Posts filed under ‘Industry News’
Project Profile | United Properties and StuartCo: Penn & American
Penn & American – the multi-phase, retail and residential project at the intersection of Penn Avenue and American Boulevard in Bloomington – recently signed leases with new restaurant concepts for the southwest metro: Which Wich Superior Sandwiches and Moe’s Southwest Grill. The restaurants are part of the first phase of the redevelopment, which includes two retail buildings developed by United Properties and 234 apartments and townhomes developed by StuartCo.
StuartCo is developing Genesee Apartments & Townhomes at Penn & American, which includes 212 apartments and 22 townhomes along with a rooftop deck, fitness center, outdoor pool and movie theater. Model homes have just opened and the first residents move into the 22 two- and three-bedroom townhomes in June. The studio, one- and two-bedroom apartments and penthouses will open in August and September.
The Penn & American redevelopment includes a new signaled intersection as well as surface, secured structured and public on-street parking. The site allows for future redevelopment to occur in smaller phases; the next phase includes additional retail, hotel or office space. United Properties worked for nearly five years planning the new development, which replaced two former car dealerships.
NAIOP Minnesota and other commercial real estate leaders promote industry diversity
The recent MNCAR Expo provided more than expert perspectives on the evolution of the commercial real estate market. It provided a chance for young people to catch a glimpse of the vast career opportunities presented by the industry.
The Commercial Real Estate Diversity Collaborative, a group of commercial real estate market leaders interested in attracting more people of color into the industry, joined efforts with the STEP-UP Achieve summer jobs program in hosting students from Patrick Henry High School at the Expo. Prior to the program that day, the students met with several industry professionals representing Cushman & Wakefield | NorthMarq Real Estate Services, U.S. Bank, Guaranty Commercial Title, The Saint Paul Port Authority, Duke Realty, Foster Real Estate Advisory Services, and Architectural Alliance. The students were introduced to corporate services, development, property management, finance, marketing, title, and design. They were able to ask questions of these professionals in an open, casual environment, giving them a greater understanding of the program, the Expo, and the commercial real estate industry. (more…)
Improvement for the industrial market?
By Mitch Simonson, Integra Realty Resources
The 2011 NAIOP Minnesota Industrial Market program provided an entertaining and informative session with a steady mix of humor and insight. The afternoon program commenced with a series of video interviews conducted by Casey Hankinson of Ryan Companies asking Minnesota Twins players and coaches the following question: what is the correct pronunciation of NAIOP? A brief overview of the industrial submarkets was then provided by the industrial broker specialists detailing annual absorption and vacancy trends. The overall Twin Cities market vacancy declined slightly to 12.2% which was helped by about 1.01 million square feet of positive absorption. It was noted the positive absorption figure was partially buoyed by a roof collapse over the winter, and two significant month-to-month leases which accounted for over half the absorbed space. (more…)
CSM Equities, L.L.C. Inks Deal with Lockheed Martin Corporation
CSM to acquire Eagan facility for redevelopment
CSM Equities, L.L.C., an affiliate of Minneapolis based CSM Corporation, announced that it has entered into a sale and leaseback agreement for the 51.15 acre Lockheed Martin facility, located at 3333 Pilot Knob Road, in Eagan. The sale portion of the transaction is expected to close in the summer of 2011 with Lockheed Martin continuing to occupy the space under a lease agreement until the final consolidation and transition of its operations in the spring of 2013. (more…)
Exclusive video from Dan Spiller program
We asked and he answered…
Watch the video below for Dan Spiller’s take on what part of the economy concerns him most and key take-aways for the commercial real estate community.
Spiller is a senior vice president in U.S. Bancorp’s corporate treasury department. Thank you to NAIOP members Ben Krsnak of Hempel Properties and Whitney Peyton of CB Richard Ellis for sharing their impressions with us.
What to expect in 2010? A Look Back at the NAIOP 2009 Office Update
(Above: Moderator Jim Damiani, Welsh Companies)
By Andy Hunt, UGL Equis
With 2010 underway, now is a great time to look at the current commercial real estate landscape as we start the year ahead.
On Wednesday, November 18, NAIOP Minnesota members packed the ballroom at the Sheraton Bloomington hotel to get an update on the metro-wide office market. A panel of eight industry experts, including moderator Jim Damiani of Welsh Companies, gave recaps of activity over the last 12 months as well as predictions for 2010.
Overall, each panelist agreed that the current market is the toughest in decades. Market vacancy is currently at 18.5%, the highest since 1992, and it is expected to climb. An overall flight to class A properties is one highlight of the market, leaving vacancies for class A properties at 16% while Class B and C properties sit closer to 20%. Absorption has also reached its largest negative level since 2002, at (1,606,254) square feet. Finally, Damiani pointed out that the biggest obstacle we face today is our lack of capital and access to capital.
The news was not completely grim, however, as Damiani opined we are most likely closer to the end of this recession than to the beginning. In addition, some submarkets have shown more resiliency than others as the recession has dragged on. (more…)
Westwood Renewables awarded Minnesota’s largest solar project
Westwood Renewables, LLC will begin construction this month on Minnesota’s largest PV solar farm to date. The 400 kW Saint John’s Solar Farm will be constructed on site at Saint John’s Abbey and University in Collegeville, Minnesota and is four times larger than the current largest system in Minnesota. (more…)
Adolfson & Peterson Works Two Million Consecutive Man Hours with No Lost Time Accidents
Adolfson & Peterson Construction’s (A&P) Midwest region recently surpassed a major construction milestone, working more than two million hours with no lost time accidents.
A&P’s regional safety success closely follows the company’s corporate achievement of working more than three million hours with no lost time accidents and supports its national goal to reach five million hours. (more…)
