Posts filed under ‘Programs | Events’
Recap | University Real Estate Challenge
The winning team from the University of Northern Iowa
NAIOP Minnesota hosted the 2013 University Challenge on April 18 at the Radisson Blu located next to the Mall of America. Despite the monstrous snow fall that commenced a couple of hours before the event, our NAIOP members showed their Minnesota toughness and came out to cheer on their favorite team.
The challenge was to come up with an idea for the development of the two lots lying between 9th and 10th Streets on Marquette Avenue in downtown Minneapolis (the parking lots next to the music score that is painted on the wall). This year was particularly difficult as the judges threw in a thirty foot setback from one of the buildings and an access easement that runs between the two parcels, making the options that much more limited. Despite the complications, each team came up with an impressive proposal.
The three that made it to the final round out of the five initial proposals were Marquette University, the University of Northern Iowa, and the University of Wisconsin-Madison, and the University of Northern Iowa had the winning design. Their idea was a building that included 280,000 square feet of office space on top of a hotel and parking. The project effectively utilized all of the features of the property, allowed for good access from all three adjacent streets, took advantage of a higher rental rate for the floors over 20 stories, and provided a simple and clean design.
Marquette University also submitted a proposal that was clean and provided for a good use of the property. Their idea was to have luxury apartments on top of a boutique hotel and additional parking below. The boutique hotel was particularly interesting in that there are not many independent boutique hotels in the Minneapolis area. The judges seemed to be concerned with additional apartments in the metro area, which may be the reason why this design was not selected.
The most courageous design was from the University of Wisconsin-Madison. Their idea was to acquire the Schmidt Music building that lies adjacent to the parcel to the southeast and expand the project. The idea included a Wolfgang Puck on the top floor, 725,000 square feet of office space below the restaurant, retail space and a childcare center with an outdoor play area below the office space, and parking on the bottom. Although the project was very creative, the judges ostensibly deemed it a little too ambitious and cost prohibitive in this market.
Cocktails and food followed the competition, and many stuck around despite the weather. The proposals submitted by the teams will be available on the NAIOP Minnesota website shortly.
Recap | 2013 Economic Forecast – A Look Ahead
The March 12 breakfast program with Jim Paulsen was well attended by both NAIOP and non-NAIOP members. Mr. Paulsen, chief investment strategist at Wells Capital Management and an economist with 25 years of experience, gave his insight on the current state of the economy and trends for the near future. His general prognosis was that we should stop worrying about the short term mediocre economy as we are in what he refers to as the “gear year,” or the fourth year of an economic upswing. We can expect to see much more activity in the short term, which is evident from the uptick in current activity. Mr. Paulsen also provided an interesting and insightful comparison between consumer confidence and the stock market, which appear to go hand in hand and mirror one another. This relationship suggests that the rise in stock prices will lead to a rise in consumer confidence and eventually to an increase in the performance of the economy. Mr. Paulsen delivered an informative presentation indeed!
Recap | Day at the Slopes
Both NAIOP members and a few non-members headed out to Afton Alps (aka “Vail, MN”) for a perfect day of skiing on March 7 for NAIOP’s Day at the Slopes. Temperatures were in the 30s and the conditions were great as ten inches of snow had fallen two days prior. Members met up for lunch and then skied together the whole day until the sun went down. Many great conversations were had on the chairlift rides up and many memories were made. Everyone who attended can’t wait until next year. Don’t miss out on the fun!
Save the date: NAIOP’s Day on the Slopes
Day on the Slopes is next Thursday, March 7 at Afton Alps! Lift tickets will be available at 12:30 pm for a fun day of skiing and cocktails with your NAIOP Minnesota brethren.
More information
See you there!
Recap | David Weinberg from EGI Presents to NAIOP Minnesota
Moderator Arvid Povilaitis from Meritex with speaker David Weinberg from EGI
On Tuesday, February 19, David Weinberg, the Managing Director for EGI, spoke at a NAIOP hosted event at Edina Country Club. Mr. Weinberg provided succinct and valuable insight and data on the current real estate market trends and on what he forecasts for both the national and Minnesota markets. His general conclusion for the Twin Cities is that this market is a good place to invest from a national prospective, and that it outperforms many of its peers and will continue to do well. As expected, Mr. Weinberg provided a wealth of valuable information.
Join NAIOP on March 12 at Golden Valley Country Club when Jim Paulsen, the Chief Investment Strategist for Wells Capital Management will speak on the current economic environment and its impact within the investment arena.
Recap | Developing Leaders Mentor Program Kick-Off Event
The NAIOP Developing Leaders 2013 Mentor Program is off to another good start with approximately 45 of the 58 participants in the program attending the kick-off event on February 7th at Mozza Mia. Amy Ciani opened the evening with a lively address to everyone in attendance, outlining expectations and planned events throughout the year including multiple roundtable discussions, joint attendance at NAIOP breakfast program events, and a year-end appreciation party. The mentor program has been incredibly successful matching up prominent figures from many of the major industry players in town with NAIOP’s Developing Leaders. Based on the enthusiasm shown at the kick-off event, the 2013 program will definitely continue to build on past successes.
The mentor program subcommittee consists of Amy Ciani, Boston Weir, and Mike Fitzpatrick. Please contact Mike, Amy, or Boston if you have any questions or would like to get more involved.
Project Profile | Normandale Lake Office Park acquisition by Equity Group Investments affiliate
Learn more about this project straight from the source at NAIOP Minnesota’s February 19th program
In August 2012, an affiliate of Equity Group Investments (EGI), along with two joint venture partners, acquired Normandale Lake Office Park, the largest Class A office asset in the Minneapolis market. The complex includes 1.7 million square feet of space in five towers, which are connected by enclosed skyways. Located in the Southwest suburb of Bloomington, Normandale is situated on 23 acres overlooking the 2,500‐acre Normandale Lake Recreational Area.
David Helfand, EGI’s co-president, led the partnership in the transaction. EGI serves as the managing member of the joint venture, which includes affiliates of GEM Realty Capital, Inc. and Perennial Investments and Advisors, LLC.
Founded by Sam Zell more than 40 years ago, EGI has a diverse investment portfolio spanning industries and continents with interests in real estate, energy, logistics, transportation, communications and health care. The firm invested in Normandale Lake Office Park through the Zell Credit Opportunities Fund.
Cushman & Wakefield/NorthMarq provides leasing and management services for the complex. Tom Tracy, Executive Director-Brokerage Services, has been responsible for leasing at Normandale since 1997. The complex is 84% leased and currently has availabilities that include floor plates ranging from approximately 20,000 to 28,000 square feet, and contiguous spaces of up to 75,000 square feet.
Rookies & Rock Stars | November 7
A Cocktail Party and Networking Event Between NAIOP Developing Leaders and Industry Experts.
WHO: Rookies: NAIOP Developing Leaders
Rock Stars: NAIOP Board Members & Past Dinner with a Winner Icons
WHEN: Wednesday, November 7, 2012, 4:30 p.m. – 6:30 p.m.
WHERE: Guthrie Theater Endless Bridge, 818 South 2nd Street, Minneapolis
COST: Rookies = $25 (which will be donated to Catalyst)
Rock Stars = $0
RSVP: Register online at www.naiopmn.org or call 952-928-4647.
Space is limited and only a few spots remain – sign up today!
The Awards of Excellence…Moving to September 2013
The NAIOP Board of Directors, in association with the Special Events committee, is pleased to announce exciting new changes to the annual Awards of Excellence program. These revisions include a fresh venue, new award categories, and an increased focus on attendance and publicity from the community at large. The first New Awards of Excellence will be held in September 2013. While this may be an unbearably long time for some to wait, we feel these enhancements to the visibility and prestige of the Awards will be well worth it. Projects which were completed after the 2011 Awards entrance cutoff will be eligible to be entered for the New Awards of Excellence. Stay tuned!
13th Annual Opus Cup Supports Catalyst Community Partners
The Opus Cup returns on Wednesday, May 2, from 3:30-5:30 p.m. at Braemar Ice Arena in Edina. Bring your friends and family for a free afternoon of fun and entertainment! Enjoy free refreshments while cheering on local industry brokers as Team Lau tries to take the title from Team Jet. Enter the Chuck-a-Puck during both intermissions for a chance to win a $200 gas card, courtesy of bdh + young, or a $200 Visa gift card. Attendees can also purchase $5 raffle tickets for a chance to win four Champion’s Club Twins tickets.
All brokers with less than five years of industry experience will be entered in a drawing to win lunch-with-an-industry-veteran – Tim Murnane or Tom Shaver. Two lucky brokers will win this prize!
All proceeds will be donated to Catalyst Community Partners, a local non-profit organization working to revitalize key commercial corridors in distressed urban neighborhoods, and NAIOP Minnesota’s current charitable partner. For more information, please contact Kristin Weise at 952.656.4781 or kristin.weise@opus-group.com.
