renewal for 102,894 sq. ft. at 180 E. Fifth Street.

• Alliance Bank will move out of Town Square and occupy 25,000 sq. ft. in Fifth Street Center at 55 East Fifth Street. The lease includes street-level bank space with drive-up teller lanes as well as the top floor of the tower.

• Also at Fifth Street Center, Peterson and Fram leased 12,000 sq. ft. (a full floor).

• Arch Insurance renewed their lease for 15,000 sq. ft. at Wells Fargo Place on Seventh Street.

 

Northeast

• Phoenix University, a new tenant to the market, signed a lease for 9,000 sq. ft. and will anchor a new 18,000-sq.-ft. building to be developed at Tamarack Hills in the northeast corner of Bielenberg Drive and Tamarack Road in Woodbury.

• Keller Williams will be the lead tenant with 10,000 sq. ft. at North Central Professional Center, a new 35,000-sq.-ft., Class A building that will break ground this spring at the northeast corner of County Road C and Snelling Avenue in Roseville.

 

Medical Office

• Minnesota Eye Consultants, P.A. will consolidate its clinic, ambulatory surgery center and central business office at Dupont Center, 9801 Dupont Avenue South in Bloomington. The medical group signed a 20-year lease for 35,875 sq. ft.

• Minneapolis Clinic of Neurology, Ltd. will take 9,494 sq. ft. in a 15-year lease at Southdale Place in Edina. The medical group will move off campus from Fairview Southdale Hospital to expand its space and provide comprehensive neurological diagnostic services.

• Minnesota Oncology Hematology, P.A., will move off campus from Woodwinds Hospital to 11,130 sq. ft. at Cornerstone Medical Building on Lake Road in Woodbury. Cornerstone Medical is a new development anchored by Metro Urology.

 

 

Northwest

• Arch Aluminum took 70,000 sq. ft. at the Weber Distribution Center at 13251 George Weber Drive in Rogers.
• Dakota Drug purchased a 172,000-sq.-ft. property at 1101 Lund Boulevard in Anoka.
• US Food Service purchased the 81,826-sq.-ft. Zomax building at 5353 Nathan Lane in Plymouth from Nathan Lane Partnership.
• Enpath Medical took occupancy of 100,000 sq. ft. on March 1 at the Continental Building in Plymouth. The company's lease term is 10 years. 

 

Northeast

• Federated Department Stores is selling its 575,000-sq.-ft. warehouse at 701 Industrial Boulevard in Minneapolis. It was put under contract by First Industrial.
• Home Delivery Link has signed a five-year lease for 40,000 sq. ft. in the AMB Aurora Industrial building at 2500 Walnut Street in Roseville.
• Supply Network, Inc. signed a five-year lease in the heart of the Midway area of St. Paul, taking 25,200 sq. ft. at the Midway Distribution Center at 2079 Ellis Avenue.

 

Southwest

• General Dynamics signed a long-term lease with First Industrial for 140,000 sq. ft. at 11300 Hampshire Avenue in Bloomington.
• Progressive Rail signed a seven-year contract for 146,500 sq. ft. with two acres of outside storage at the former John Deere site on 94th Street in Bloomington.
• Also on the former John Deere site in Bloomington, DHL signed a long-term lease for 79,058 sq. ft.

 

Southeast

• Up North Trading Company signed a three-year lease for 39,296 sq. ft. at Nicollet Business Campus VII on Nicollet Avenue South in Burnsville.
• Jostens took 33,924 sq. ft. in a long-term lease for office/tech space at the Armstrong Business Center in Eagan.
• The 24,600 sq. ft. American Red Cross Building at 2919 Eagandale Boulevard in Eagan was purchased by The Builder's Group.

 

 

• Best Buy will build a 45,000-sq.-ft. prototypical store at Timbercrest at Lakeville, scheduled to open in fall 2007. The store is part of the second phase of the development located at I-35 and 185th Street in Lakeville. United Properties represented both the tenant and the landlord in the transaction.

• Ryan Companies, represented by United Properties, sold 3.5 acres to Slumberland in the Dean Lakes development, located at Highway 169 and County Road 83 in Shakopee.

• Primrose, a school franchising company, purchased the 104,979-sq.-ft. site at 1 Rockford Road in Plymouth from RSE Properties to build a prototype.

 

 

Office

• Hempel Properties purchased a two-building, 221,765-sq.-ft. portfolio from Urdang Capital Management. The properties, One Corporate Center I and III, are located on Metro Boulevard along Highway 100 in Edina. They are 87% occupied.

• Hoyt Properties sold a 47-acre property at 7075 Flying Cloud Drive in Eden Prairie (the site of Best Buy's former headquarters) to Liberty Property Trust. To start redevelopment, the buyer is planning a 120,000-sq.-ft. Class A office building.

 

Multi-Family

• Stuart Companies purchased a four-building portfolio from Equity Residential Properties Trust, who is exiting the Twin Cities market to focus on coast cities. Included in the transaction were the 154-unit Coachman Trail Apartments on Olive Lane North in Plymouth, the 72-unit Fernbrook Townhomes on 43rd Avenue North in Plymouth and the 72-unit Summer Creek Apartments on Plymouth Boulevard.

 

Retail

• No significant transactions to report.

 

Industrial

• High Street purchased from First Industrial a 252,000-sq.-ft. property at 375 Rivertown Drive in Woodbury that is 100% occupied by a single tenant. This acquisition brings High Street's Twin Cities portfolio to 772,000 sq. ft.

• Hillcrest sold a 180,000-sq.-ft. property at 3311 Broadway Street Northeast in Minneapolis to Synergy. The property is 100% occupied.

• The 184,671-sq.-ft. Roseville Distribution Center on Long Lake Road in Roseville was sold to Investors Real Estate Trust by First Industrial in a transaction with a 7.6% cap rate.