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Minnesota Commercial Association of REALTORS annual 2012 commercial real estate market report.
Citation preview
A n n u a l M a r k e t R e p o r tReporting for 2011
Minnesota Commercial Association of REALTORS®
Minnesota Association of Real Estate
www.mncar.org
2012
MNCAR_AMR-2011_FINAL.indd 1 3/12/12 11:55 AM
“We’re happy to make our MNCAR Annual Market Report available for the sixth consecutive year. Data was provided by the MNCAR Exchange and reviewed for accuracy by the industry experts listed below. We hope it provides you with another tool to better serve your clients and stay informed on the state of the market.”
- Dara Rudick, Executive Director
2012 MNCARAnnual Market Report
Reporting for 2011
Special thanks to the following MNCAR Market Experts for volunteering to review market data:
INDUSTRIAL
OFFICE
RETAIL
Ryan BartleyParamountReal Estate
Aaron SillanpaColliers International |Minneapolis-St. Paul
Tom SullivanCushman &
Wakefield/NorthMarq
Duane Poppe - ChairTranswestern
Andy McConvilleCBRE
David Daly - ChairCushman &
Wakefield/NorthMarq
Joe MahoneyHJ Development
Jen HelmCushman &
Wakefield/NorthMarq
Jesseka DohertyMid-America
Skip MelinCushman &
Wakefield/NorthMarq
Molly TownsendCassidy Turley
Zach StenslandColliers International |Minneapolis-St. Paul
Tony StraussColliers International |Minneapolis-St. Paul
Dan MosseyKraus Anderson
Nils Snyder - ChairColliers International |Minneapolis-St. Paul
Brian HelmkenCBRE
Jason ButterfieldCushman &
Wakefield/NorthMarq
Matt DelisleColliers International |Minneapolis-St. Paul
Larissa ChampeauCushman &
Wakefield/NorthMarq
Aaron BarnardCushman &
Wakefield/NorthMarq
Mark StevensCassidy Turley
Jim MontezCushman &
Wakefield/NorthMarq
Tom StellaCushman &
Wakefield/NorthMarq
Eric RappColliers International |Minneapolis-St. Paul
Brian WassermanCBRE
Jim KenneyCBRE
Mike HonsaTranswestern
MNCAR_AMR-2011_FINAL.indd 2 3/12/12 11:55 AM
Annual Office Market Report
Buildings For SaleBUILDING SIZE 0-10,000 SF 10-25,000 SF 25-50,000 SF 50-100,000 SF 100,000+ SF 2011 2011 2011 2011 2011
Minneapolis CBDMinneapolis CitySaint Paul CBDSaint Paul CityMidwayNortheastSoutheastSouthwestNorthwestTOTALS
AVAILABLE BUILDING INVENTORY – SALE & LEASENumber of Availabilities by Submarket
Squa
re F
ee
t
Mpls CBD SE SW SP CBD SPSuburban
500,000
400,000
300,000
200,000
100,000
0
(100,000)
(200,000)
W & NW
% V
ac
ant
25
20
15
10
5
0
376,026
477,453
(173,232)
25,79489,673
14.3
18.3
22.4
17.4
14.815.3
100,125
VACANCY RATES AND ABSORPTION BY SUBMARKET
4241
263
609281
123414
423195
28564254
222
481219
12171569
301211237
20
512122303
19
This report is using a new method of counting available spaces for lease. Historical listing counts from the previous year’s report are not being used. The new counts are more accurate and reflect the high standard of data accuracy supported by our new Exchange system.
Listing counts are totaled by the market areas used on the MNCAR Exchange system. These boundaries differ from those published in this report and used for vacancy and rate reporting.
Spaces For Lease Including ContiguousBUILDING SIZE 0-10,000 SF 10-25,000 SF 25-50,000 SF 50-100,000 SF 100,000+ SF 2011 2011 2011 2011 2011
Minneapolis CBDMinneapolis CitySaint Paul CBDSaint Paul CityMidwayNortheastSoutheastSouthwestNorthwestTOTALS
66831823166
106456789
1381792
4807
1744561191268
129206157871
68102656
32478687
367
223
1733
17254650
186
100
1100
109
192887
MNCAR_AMR-2011_FINAL.indd 3 3/12/12 11:55 AM
Annual Office Market Report
% V
ac
ant
Mpls CBD SE SW SP CBD SPSuburban
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0W & NW
9.2 11
.612.8
17.4
29.4
14.7
18.5
11.9
15.9
20.6
19.3
18.1
10.3
19.1
14.3
22.7
27.6
Class A Class B Class C17
.0
VACANCY RATES BY SUBMARKET
Rent
al R
ate
($)
Class A Class B
20
15
10
5
0Class C
15.23
11.6511.82
AVERAGE QUOTED NET RENTAL RATES BY CLASS
MNCAR_AMR-2011_FINAL.indd 4 3/12/12 11:55 AM
Avg QuotedMARKET Total Universe SF Vacant SF % Vacant Net Absorption SF Rate ($) Avg Op Exp/SF Avg Taxes/SF
Annual Office Market Report2011 MARKET OVERVIEW
12,837,2847,733,2807,105,431
27,675,995
2,460,6892,977,049
876,0966,313,834
8,019,2205,392,5031,262,178
14,673,901
2,549,1854,105,224
453,6317,108,040
1,367,1253,617,6591,436,5426,421,326
4,957,3185,357,9241,699,284
12,014,526
32,190,82129,183,63912,833,162
74,207,622
1,178,3331,755,5091,018,8923,952,734
313,914518,775102,004934,693
1,175,541999,069371,454
2,546,064
405,1261,132,969
54,1751,592,270
263,415614,089296,123
1,173,627
508,3701,026,001
307,1381,841,509
3,844,6996,046,4122,149,786
12,040,897
9.222.714.314.3
12.817.411.614.8
14.718.529.417.4
15.927.611.922.4
19.317.020.618.3
10.319.118.115.3
11.920.716.8
16.2
185,769(32,227)222,484376,026
30,59468,879
652100,125
604,909(53,754)(73,702)477,453
53,715230,527
3,580173,232
7,64642,763
(24,615)25,794
221,248(65,081)(66,494)
89,673
1,103,881(269,947)
61,905
895,839
16.6111.4910.9012.16
13.8511.7911.5212.29
15.1611.5010.2312.61
12.2910.6210.2110.86
14.8712.0113.2812.95
16.5812.7113.0913.76
15.2311.8211.65
12.68
7.787.916.677.38
6.395.575.535.80
7.627.335.907.23
8.647.456.467.71
38.635.765.35
16.48
7.787.166.657.21
12.046.856.27
8.28
4.672.742.503.08
3.922.852.433.09
4.293.313.033.68
3.447.481.345.82
22.903.322.049.85
4.623.392.323.50
7.113.482.48
4.43
Mpls CBDClass A Class B Class C Totals
SoutheastClass AClass B Class C Totals
SouthwestClass A Class B Class C Totals
St. Paul CBDClass AClass BClass CTotals
St. Paul SuburbanClass AClass BClass CTotals
West & NorthwestClass AClass BClass CTotals
TOTAL MARKETClass AClass BClass C
TOTALS
NOTABLE OFFICE SALES TRANSACTIONSPROPERTY SIZE (SF) PRICE/TYPE CITY BUYER SELLER AGENTS INVOLVED
MoneyGram Tower1550 Utica Ave S1600 Tower1600 Utica Ave S
9320 Excelsior Blvd
Two MarketPointe4400 78th St W
601 Tower at Carlson Center601 Carlson Pkwy
The Colonnade5500 Wayzata Blvd
UnitedHealth13625-13675 Technology Dr
One Financial Plaza120 6th St S
1201 Northland Dr
Minnetonka Corporate Campus I, II and III6000 Clearwater Dr12800-12900 Whitewater Dr
Wayzata Executive Park Bldgs 1903, 1905 & 1907
419,000
268,000
236,000
288,458
355,797
450,000
393,902
87,344
232,622
101,716
$71,140,000
$69,500,000
$60,600,000
$54,400,000
$51,980,000
$50,000,000
$23,610,000
$14,150,000
$11,430,000
$9,154,440
Saint Louis Park
Hopkins
Bloomington
Minnetonka
Golden Valley
Eden Prairie
Minneapolis
Mendota Heights
Minnetonka
Wayzata
Blackstone Group
Hines Global REIT
Artis REIT
KBS REIT II
DRA Advisors LLC
UnitedHealth Group
NEH 1 LLC
SNH Medical Office Properties Trust
Liberty Property Trust
Continental Property Group LLC
Duke Realty Corp
Cargill Inc
Two MarketPointe LLC
TIAA-CREF
TIAA-CREF
Tyco
LNR Partners
1201 Northland Drive, LLC
The Allstate Corp
J.E. Robert Company
No agents involved. Part of national portfolio sale.
Tom Holz, Steve Buss and Ryan Watts of CBRE represented the sellers.
Tom Holz, Steve Buss and Ryan Watts of CBRE represented the sellers.
KBS Capital Advisors represented the buyer; Tom Holtz, Steve Buss and Ryan Watts of CB Richard Ellis represented the seller
Tom Holz, Steve Buss and Ryan Watts of CBRE represented the sellers.
Roger Christensen of Jones Lang LaSalle represented the buyer; Dan Gleason and John McCarthy of Cushman & Wakefield/NorthMarq represented the seller.
Bob Pounds, Tim Prinsen and Nils Snyder of Colliers International (Welsh) represented the seller.
Tom O’Brien of Cushman & Wakefield represented the seller
Brad Butler of Liberty Property Trust represented the buyer; Scott Pollock, James Jetland and Dan Gleason of Cushman & Wakefield/NorthMarq represented the seller.
Mark Kolsrud, Kai Thomsen & Will Buckley of Cassidy Turley represented the seller
MNCAR_AMR-2011_FINAL.indd 5 3/12/12 11:55 AM
Annual Office Market Report
GROUND RULES
• Thisreportcoversonlypure,multi-tenantofficebuildingsinexcessof20,000squarefeet.Itthereforedoesnotincludemedical office buildings, or buildings containing solely government offices.
• Propertiesthatweredesignedtobemulti-tenantareincludedinthisreporteveniftheyhavebeenleasedentirelytoone tenant. Single tenant leased properties that were developed on a build-to-suit basis, and that would not function well as multitenant properties, are not included in this report. Owner occupied properties are also not included in this report.
• Rentalratesarebasedonquotednetrates.Actualeffectiverateswillvary.• Salelistingcountsincludeindividualcondounitsassinglelistings.Forinstance,a50,000squarefootbuildingdividedinto
five 10,000 square foot condos, each with a separate For Sale listing, would contribute 5 listings to our listing count totals.
DEFINITIONS
• ExistingProjects:BuildingconstructioncompletedpriortoDecember31st,2011.• Vacantspace:Spacethatisunoccupiedandnotunderlease.• Absorption:ThepositiveornegativedifferenceintheamountofspaceoccupiedbetweenDecember31st,2010and
December 31st, 2011.• SpacethatisphysicallyoccupiedbyatenantpriortoDecember31st,2011,butmarketedforleaseisconsidered
occupied space.• Subleasespace,eitherphysicallyoccupiedorvacant,isconsideredoccupiedspaceintheuniverseuntilthelease
runs out.• Spaceoccupiedbyatenantonamonth-to-monthleasethatisalsomarketedforleasetoanew,long-termtenantis
considered occupied space.• Thereportdoesnottrack“shadow”space,orbuildingsthatareleasedbytenantswhoarenotusingthespacebutnot
trying to sublease it.• Contiguousspace:Havingacommonboundary;spacethatisdirectlyadjacenttoanotherspaceorspaces.• Averagequotedrateswerebasedonsingle,double,andtriplenetrates.
MNCAR_AMR-2011_FINAL.indd 6 3/12/12 11:55 AM
Annual Industrial Market Report
Squa
re F
ee
t
600,000
500,000
400,000
300,000
200,000
100,000
0
% V
ac
ant
20
15
10
5
0
East Northwest
364,781
Southeast
87,279
Southwest
169,513
9.0
10.6
16.5
13.2
Northeast
537,305
9.8
179,816
VACANCY RATES AND ABSORPTION BY SUBMARKET
This report is using a new method of counting available spaces for lease. Historical listing counts from the previous year’s report are not being used. The new counts are more accurate and reflect the high standard of data accuracy supported by our new Exchange system.
Listing counts are totaled by the market areas used on the MNCAR Exchange system. These boundaries differ from those published in this report and used for vacancy and rate reporting.
Buildings For SaleBUILDING SIZE 0-25,000 SF 25-50,000 SF 50-100,000 SF 100-200,000 SF 200,000+ SF 2011 2011 2011 2011 2011
Minneapolis CBDMinneapolis CitySaint Paul CBDSaint Paul CityMidwayNortheastSoutheastSouthwestNorthwestTOTALS
AVAILABLE BUILDING INVENTORY – SALE & LEASENumber of Availabilities by Submarket
4333
1610624993
136406
212323
15263252
147
113030
1015282999
020012976
27
011020743
18
Spaces For Lease Including ContiguousBUILDING SIZE 0-25,000 SF 25-50,000 SF 50-100,000 SF 100-200,000 SF 200,000+ SF 2011 2011 2011 2011 2011
Minneapolis CBDMinneapolis CitySaint Paul CBDSaint Paul CityMidwayNortheastSoutheastSouthwestNorthwestTOTALS
886132859
286394454589
1917
51866
12625991
131390
410487
18244657
178
051156
14133681
021000748
22
MNCAR_AMR-2011_FINAL.indd 7 3/12/12 11:55 AM
Annual Industrial Market Report
% V
ac
ant
East Northeast Northwest Southeast Southwest
30.0
25.0
20.0
15.0
10.0
5.0
0.0
10.9
6.5
11.6
10.1
9.9
13.4
11.1
16.6
8.4
8.410
.8
8.7
21.1
21.1
Bulk Warehouse Office Showroom Office Warehouse
15.1
VACANCY RATES BY SUBMARKET AND PRODUCT TYPERe
nta
l Ra
te (
$)
Bulk Warehouse Office Showroom
10
8
6
4
2
0
Office Warehouse
Offi
ce
Wa
reho
use
8.88
4.26
Offi
ce
Wa
reho
use
9.43
4.52
Offi
ce
Wa
reho
use
8.91
4.20
AVERAGE QUOTED NET RENTAL RATES BY PRODUCT TYPE
MNCAR_AMR-2011_FINAL.indd 8 3/12/12 11:55 AM
Annual Industrial Market Report
Total Avg Quoted Avg OpMARKET Universe SF Vacant SF % Vacant Net Absorption SF Rate ($) Exp/SF Avg Taxes/SF
WH Off
EastBulk Warehouse Office Showroom Office Warehouse Totals
NortheastBulk Warehouse Office ShowroomOffice WarehouseTotals
NorthwestBulk Warehouse Office ShowroomOffice WarehouseTotals
SoutheastBulk WarehouseOffice ShowroomOffice WarehouseTotals
SouthwestBulk Warehouse Office ShowroomOffice WarehouseTotals
TOTAL MARKETBulk Warehouse Office ShowroomOffice Warehouse
TOTALS
3,121,5261,965,2572,683,5757,770,358
8,702,5744,127,723
20,184,83633,015,133
10,656,9844,848,050
13,802,46429,307,498
7,660,8284,090,8656,882,744
18,634,437
4,588,5925,958,953
12,890,60323,438,148
34,730,50420,990,84856,444,222
112,165,574
260,727212,065224,430697,222
565,142478,309
2,192,9213,236,372
1,056,836651,440
1,396,7733,105,049
1,617,920863,071595,453
3,076,444
761,644900,070
1,431,2363,092,950
4,262,2693,104,9555,840,813
13,208,037
143,620(61,130)
97,326179,816
130,27944,332
362,694537,305
30,89326,438
307,450364,781
146,001(92,023)
33,30187,279
(149,633)(102,637)
421,783169,513
301,160(185,020)1,222,554
1,338,694
8.410.88.49.0
6.511.610.99.8
9.913.410.110.6
21.121.18.7
16.5
16.615.111.113.2
12.314.810.3
11.8
7.9511.0810.9510.90
9.579.188.698.89
8.959.429.159.19
8.589.048.618.81
8.629.538.779.08
8.889.438.91
9.09
0.732.382.342.20
1.121.501.261.30
0.982.052.702.17
4.041.761.252.06
1.552.151.681.84
1.971.921.77
1.85
1.102.011.831.84
1.622.291.651.80
1.642.351.771.92
1.301.941.771.76
1.402.101.741.84
1.502.141.73
1.83
3.614.184.654.28
4.464.344.124.20
4.414.624.124.30
4.144.464.284.34
4.154.674.294.42
4.264.524.20
4.31
2011 MARKET OVERVIEW
NOTABLE INDUSTRIAL SALES TRANSACTIONSPROPERTY SIZE (SF) PRICE/TYPE CITY BUYER SELLER AGENTS INVOLVED
Diamond Lake 2 & 320015-20195 Diamond Lake Rd S
Evergreen Industrial Portfolio
Xenium Distribution Center1105 Xenium Ln N
9000 109th Ave N
3880 4th Ave E
I-35 Business Center2215-2219 Hwy 36 W
Rogers Distribution Center13098 George Weber Dr
Continental Nitrogen Site12955 Courthouse Blvd
Gateway Business Park2420 Long Lake Rd
Plymouth Corporate Campus1725-1797 Xenium Ln N
519,000
574,000
335,063
221,750
157,644
121,699
147,160
210,000 50 acres
101,072
83,617
$34,200,000
$17,000,000
$16,050,000
$12,776,273
$8,250,000
$8,150,000
$6,900,000
$6,500,000
$6,100,000
$5,800,000
Rogers
Roseville & Shoreview
Plymouth
Champlin
Shakopee
Roseville
Rogers
Rosemount
Roseville
Plymouth
20015/20195 South Diamond Lake Road Investors
Travelers
Realty Associates Fund IX LP
Liberty Property Trust
Duke Realty Corp
Duke Realty Corp
Liberty Property Trust
Yocum Oil Company
Duke Realty Corp
Artis Real Estate Investment Trust
TR Diamond Lake Corp
Waterton Commercial & Lehman Brothers Holdings Inc
Carlson Real Estate Co LLP
KBS Industrial Portfolio LLC
DCT MN Valley LLC
DCT MN Valley LLC
Artis Real Estate Investment Trust
Continental Nitrogen Resources
DCT MN Valley LLC
Plymouth Corp Campus LLC
Steven Buss, Tom Holtz, and Ryan Watts of CBRE represented the seller.
Dan Russ and Duane Poppe of Transwestern represented the seller.
Steve Buss of CBRE represented the seller.
David Jellison of Liberty Property Trust represented the seller.
No agents. Portfolio purchase.
No agents. Portfolio purchase.
Steven Buss, Tom Holtz, and Ryan Watts of CBRE represented the seller.
Lonnie Provencher of Cushman & Wakefield/NorthMarq represented the seller.
No agents. Portfolio purchase.
Steve Nilsson, Peter Mork and Jason Simek of Colliers International (Welsh) represented the seller.
MNCAR_AMR-2011_FINAL.indd 9 3/12/12 11:55 AM
Annual Industrial Market Report
GROUND RULES• Multi-tenantofficewarehouse,officeshowroom,andbulkwarehousebuildingsinexcessof25,000squarefeet.Single-
tenant leased properties that were developed on a build-to-suit basis, and that would not function well as multi-tenant properties, are not included in this report. Owner occupied properties are also not included.
• Rentalratesarebasedonquotednetratesexclusiveoftransactioncosts.Actualeffectiverateswillvary.
DEFINITIONS
• ExistingProjects:BuildingconstructioncompletedpriortoDecember31st,2011.• Vacantspace:Spacethatisunoccupiedandnotunderlease.• Absorption:ThepositiveornegativedifferenceintheamountofspaceoccupiedbetweenDecember31st,2010and
December 31st, 2011.• SpacethatisphysicallyoccupiedbyatenantpriortoDecember31st,2011,butmarketedforleaseisconsidered
occupied space.• Subleasespace,eitherphysicallyoccupiedorvacant,isconsideredoccupiedspaceintheuniverseuntilthelease
runs out.• Spaceoccupiedbyatenantonamonth-to-monthleasethatisalsomarketedforleasetoanew,long-termtenantis
considered occupied space.• Thereportdoesnottrack“shadow”space,orbuildingsthatareleasedbytenantswhoarenotusingthespacebut
not trying to sublease it.• Contiguousspace:Havingacommonboundary;spacethatisdirectlyadjacenttoanotherspaceorspaces.• Averagequotedrateswerebasedonsingle,double,ortriplenetrates.
PROFILE OF PROJECT TYPES
Project Type Typical Tenant Size Clear Height Bay Depth Office/ShowroomOffice Warehouse 7,000 Sq. Ft. + 16-24 Ft. 120-160 Ft. 10%-40%Office Showroom 3,000 Sq. Ft. + 12-16 Ft. 80-120 Ft. 25%-75%Bulk Warehouse 20,000 Sq. Ft. + 20+ Ft. 160-200 Ft. 0%-10%
MNCAR_AMR-2011_FINAL.indd 10 3/12/12 11:55 AM
Annual Retail Market Report
AVAILABLE BUILDING INVENTORY – SALE & LEASENumber of Availabilities by Submarket
Squa
re F
ee
t
2,500,000
2,400,000
2,200,000
2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
% V
ac
ant
40
35
30
25
20
15
10
5
0
CBDs Neighborhood RegionalCommunity
359,786
2,139,865
427,5639.3
2.0
809,756
4.3
21.5
VACANCY BY CENTER TYPE
This report is using a new method of counting available spaces for lease. Historical listing counts from the previous year’s report are not being used. The new counts are more accurate and reflect the high standard of data accuracy supported by our new Exchange system.
Listing counts are totaled by the market areas and Center Types used on the MNCAR Exchange system. These differ from those published in this report and used for vacancy and rate reporting.
Buildings For SaleBUILDING SIZE 0-10,000 SF 10-25,000 SF 25-50,000 SF 50-100,000 SF 100,000+ SF 2011 2011 2011 2011 2011
Minneapolis CBDMinneapolis CitySaint Paul CBDSaint Paul CityMidwayNortheastSoutheastSouthwestNorthwestTOTALS
1472
268
59526197
353
412131
27232651
148
12001748
1639
200003347
19
010006808
23
Spaces For Lease Including ContiguousBUILDING SIZE 0-10,000 SF 10-25,000 SF 25-50,000 SF 50-100,000 SF 100,000+ SF 2011 2011 2011 2011 2011
Minneapolis CBDMinneapolis CitySaint Paul CBDSaint Paul CityMidwayNortheastSoutheastSouthwestNorthwestTOTALS
120130502423
327429391547
2041
1010443
27544270
224
212217
147
3975
01000294
2440
0000012003
MNCAR_AMR-2011_FINAL.indd 11 3/12/12 11:55 AM
Annual Retail Market Report
Exp
ens
es
($)
15.0
10.0
5.0
0.0
10.05
CBDs Community
3.34
Neighborhood
3.40
Regional
6.22
AVERAGE TOTAL EXPENSES BY CENTER TYPERe
nta
l Ra
te (
$)
30
20
10
0
CBDs
20.43
Neighborhood
15.22
Community
19.93
Regional
22.43
QUOTED NET RENTAL RATES BY CENTER TYPE
MNCAR_AMR-2011_FINAL.indd 12 3/12/12 11:55 AM
Annual Retail Market Report
2011 MARKET OVERVIEW
These figures do not take sublease and “shadow” space into account.
Avg QuotedMARKET Total Universe SF Vacant SF % Vacant Rate ($) Avg Op Exp/SF Avg Taxes/SF CBDs Community Neighborhood Regional
TOTAL MARKET
1,674,692
18,972,629
22,935,143
21,034,726
64,617,190
359,786
809,756
2,139,865
427,563
3,736,970
21.5
4.3
9.3
2.0
5.78
20.43
19.93
15.22
22.43
16.47
10.05
3.34
3.40
6.22
3.83
3.51
4.73
3.93
6.14
4.16
NOTABLE RETAIL SALES TRANSACTIONSPROPERTY SIZE (SF) PRICE/TYPE CITY BUYER SELLER AGENTS INVOLVED
Ryan Retail Portfolio(5 Shopping Centers)
Fountain Place8565 Fountain Pl
Calhoun Commons3040 Excelsior Blvd
Rockridge Center4445 Nathan Ln N
The Shoppes at Arbor Lakes7900 Main St N
Brookdale Center1100-1347 Brookdale Mall
Cahill Plaza7810-7850 Cahill Ave
Jerry’s Food Building5017 Vernon Ave S
Four Parcel Portfolio8033 Knox Ave1701 American Blvd W1600 81st St1601 American Blvd W
1180 Arcade St
508,862
109,513
66,150
128,000
85,359
625,000
69,000
20,000
25,712
14,490
$28,300,000
$23,100,000
$21,020,000
$20,500,000
$9,906,905
$7,500,000
$6,600,000
$6,160,000
$5,900,000
$5,900,000
Minneapolis/Saint Paul Metro Area
Eden Prairie
Minneapolis
Plymouth
Maple Grove
Brooklyn Center
Inver Grove Heights
Edina
Bloomington
St Paul
Artis Real Estate Investment Trust REIT
Sun Life Assurance Co
Regency Center Corporation
Columbia II Rockridge Center LLC
Arbor 15, LLC
Gatlin Development Co
Paster Enterprises
Vernon Properties LLC(Semper Development)
Luther Automotive Group
Private family trust
Ryan Cos. US Inc
EP-Minn LLC
Calhoun Commons LLC
HP 3 LLC
Opus Estates, LLC
Capmark Financial Group
Cahill Plaza LLC
Jerry’s Enterprises Inc
Knox Avenue Properties LLCJames Lupient81st Street Properties
Unknown developer
Tom Holtz, Steven Buss and Ryan Watts of CB Richard Ellis represented the seller.
No local agents involved.
Joe Gerardi of Mid-America Real Estate represented the buyer; Kelly Doran of Doran Companies represented the seller.
Joe Gerardi of Mid-America Real Estate represented the buyer.
No agents involved.
Jim Leary, Steve Lysen and Andy McConville of CB Richard Ellis represented the seller.
Howard Paster of Paster Enterprises representedthebuyer;EricBjellandandLeahTruax of NorthMarq represented the seller.
Richard Hauser of Spectrum Development Group represented the buyer; Darcy Winter of D E Winter & Associates represented the seller.
Dick Friedrichs with Colliers International | Minneapolis-St. Paul represented the buyer; Joe Mahoney of H.J. Development represented the seller.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer
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Annual Retail Market Report
GROUND RULES
• Multi-tenantretailpropertiesinthe7-countymetroareainexcessof30,000squarefeet.• Rentalratesarebasedonquotednetratesexclusiveoftransactioncosts.Actualeffectiverateswillvary.
DEFINITIONS
• ExistingProjects:BuildingconstructioncompletedpriortoDecember31st,2011.• Vacantspace:Spacethatisunoccupiedandnotunderlease.• Absorption:ThepositiveornegativedifferenceintheamountofspaceoccupiedbetweenDecember31st,2010and
December 31st, 2011.• SpacethatisphysicallyoccupiedbyatenantpriortoDecember31st,2011,butmarketedforleaseisconsidered
occupied space.• Subleasespace,eitherphysicallyoccupiedorvacant,isconsideredoccupiedspaceintheuniverseuntilthelease
runs out.• Spaceoccupiedbyatenantonamonth-to-monthleasethatisalsomarketedforleasetoanew,long-termtenantis
considered occupied space.• Thereportdoesnottrack“shadow”space,orbuildingsthatareleasedbytenantswhoarenotusingthespacebut
not trying to sublease it.• Contiguousspace:Havingacommonboundary;spacethatisdirectlyadjacenttoanotherspaceorspaces.• Averagequotedrateswerebasedonsingle,double,ortriplenetrates.
PROFILE OF PROJECT TYPES
Regional Center: 800,000 square feet and upCommunity Center: 150,000-399,999 square feetNeighborhood Center: Up to 150,000 square feetCentral Business Districts of Minneapolis & St. Paul: Regardless of square footage
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MNCAR EXCHANGE 2012 LEADERSHIP
PRESIDENT Lisa Christianson Christianson and Company PRESIDENT-ELECT/TREASURER Marty Fisher Premier Commercial Properties IMMEDIATE PAST PRESIDENT Tim Igo Suntide
DIRECTORS Nathan Arnold CBRE Maura Carland Colliers International | Minneapolis-St. Paul Sheila DeVine Warnert Commercial Dirk Koentopf Cushman & Wakefield/NorthMarq Jeff LaFavre CBC Griffin Companies John McCarthy Cushman & Wakefield/NorthMarq Dennis Panzer Cassidy Turley Dan Peterson Adam Commercial Whit Peyton CBRE Mike Salmen Transwestern Bill Wardwell Colliers International | Minneapolis-St. Paul
MINNESOTA COMMERCIAL ASSOCIATION OF REAL ESTATE 2012 LEADERSHIP
PRESIDENT Tom Tracy Cushman & Wakefield/NorthMarqPRESIDENT-ELECT/TREASURER Duane Poppe TranswesternIMMEDIATE PAST PRESIDENT Brad Butler Liberty Property Trust
DIRECTORS Anna Coskran Nelson, Tietz & Hoye Todd Hanson Cushman & Wakefield/NorthMarq Jen Helm Cushman & Wakefield/NorthMarq Mike Honsa Transwestern Jim Jetland Cushman & Wakefield/NorthMarq Andy McIntosh CSM Stefanie Meyer Mid-America Steve Shepherd Colliers International | Minneapolis-St. Paul Phil Simonet Paramount Real Estate Nils Snyder Colliers International | Minneapolis-St. Paul Mark Steingas Copperwood Investments Tom Stella Cushman & Wakefield/NorthMarq David Stokes Cassidy Turley Brian Wasserman CBRE
2012 Annual Market Report
MNCAR believes the information contained within this report to be accurate. MNCAR accepts no responsibility if this is found not to be the case. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein.
MINNESOTA COMMERCIAL ASSOCIATION OF REALTORS 2012 LEADERSHIP
PRESIDENT Tom Burton Burton Real Estate AdvisorsIMMEDIATE PAST PRESIDENT Lisa Christianson Christianson & CompanySECRETARY/TREASURER Jeff LaFavre Coldwell Banker Commercial Griffin Companies
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www.mncar.org
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