July 1 through September 30, 2007

 

 

 

 

West

• Willis of Minnesota plans to occupy 29,000 sq. ft. in Duke's 1600 Tower in St. Louis Park and vacate space at 4000 Olson Memorial Highway in Golden Valley in the first quarter of 2008.

• Mortenson Construction will back-fill the vacated Willis space at 4000 Olson Memorial Highway.

• Park Place East and West were sold in July by Guggenheim Partners Real Estate to a partnership between Golub & Company and AEW Capital Management. These properties, totaling 387,000 sq. ft., are located on I-394/Wayzata Boulevard in St. Louis Park. The buyers are planning to implement an extensive capital plan, including renovating the lobbies, elevators and signage. Major tenants include CDI Management Corporation and National Arbitration Forum.

 

Southwest

• Benfield signed a lease for 130,000 sq. ft. at the new, 275,000-sq.-ft. 8200 Tower in Normandale Lake Office Park in Bloomington. Construction on the tower began in October.

• CB Richard Ellis will be the lead tenant for the new Two Market Pointe project on the northwest corner of I-494 and France Avenue in Bloomington. The company signed a lease for 80,000 sq. ft.

• Told Development has under construction a 100,000-sq.-ft. build-to-suit project for Alliant Tech Systems at 7590 Flying Cloud Drive in Eden Prairie.

• General Dynamics signed a lease for 53,000 sq. ft. of office space at Hampshire Avenue Tech Center in Bloomington.

 

South/Airport

• AppTec Laboratory Services renewed a long-term lease for 62,000 sq. ft. at 1201 Northland Drive in Mendota Heights.

• Paychex renewed their lease for 30,000 sq. ft. at Mendota Heights Office Center III.

• Champion Air renewed its 30,000-sq.-ft. lease at Riverview Office Tower in Bloomington.

 

Northwest

• Dex Media downsized its space to 50,000 sq. ft. and renewed its lease at 6401 Sycamore Court in Maple Grove. The remaining space in this 72,000-sq.-ft. building, which was fully occupied by Dex Media, will now be marketed for lease, bringing this building to the multi-tenant market.

 

Minneapolis CBD

• Law firm Stoel Rizes is expanding its Minneapolis office and has signed a 10-year lease for the entire 42nd floor and half of the 41st floor at 33 South Sixth Street.

• PDI will occupy the former Rider Bennet space at 33 South Sixth with a lease for 75,000 sq. ft. on the top three floors of the tower.

• Lindquist and Vennum has renewed its lease and expanded into 120,000 sq. ft. at IDS Center, 80 South Eighth Street, with a 10-year term.

 

St. Paul CBD

• Gander Mountain expanded its space at 180 East Fifth Street by 20,000 sq. ft. for a total of 85,000 sq. ft.

• NorthStar Capital Market Services Inc. renewed its lease at UBS Plaza for 11,600 sq. ft. and expanded by another 11,800 sq. ft.

• UBS renewed and expanded in 18,300 sq. ft. at UBS Plaza.

 

Northeast

• Secure Computing Corporation expanded by 45,000 sq. ft. at its corporate headquarters site located at Hwy 280 and Energy Park Drive. CSM developed the first phase of 95,000 sq. ft. on the former HB Fuller site in 2005. CSM is also developing the second phase, which is currently under construction.

• Internet Broadcasting Systems leased 79,000 sq. ft. at River Bend Business Center, located at Shepard Road and Randolph Avenue in St. Paul. IBS took occupancy in August 2007.

• University of Minnesota leased 35,000 sq. ft. in two phases at University Park Plaza located on University Avenue in Minneapolis.

 

• Ryan Companies US, Inc. completed the 40,000-sq.-ft. Grove Health Medical Building at 9550 Upland Lane North, which is located one block from the planned site of the new Maple Grove hospital. Medical Advanced Pain Specialists (MAPS) signed a long-term lease for the first floor of the building, which will accommodate a surgery center, clinic, and therapy pool. Gillette Children's Specialty Healthcare also signed a long-term lease for space on the second floor. The group will operate a physical therapy clinic and a therapy playground at the building.

• Mount Development broke ground on the approximately 60,000-sq.-ft. Ridgeview Professional Building at 560 Maple Street in Waconia in September. The building, which is adjacent to Ridgeview Medical Center, is planned for completion in summer 2008. Western OB/GYN, MOHPA, Minnesota Radiation Oncology, Edina Eye Physicians and Surgeons, and Orthopedic Consultants are among the tenants that have committed to space in the new building. This building addition is a hospital-driven effort to accommodate its expansion and to add capacity to the campus.

• Southdale Medical Center at 6545 France Avenue South in Edina has broken ground on a 23,000-sq.-ft. expansion of its first and second floors. The expansion, anchored by Southdale Diagnostics, is scheduled for completion in summer 2008. Negotiations are underway with an additional five to six tenants for the balance of the space on first and second floors.

 

 

Northwest

• Minntech signed a three-year lease and doubled their distribution space from 22,000 sq. ft. to 44,000 sq. ft. at Plymouth Ponds at 17300 Medina Road in Plymouth.

• The Generation Company (Empirehouse) sold a 51,585-sq.-ft. property at 4401 Quebec Avenue North in New Hope to 4401 Quebec LLC (Horwitz Mechanical) for $61 per square foot.

• Cobalt Investors purchased a 70,100-sq.-ft. property at 19875 South Diamond Lake Road in Rogers. Cobalt also has several other properties under contract and is scheduled to close on them before the end of the year.

• Hedberg Associates signed a six-year deal for 70,000 sq. ft. at Medicine Lake Industrial Building on Nathan Lane in Plymouth.

• First Industrial signed a deal with PODS Enterprises for 50,000 sq. ft. in a new speculative building in Brooklyn Park called Winnetka Distribution Center.

• Two companies signed deals at Plymouth Corporate Center on Fernbrook Lane North in Plymouth. NeoMetrics Inc. signed a seven-year deal for 21,464 sq. ft., and Johnson Controls took 29,206 sq. ft. for 61 months.

 

Northeast

• Arrowhead Electrical Products consolidated three sites into 50,000 sq. ft. at Blaine Preserve Business Park on 95th Avenue in Blaine.

• Coloplast relocated its manufacturing from Minneapolis to 85,000 sq. ft. at Willow Lake Technology Center in Vadnais Heights. This property had been vacant for three years.

• Logistics company Magno International signed a lease for 97,000 sq. ft. at AMB Northpoint Industrial Center in Fridley.

 

Southwest

• CyberPower Systems signed a seven-year lease for 76,000 sq. ft. at River Crossing Distribution Center, located at 4241 12th Avenue East in Shakopee.

• Remote Technologies, Inc. also signed a seven-year lease for 30,899 sq. ft. at Park 2000 III, located at 5775 12th Avenue East in Shakopee.

• Iron Mountain took 23,000 sq. ft. in a 10-year deal at Huntington Business Park I on 106th Street in Bloomington.

• Kraft signed a five-year lease for 30,000 sq. ft. of office space at 13200 Pioneer Trail in Eden Prairie, part of the Staring Lake development.

• SurModics is assuming 73,000 sq. ft. of sublease space at Lake Smetana Business Park in Eden Prairie. The space was leased to CNS.

• Hub Management purchased the 51,901-sq.-ft. Westwood III Business Center at 6251 Bury Drive in Eden Prairie from Rex Rice.

 

Southeast

•  Uline signed a lease for 140,000 sq. ft. at the Highway 55 Distribution Center in Eagan. The transaction includes 5,000 sq. ft. for office space.

• Staywell signed a long-term lease for 71,808 sq. ft. in a 110,000-sq- ft. building in a new development in Boulder Lakes Business Park. The total size of this project, located in Eagan, is one million square feet, and construction is expected to begin in June 2008.

• Also in Eagan, Lifeworks will take 25,122 sq. ft. in a long-term lease at the 38,000-sq.-ft. Waters VII on Lone Oak Road.

 

• Best Buy will be relocating to 53,206 sq. ft. of end cap space at Crossroads of Roseville on County Road B2 and Snelling Avenue. Dick's Sporting Goods will take the 55,000 sq. ft. vacated by Best Buy. Both retailers will be open in 2008.

• Raising Cane's will be taking a 2,691-sq.-ft. end cap space, its second Twin Cities location, in the newly renovated Stadium Village Mall at 825 Washington Avenue in Minneapolis following approval by neighborhood groups. The quick service restaurant is expected to open in February 2008.

• Maurice's has signed a lease for 4,814 sq. ft. at Woodbury Lakes on I-94 and Hudson Road.

• Petco signed a lease for 18,500 sq. ft. at 1970 South Robert Street in West St. Paul following more than two years of working with the city to redevelop the former Frank's Nursery property.

• Shoppes on Maine in Rochester, a 750,000-sq.-ft. retail center, opened with SuperTarget and Lowe's Home Improvement.

 

 

 

Office

• Ryan Companies sold Marketpointe One, at 4300 Market Pointe Drive in Bloomington, to McMorgan & Company. The 236,000-sq.-ft. property was built in 2000 and is 100% occupied. Major tenants include UnitedHealth Group and Wells Fargo.

• Swervo Development purchased the 675,814-sq.-ft. 180 East Fifth Street building in St. Paul from Frauenshuh Companies. Formerly First Trust Center, the property is the headquarters for Gander Mountain.

 

Multi-Family

• Osprey Property Companies sold the 324-unit Burningham Apartments property at 1505 East Burnsville Parkway in Burnsville to Johnson Management. The transaction, valued at approximately $23.65 million, closed in August.

• Parkway Apartments on Chestnut Drive in Eden Prairie was sold to Invesco in late June. Healey Ramme Company sold the 375-unit property for approximately $36.85 million.

 

Retail

• North American Properties and Principal Global Investors sold Calhoun Square to BlackRock Realty. This 144,000-sq.-ft. property traded for just under $50 million in August.

 

Industrial

• First Industrial sold an office/flex portfolio of nine buildings totaling 766,240 sq. ft. to Hines REIT. The properties, located in Eden Prairie, Golden Valley, Hopkins, Bloomington and St. Paul, were 86% leased to 41 tenants. The average sale price was $114 per square foot.

• Inland Group purchased the 219,664-sq.-ft. Atlas Cold Storage building at 240 Chester Street in St. Paul from Atlas Cold Storage. This was a sale-lease-back transaction with a sale price of $15.2 million and part of an 11-property portfolio.

• OPUS Northwest sold Elm Creek Commerce Center on 109th Avenue in Champlin to KBS. This 231,416-sq.-ft property was built in 1995.