January 1 - March 31, 2008

 

 

 

 

West

• No significant transactions to report.

 

Southwest

• Cbeyond signed a lease for 16,000 sq. ft. at Braemar Office Park on 78th Street in Bloomington.

• Hartford Insurance signed a five-year deal for 79,000 sq. ft. at Norman Pointe II in Bloomington.

• MGI Pharma renewed its lease for 75,000 sq. ft. at 5775 West Bloomington Technology Park.

 

South/Airport

• No significant transactions to report.

 

Northwest

• No significant transactions to report.

 

Minneapolis CBD

• Valspar signed a lease for 120,000 sq. ft. at Ameriprise Service Center, 901 Third Avenue South.

• Capella Education Company signed a lease for 400,000 sq. ft. at 225 South Sixth Street. The company currently occupies 203,000 sq. ft. in the building. The terms of the deal include renaming the building Capella Tower. 

 

St. Paul CBD

• HDR Architects signed a 12,000-sq.-ft. lease at UBS Plaza.

 

Northeast

• Hartford Insurance also took 58,000 sq. ft. for five years at The Oaks on Third Street in Oakdale.

• Educational Credit Management Corporation (ECMC) signed a 107,000-sq.-ft. lease in Imation's corporate headquarters. They will vacate US Bank Center in St. Paul in the fourth quarter of 2008.

• Progressive Insurance signed a 31,000-sq.-ft. lease at Twin Lakes Corporate Center II in Roseville in January.

• Allina Medical Clinic-Crossroads will relocate to Dean Lakes Health at 4150 Dean Lakes Parkway, Shakopee in July. The clinic signed an 11-year lease and will vacate 1335 10th Avenue East in Shakopee. Crossroads Medical Centers were recently acquired by Allina Hospitals and Clinics.

• Allina Woodlake Clinic signed a 10-year renewal at Woodlake Center, 407 West 66th Street in Richfield.

 

Northwest

• Dal-Tile Corporation signed a 10-year deal at Plymouth Industrial Building C for 30,000 sq. ft.

• Schu Marketing took 54,000 sq. ft. at Berkshire Distribution Center in Plymouth.

• Powdercoat Profiling signed a 10-year deal for 70,000 sq. ft. at Weber Distribution Center in Rogers.

• Kudzu took 30,000 sq. ft. at Louisiana Distribution Center in New Hope.

• Real Estate Recycling sold the 120,000-sq.-ft. Minneapolis Business Center to AMB.

• BGD Companies purchased the 40,000-sq.-ft. 5323 Lakeland Avenue North property in Crystal from Casting Technologies.

 

Northeast

• Dedicated Logistics purchased the 86,000-sq.-ft. 2900 Grenada Lane building in Oakdale from Engineered Polymer Solutions, a subsidiary of Valspar Corporation.

• Spicers Paper signed a deal for 25,000 sq. ft. at Midway Distribution Center on Ellis Avenue in St. Paul.

• Hillcrest Development acquired the former Crown Iron Works building at 1227-1361 Tyler Street in Minneapolis. Tactile Systems has been signed as a lead tenant for 25,000 sq. ft.

 

Southwest

• CyberPower Systems took another 32,400 sq. ft. at River Crossings Distribution Center on 12th Avenue East in Shakopee. This is in addition to the company's existing 76,000 sq. ft.

• Bluewater Manufacturing purchased the 30,000-sq.-ft. 4064 Peavey Road property in Chaska.

• Cameron's Coffee is doing a 65,000-sq.-ft. build-to-suit with a 10-year lease with West Real Estate in Shakopee.

• Swagelok Minnesota bought a 10,875-sq.-ft. building located at 321 Hazeltine Boulevard in Chaska.

 

Southeast

• Uline signed took occupancy of 140,000 sq. ft. at the Highway 55 Distribution Center in Eagan.

• Land O' Lakes signed a five-year deal at the IGH Distribution Center on Courthouse Boulevard in Inver Grove Heights. The company will occupy 82,120 sq. ft. beginning in August 2008.

• Aerospace Welding and Manufacturing bought the 37,000-sq.-ft. Anderson Cargo Services building in Eagan. Anderson Cargo leased 17,000 sq. ft. at Lone Oak Business Center in Eagan.

 

• Roseville's Har Mar Mall signed two new tenants. Staples will take 21,757 sq. ft. and plans to open in fourth-quarter 2008. D'Amico & Sons will occupy 3,300 square feet in the new multi-tenant building that will replace the Firestone building. Construction on that space is scheduled to begin this spring.

• Staples also took the 25,128-sq.-ft. former CompUSA space at Westridge Market.

• Primrose Preschool purchased 1.5 acres in Blaine.

• Cub Foods signed a deal for 42,000 sq. ft. at the intersection of Diffley Road and Lexington Avenue in Eagan. Construction on the new store will begin this spring, and it should open in fall 2008.

• Reliance Development Company is redeveloping the 135,000-sq.-ft. former Target space at I-94 and County Road 30 in Maple Grove.

• Kerasota Theaters signed a lease with J.R. Anderson/Duke Realty for a new theater at the West End development in St. Louis Park.

• Aldi Food Stores purchased 1.9 acres in Owatonna, Minnesota.

 

 

 

Office

• A three-building portfolio was sold by Reliastar (ING) to Hines Interests in partnership with CALPERS. The three properties totaling 989,004 sq. ft. are in downtown Minneapolis near Hennepin and Washington avenues. The 180 Washington Avenue property is 482,000 sq. ft. and is 82% leased. The 20 Washington Avenue property is 148,000 sq. ft. and is 100% leased, and the 111 Washington Avenue property is 359,000 sq. ft and 48% leased. The deal also included a seven-level parking ramp.

• Current downtown properties on the market include Midwest Plaza, Dain Rauscher Plaza, 510 Marquette, 1010 Metrodome Square and TriTech Office Center. Those under contract include Rand Tower and Renaissance Square.

• In the suburbs, Woodhill Plaza and Columbia Heights Business Center are on the market and Crosstown Corporate Center is under contract.

 

Multi-Family

• Persbyterian Homes & Services purchased the 75-unit Park Hill Apartments in Spring Park.

• Heatherwood Apartments in West St. Paul was sold in February. The Oaks of Heatherwood LLC purchased this 108-unit property.

• The 72-unit Fernbrook Townhomes in Plymouth was sold to Fernbrook Townhomes Properties LLC.

• Cosmopolitan Apartments sold in January.  This 256 unit multi-family property was purchased by Goodman Foundation.

 

Retail

• Victor Hugo Boulevard, LLC purchased Victor Marketplace, a 70,000-sq.-ft. grocery-anchored retail center in Hugo, Minn. The property, which is 100% leased, was developed by United Properties in 2006.

 

Industrial

• Alcat Minneapolis purchased the 589,797-sq.-ft. Minneapolis Distribution Center at 701 Industrial Boulevard from MF Distribution Center of Minnesota.

• Southpoint Crossing Business at 1240 98th Street in Bloomington was sold by North American Banking Company. FPA Bloomington purchased this 130,761-sq.-ft. office warehouse property.

• Carlson Real Estate sold Park Industrial Village in Plymouth to TA Associates Realty. The seven-building property is 100% occupied.

• Real Estate Capital partners purchased Excelsior Crossings at 9300 Excelsior Boulevard in Hopkins from Opus. Cargill is currently occupying 100% of the 250,000-sq.-ft. property.

Medical Office

• BTO Development Corporation sold a six-building medical office portfolio totaling 289,634 sq. ft. to IRET in a $52 million deal that closed on March 3, 2008. Properties included in the sale were 6405 France Medical in Edina (connected to Fairview Southdale Hospital), 6363 France Medical in Edina (also connected to Fairview Southdale), Riverside Medical in Minneapolis (connected to Riverside Hospital), Ridgeview Medical in Burnsville (connected to Fairview Ridges Hospital), Ridgeview South in Burnsville (also connected to Fairview Ridges), and 1400 Duckwood Medical in Eagan. The portfolio is 99.5% leased, and BTO will continue to manage the properties.

• Grubb & Ellis Healthcare REIT purchased the Fort Road Medical Building at 360 Sherman Street in St. Paul from Fort Road Associates II on March 13, 2008. The 50,050-sq.-ft., four- story, multi-tenant building is connected by tunnel to United Hospital and Children's Hospital and Clinics of Minnesota and is 90% leased.