INFORMATION #3 EDSR 11-10-2008Q3 08 Q4 08
Actual Estimazed
VACANCY RATE ~ T
NET ABSORPTION -~ -~
CONSTRUCTION ~ T
RENTAL RATE T ~
SIGNIFICANT TRANSACTIO~~J
.:.
~wr«~ ~„
a^~
Carmen Distribution Center
Inver Grove Heights, MN
Buyer: TA Associates Realty of Boston
Seller: Capri Capital Advisors
Size: 174,2b7 SF
Price: $37 PSF
TURLEY
MARTIN
TUCKER
Commercial Real Estate Services
As Autumn Dawns, Industrial Market Continues to Fall
The T~Tin Cities industrial market experi-
enced negative absorption f~~r the third con-
secutive quarter, with ne~;ativc absorption
of 333,430 Sk for the quarter and. negative
870,364 Sh for the year.
The negative absorption has l.eil to the avail-
ability of numerous options orr the market.
It is truly a renter's market at this tune, as
t >earch for available spate reveal; s<:~ many
options that the. tenant can bey very selective
about «.here they wish to locate. Landlords
G~~itl~t i7ritr e locatt<ns cats still fill therrva~-art-
ciesquickly, but those not as i~ort unite must.
find additional ways to convince tenants to
i:orne tlrrouglt their s7;tar.e and sigh ort tlr.e
dotted line.
<<lnodter s:hallenge for tl~te txrarket is tl~te in-
crease in sublease space. hherer is close to
2,000,000 SF of sublease space on the mar-
ket. That is twice as ntuc:lt as the 987,0(}0
Scott County 13.4%
Southwest Sector 9.6%
St. Paul ~.I%
Dakota County '.3%
Twin Cities Metro ~b.b%
Washington County 6.3%
Anoka County 4.5%
Minneapolis 4.3%
Northeast Sector ~.7%
Northwest Sector 3.b%
5~,...~ t .~~,s
SF of sublease on the market a year ago and
alrnc>st tl~tree time, as tnutat as tl e (34,000
~1" {Tl)Tn 1: Y~~0 yt. ir5 ago.
One potential. positive poirtr for industrial.
owners is somethuir~ called the "oil fac-
tor." As described in an article in the Star
Tribune, tyre higher cost of oi.1 is ]raving
a positive atEect on local matntfact:uring.
Many companies shifted. operations to Asia
in ardec to leverage cheap Ialtor, but over
~~
13
I
,~
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s
' '
,3
r~ _ .. .
9
QI Q2 Q3 Q4 QI Q2 Q3 Q4 QI Q2 Q3 Q4 Q1 , Q2 Q3 Q4 QI ' Q2 Q3
2004 2005 200b 2007 2008
~ Absorption Vacancy Rate
INDUSTRJAL ~ THIRD QUARTER ~ 2008
..~~i?~~Nr~~ ~~.,::~a
MARKET INDICATc~RS
the ,,>utnnu°r, as ai.l. pr-ii:es treated `150 pdr
bane{, the cost: to ship 1>roducta across the
ocean t,>se drarnatic111}. The cost of shipping
i.~ just one aspect char r c:~rusin;; locstl lnanu-
fac tu-ers tc> reconicht overseas rnanu#act:ur-
ing. The rising cost of global alaries and the
U-eakcni.ng dollar xls<> tractor into the egoa-
tiorr. ~T~his doesn't meat[ that all those jobs
sLtipped overseas t~~ill return, bu.t the higher
cost of slrippin~ dues have nranufacntrers
considering where their etrstcuners are. lo-
car~ d, and. what the must: e conornical v~~ay t:o
nrarrufatturz arul di~trihtire the pxoduct is_
C;ot:tructiou season i;; starting to wrap tip
for thc• vezu in Minrte.:ota, .tn+:{ tv~itla tl-rat,
r6e »i\r 1>rid„<; in _'~~(inn•tpc>]i rc:-irpcnrd
in late September. A~/hile. many businesses
did not appear to be affected dire~cCl.y by t1~te
bridge closing, nc~ re-ol:rerring will help the
tZow of traffic and rev{rtce travel dist.Ynces
for titatty drivers- This is particrdarly gooc{
ne~G,s f~~r corrstrnrers, as gas prices remain
hiu>!r lxri h<avc lie{d rel<rticely steady over the
pa sr illl~tCtrr.
"C'he average risking rate for industrial prop-
ertit~s w~asrui~ed {n rlie third quarter. Bulk.
Warehouse rates rose 1"~, to `14.30; Office
Showraoru rates climbed 1.5%, to $4.i2;
v.~lrile Office \Y'areh~}ttse rat<-s till ?`c, to
54.35.
l}tilk \\%areitou.~e <pat t was the bast :itfected,
~.~-u_hr u~,;ativt~ al>sor2?tion of ci,255 Sl~ for tht'
third. quarter. Office Warehouse space had
ne,~>arrve abarpriori ut 9i,°41 SF and Office
Shy>+,atiic~tu lta<{ :r n:<rattvr 231,234 SF'.
Bulk Warehouse v::u;<utcv remained un-
c{rata;>ed at t5.~`"0. C)ffii:£ w:trehousc; space
rase sli,hrly from 9.5"b to 9.6`,'~o and <}ffice
Sho~s>room spate caintbed frt>rn 1?.1`.ii, ti}
1_~.3`?~,. '~hhe• overall vacancy climbed irotn
11.2°c, to 11.5°4,. Akt{-ren the. single tenant
buildintYs are iaetored into the infix, vacancy
climbed iron[ 6.={`,'~ to ti.6`,'0.
i-
3
i~
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I~
8
Q4 QI Q2 Q3 Q4 QI Q2 Q3
2006 2007 2008
PROPERTY NAME CITY, STATE $/SF YEAR BUILT
14520 Main St. Rogers, MN $272 1981
Colorspan Building-1st Floor Hopkins, MN $55 1980
7215 Cahill Rd. Minneapolis, MN $50 1965
Northland Drive St. Paul, MN $50 1974
Carmen Distribution Center Inver Grove Heights, MN $37 1988
900 N. 3rd St. Minneapolis, MN $36 1919
PROPERTY NAME TENANT CITY, STATE SF
Wickes Distribution Center Arden Fasteners Brooklyn Center, MN 87,000
Louisiana Distribution Center Innoflex Corporation New Hope, MN 72,731
Lemar Building Reflections Printing, Inc. St. Louis Park, MN 51,648
Interstate Distribution Center ABC Supply Burnsville, MN 51,500
Huntington Building ABC Supply Savage, MN 51,000
Interstate West Storage Equipment Plymouth, MN 41,848
Plymouth Industrial Bldg C WW Grainger Inc. Plymouth, MN 35,402
Golden Hills II Textron Golden Valley, MN 25,891
50th Ave Distribution Center Allied Building Products Brooklyn Center, MN 15,000
Park West Industrial Center Cintas Brooklyn Park, MN 13,122
Evergreen Industrial Bldg 13 Catheter & Medical Design Inc. Roseville, MN 12,000
Park Industrial Village Bldg G Camp Bow Wow Plymouth, MN 11,250
Waterbury Building Mercy Vineyard Church Minneapolis, MN 9,133
Evergreen Industrial Bldg 12 Premium Carpet Installations Roseville, MN 9,040
Timberland North I Abel Conn Brooklyn Park, MN 5,623
Lyndale Commons I Avant Energy, Inc. Bloomington, MN 4,200
Airport Business Plaza Reluminate Inc. Mendota Heights, MN 3,867
INVENTORY NET ABSORPTION VACANCY RATE VACANCY
SECTOR (SF) (SF) Q2/08 Q3/OS CHANGE
Dakota County 14,524,666 (109,789) 12.8% 13.6% 0.8%
Minneapolis 13,071,618 (73,019) 8.4% 9.0% 0.6%
Northwest Sector 28,741,133 (129,046) II.O% II.S% 0.5%
Scott County 3,499,106 25,990 13.4% 12.7% -0.7%
Southwest Sector 24,873,959 (16,967) 13.8% 13.9% 0.1%
St. Paul/Anoka/NE 29,427,851 39,784 9.1% 9.0% -0.1%
Washington County 3,062,954 (70,388) 11.6% 13.9% 2.3%
Twin Cities Metro 117,201,287 (333,430) 11.2% I I.S% 0.3%
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4
SCOTT L7gKOTA
COUNTY
169(
~ CGIU ~TY M!vs> ~
UNITED STATES
Minneapolis/St. Paul
Colliers Turley Martin Tucker
200 South Sixth Street
Suite 1400
Minneapolis, MN 55402
Tel: 612-341-4444
Fax: 612-347-9389
Researcher's information:
Jim Mayland
Email: jmayland@ctmt.com
Tel: 612-347-93 I I
This report and ocher research materials maybe
found on our website at www.ctmt.com. This is
a research document of Colliers Turley Martin
Tucker-Minneapolis/St. Paul. Questions related
to information herein should be directed to the
Research Department at 612-347-9311.Informa-
tion contained herein has been obtained from
sources deemed reliable and no representation
is made as to the accuracy thereof. As new, cor-
rected or updated information is obtained, it is
incorparaced into both current and historical
data, which may invalidate comparison to previ-
ously issued reports.
TURLEY
MARTIN
TUCKER
Commercia~liR~e'a~IIlEstate Services
www.ctmt.com
~~ONTAOT INFORf°IATION
r~~;
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MARKET INDICATORS
Q3 08 Q4 08
Actual Estimated
VACANCY RATE y -~
NET ABSORPTION T y
CONSTRUCTION ~ y
RENTAL RATE T -~
SIGNIFICANT TRANSACTION
TURLEY
MARTIN
TUCKER
.,.~_.- .,,dWC1~.trr+iS19W6W49
Commercial Real Estate Services
OFFICE ~ THIRD QUARTER ~ 2008
Market Remains Flat, in a Good Way
Tl:te T~~-irt C;itres Office market contint.les
to remain relatively flat. -l~he market experi-
enced. positive absorption for the. first time
this year, with 360,089 Sl:, but leavr.s year-tc~-
datc absorption figures at: a llegativc 107,956
SF, oz vacancy of 171°,4,. A`illren the single
Cenatlt ~1?ai: E' 1S al:lded lllto the Vila, ~'ai:a llCy
is at 1=~.9%,.
Tl~te Mirltleal?olis CI31) led tl~te way wirlt ab-
srn-ption of 297,154 51~. Ckass A ;aw 148,23 7
SF and i'.lass B contributed another 219,742
Sl~. Mtua~t of this absorption call be attrila-
uted co Virchow Kraus moving inti> 22.5
South Sistll, UR.S moving into Fifth Street
Towers, and Hettnel>in County taking ~l'>are
at 701 South 4th lwe, atnon« others. Ou t:he
negative side, Fair Isaac is offering up two
f loor•, or 36,000 SI~, of space for sul>lease in
the i"l~I~&T ~Ii~wer.
i5
a , _.
EO
Southwest Sector 22.6%
Washington County 21.1%
Northwest Sector 21.0%
St. Paul CBD 21.0%
Twin Cities Metro ~ IS.O%
Northeast Sector 14.4%
Minneapolis CBD 14.2%
Dakota County 9.4%
Minneapolis Non-CBD 8.7%
Anoka County 8.3%
West Sector 8.0%
St. Paul Non-CBD 4.2%
;,f,, c;<ii<<;,
Class ~1 space has continued a steady dt-
crease of vacancy for the past two years,
falling from 1.4.9"lo down to 1.2.4"o Class
L7 has follo~c~ed the same trend, dropping
front 23.4%> d.own to 18.6°ti,, while Class
t:; 1t.as been the reverse, risin; front 15.7`4,
to 19.4°./~. _I_he Warehouse: District has re-
4 1 1 1 1 1 1 1 1 r~ 1
1 ' 1
_2
-~
QI Q2 Q3 Q4 QI Q2 Q3 Q4 QI Q2 Q3 Q4 QI Q2 Q3 Q4 QI Q2 Q3
200 2005 2006 2007 2008
^ Absorption -- Vacancy Rate
Absorption Class A Vacancy Rate Class A
Normandale 8400 Tower
Bloomington, MN
Lessee: Prime Therapeutics
Size: 150,000 SF
tnaiur~d ltr~+lt:hy durinsr this same }?eriod, C~::'lass I3 space led eh.e wa.y for absorptiol~
fallin,tr frcnn 13.6°~~ dtstvn to 1'_.S)"it, and, Tor in the third quarter with 119,857 Sl Glass
the f -~t tinur in many gttarrers, has a higher A recorded 266,083 SF. (`lass L' space. had
vacaru.y ratan t lays :1 space. tlegative absc~rptic?n c7f 2'i,851 S1-. C;la: A
vacancti'rt~se co 1.~"5, Class L} fell tt 19 ~",~,
DuritlW these ntorc challenging economic and Glass C slipped to 24.2%>.
tin~tes, ."vherl companies let go of workera,
the ~~'arehouse I:)istsict lta historically peen
:art ittcr~°a~e in activity, especially ami>nSr the.
2,0(10 to 3,C10(~ SI~ creatn~e inditntry user
j:>acc- ~tlt.l::i4 arcititectt.irtl, iuatkettti;~~, and
irZternet firm. The. displaced workers often
try t„ tart up their ntn~n company, desire t;:>
h<~~ ttc,ar do.vntut~Tn, 1>tn: cannot typically af-
f<~rd th rents in Many of the high-rise build-
in€?s. 'lire 1X'are:lutuse 1>istric:t otfers a great
altxrnaticc- to these firms.
1'rorn an itAvestn ent poitlt of view, the down-
town market has not ~ecn as mach activity ~,.
the past fc~tr: yt°ar_. In fait, =2~ tiottth Six[h,
lii,irl I~.ati<:1~er 1'la_a, ~tnd S1(} ty~largilertr have ~?
all bt~en pulled ofl the market. Marquette ?G
I'la a is one of the IE°w new properties to be
brought tc~ market in d e }?asr, quarter. IG
"rite Sottthv~~cst also contributed. positive ab-
sc~rplunt t~f 1.31,31.6 til~. l:)espit:c: the positive
absorpticuz, vacancy still rose t:o 18.6°,~o due
to Two \aark.etPointe coming online with
~tlrnost i0°,% of rite Luilding still v~ai~ant. In
fact. t~=heti you Look of rate new construction
that e,~as added to the subntarket in the past
12 mE,lt.tit, the vacancy rate in tlutse build-
ir1G,; r ~0"10.
C)rl tl1c: phts side, tnutaa of th.e 800
ttic>rniandalc ttblc•ase ,pace has been leased
out, including 150,00(1 SI~ of space to Prime
Tllerat_~~eutics. With ta~tat: l.•trge st;blease
~pacr off the market, sublease fi;ures have
t~"`untccl to a more normalized. number with
nr i r 100,000 tif~ ut rttbltease space curtetr;tly
a~,-taal>lc an chc market.
r1•~,er •,t_ tskinp; r:tt~s cotltint.ted tt, rise in tl~le
third t7uarter. The overall asking rate: fc~r oi~-
ficc~ space. was $12.86 per foot for the quar-
ter, ,-ip a?l,lo.,t 4'% from last qu; rter. C:Ia,s A
av~rar>,t: asking rate is w15.y=}, ttp just raider
3`io; l.,la iS 13 1S `h I1.8_~, Up alltit?~t 5t~u; 2ind
tlas.= C' cottte~s in at ~9.1(l, ttl_1 just 1"o froth
1ttSC ilUB;ti''I".
I6
14
12
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8
Q4 QI Q2 Q3 Q4 QI Q2 Q3
2006 2007 2008
.
Class A - Class B
Class C , ~ MCBD
PROPERTY NAME CITY, STATE $/SF YEAR BUILT
6600 96th Ln. Brooklyn Park, MN $232 2007
Carrousel Plaza Office Park Rosemount, MN $9S 2006
6010 Earl Brown Dr. Brooklyn Center, MN $85 1990
9521 W. 78th St. Eden Prairie, MN $79 1996
2124 University Ave. W. St. Paul, MN $62 1969
815 Cedar Ave. Minneapolis, MN $54 1963
Rand Tower Minneapolis, MN $52 1929
527 Marquette Minneapolis, MN $48 1929
Minnetonka E Business Center I Minnetonka, MN $45 1984
900 N. 3rd St. Minneapolis, MN $41 1919
INVENTORY NET ABSORPTION VACANCY RATE VACANCY
SECTOR (SF) (SF) Q2/08 Q3/OS CHANGE
Anoka County 599,755 (7,577) 13.0% 14.2% 1.2%
Dakota County 3,375,031 (38,752) 17.3% 18.4% I.I%
Minneapolis CBD 24,422,181 297,154 16.5% 15.3% -1.2%
Minneapolis Non-CBD 2,185,497 51,478 12.7% 10.3% -2.4%
NorcheastSeccor 3,141,060 (79,366) 22.6% 25.1% 2.5%
Northwest Sector 1,478,616 (2,086) 31.4% 31.6% 0.2%
St. Paul CBD 7,472,467 34,691 26.2% 24.5% -1.7%
St. Paul Non-CBD 2,123,401 (39,665) 7.3% 9.2% 1.9%
Southwest Sector 14,601,693 131,316 18.2% 18.6% 0.4%
Washington County 684,430 6,059 20.6% 19.8% -0.8%
WestSeccor 8,310,384 6,837 9.8% 9.7% -0.1%
Total 68,394,515 360,089 17.3% 17.0% -0.3%
c_
PROPERTY NAME TENANT CITY, STATE SF
* Normandale 8400 Tower Prime Therapeutics Bloomington, MN 150,000
Two Market Pointe CB Richard Ellis Eden Prairie, MN 70,000
Primetech TAG Eden Prairie, MN 50,000
Fifth Street Towers URS Engineering Minneapolis, MN 40,000
1600 Tower Hamline University St. Louis Park, MN 32,000
* Normandale 8400 Tower Carol Bloomington, MN 25,000
Renaissance Square DLR Group Minneapolis, MN 25,000
Wings Financial Heath Partners Bloomington, MN 15,487
Parkdale Center GoAmerica Saint Louis Park, MN 14,655
Standard Business Center REM Ramsey Inc. North Saint Paul, MN 13,040
* Denotes Sublease
UNITED STATES
Minneapolis/St. Paul
Colliers Turley Martin Tucker
200 South Sixth Street
Suite 1400
Minneapolis, MN 55402
Tel: 612-341-4444
Fax: 612-347-9389
Researcher's information:
)im Mayland
Email: jmayland@ctmt.com
Tel: 612-347-93 I I
This report and ocher research materials maybe
found on our website at www.ctmc.com. This is
a research document of Colliers Turley Martin
Tucker- Minneapolis/St. Paul. Questions related
to information herein should be directed to the
Research Department at 612-347-931(. Informa-
tion contained herein has been obtained from
sources deemed reliable and no representation
is made as to the accuracy thereof. As new, cor-
rected or updated information is obtained, it is
incorporated into both current and historical
data. which may invalidate comparison xo previ-
ously issued reports.
TURLEY
MARTIN
TUCKER
~~ ~,
Commercial Real Estate Services
www.ctmt.com
CONTACT INFORMATION
....tip , L..,.. u ~1 ~~
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Tom- RETAIL I THIRD QUARTER I 2008
MARKET INDIL.ATOR,S
Q3 08 Q4 08
Actual Estimated
VACANCY RATE -3 -~
NET ABSORPTION y ~
CONSTRUCTION ~ ~
RENTAL RATE y ~
SIGNIFICANT TRANSP,CTIOrJ
~'* j.
~,;~
~~
;E
Spirit River Crossings
Cambridge, MN
Buyer: Kohl's and Lowe's
Size: 117,000 SF and 68,000 SF
TURLEY
MARTIN
TUCKER
~;,
. ~:w~~,.,,,,~.r~~ .r~t~r
Commercial Real Estate Services
Retail Takes a Licking, But Keeps on Ticking
The Twin Cities retail market continued on
a flat pace in the third quarter. Absorption
rcgistereil a negative. 4,146 SF tot the quar-
ter, snaking year-to-date ahsorpric~n a nega-
tive 19,9Q8 SF. Vacancy remained steady
for the third straight quarter stt 5.5`~u.
Retailers have borne the brunt: crf the
economic slowdown this year, with an-
nouni:ed store. closures, Loth locally and
nationwide. Many of these names are fa-
miliar to shoppers and. mall owners in the
T~viu Cities.
VG Ickes is closing all stores nation-
ally, whica~t include six here in the Twit?
Cities. Bombay <,;ompany is also closing
all national Mures, includin,t? the three
Mitu7esor,a stores in Rosedale, Southdale,
and i'11Lcrtville. VZiilsons Leather will be
closing their six remaining stores in the
stare. i=;ornpUSA wi.l] lac clasin~ foot
hlinncsota stores in 1-lopkins, Minneapolis,
Woodbury, artd Roseville. Starbuc.ls is
closing bt~l stores nationwide, in{:ludin,~r
seven here. in the metro. Lven home im-
},?rovement giant Horne Depot will. be rk>s-
ing its Cottage Grove store.
C)ther retailers shutting down stores na-
tionally include: 1/thata Allen, S`prirrt.
tiextel, KB Toys, Steve. & Barry's, l'ep
Boys, Movie Gal.lety, H.ollywoad Video,
l..a ne f3rya tu, Fashion Bug, Cat.herine's,
and. Talbots.
Along wirh st:racgling retailers, there are
alaU many TGStBUrantS 1r1 The ~alrle Loat.
Within tl~te past year, Baker ;Square, 1>on
Pablo's, Joe's Crab Shack, Joey's Seafood,
Steak & Ale, I~enni,~an's, J.P.'s Bistro, and
Fosst's art: jnnt :;once establisltinertts thar
have closed their doors in the ~l'win Cities
market. As discretionary income contin-
ur.s to be pinched Lti risin<; fooc:l and eas
prices, Loth rest:aurants and retailers will
~<:
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2004 2005 2006 2007 Q3 2008
~ ~ : ~s
conti~~trt: tc3 fi<~I~it fir tlae i:onsutner's re-
INVENTORY NET VACANCY RATE VACANCY
SECTOR SF
( ) ABSORPTION
(SF)
Q2/08
Q3I08 CHANGE
As :; .salt of tl:,est: clc+~ings, ~andlc~ras ~t~.ot
~n tits hri~z~r> d~luxc h~catic,n~) with scant: Anoka 8,414,054 (63,619) 5.0% 5.8% 0.8%
si~s~cr's are niakin~r deals. ~1any just do not Dakota 8,567,847 (57,515) 4.5% 5.2% 0.7%
know= when the next prospect: is going tp Minneapolis 3,860,741 7,613 7.0% 6.8% -0.2%
cone along and warts to improve their cen- Northeast 7,373,080 55,931 6.8% 6.1% -0.7%
r:+°r', ~wsitiun in ti~ec market. Developers ate Northwest 9,815,024 76,926 7.1% 6.4% -0.7%
x,sti .mfn~ ~~ ~oie~ts or will. ~~ttly start with
~ Scott County 2,088,975 (13,010) 8.1% 8.7% 0.6%
1 here i~ very
.u<:,st +. the spice pre-1c~ased.
St. Paul
2,760,901
(4,788)
5.8%
6.0%
0.2%
ill Clt' nPw de. M1~'el0 prnent 0711 the hortLon.
Southwest 12,216,285 17,038 5.0% 4.9% -0.1%
13tu_ ~,~+t:i(( the nc~vs ~s had. I)~.spite the. list Washington County 4,785,609 (23,551) 4.4% 4.9% 0.5%
cat rci Icrs and restaurants ~~ahn±; bt~kc;r West 7,421,813 829 3.1% 3.1% 0.0%
,~-;siu, .rore~, rl~tere ate still several t~aovin.g Twin Cities Metro 67,304,329 -4,146 5.5% 5.5% 0.0%
forY~~ard. b3ufi<alo '`X/ild Wirlgs and Noodles
both continue to expand. their operations
locally. Sonic, Honternade Pizza, Dive Gays
l~urters marl Fries, and Cici's Pizza :.tre
looking at opening up restaurants in the
nte.txo. P.d<a ro that tlt.e growing interest in
di,~cottnt autosnotice stores like C)'Riley's
_
an:a i~tttoZone, there are still duals to Ic ,~
_
ntaatr.
~(~ale: West metro shopping centers faired
betrt°r titan counterpart; in tl~te Fast, (vitl~l ~~~ _ _
;.,:~
rite We>t, 5outliwest, and Narthwest all teg-
istering positive absorption #or the quarter.
tc7ti~~t.rsely, tale Nortltt:ast setaor w•as the _
cnly~ otte in the l=ast: hdccro that had posi- .. _
rive absorption. X20
tiXfl-ten ltwkin+v at t:he absorption bq ce.nter ~ _
type., Regional Centers lad the way with
16,6>6 SF fnr tau: grtarrer and is t_he only c
aIG
type ~~itl. po>itive absorl±tion year-to-date _
with ~S,?34 Sl~. Convenience C;cuters 2005 200b 2A07 2008
had i17-or,eto^ oY ~,Si3 :+1'
.~.. Reg,ona) Community , Neighborhood s~ ;r~. ~-'- ~ ~'+~
to and is a nttrat:rvc a.t~3(~ ~ for rice rlu'<tr- _ -.
_ F on the year.
Ne.i~>,i,borhood Centers were hit the hardc<t
in tltit<:l ~iuart:er ~=ith negative al.~sorption cif
58,t~r,4 Si=, bt t igin tli~ }ear-to-date .lbsorl,-
tirnt to a negative. 49,239 SF.
rlvert~e <E;kin;r rcttts for retail 1}roperties
couttntted to decline in the. third iluarter.
PROPERTY NAME
CITY, STATE
$/SF YEAR BUILT
Overall aVf.'I tie ztskin~~ 1'eT1t for the n18.dcet Park Common Minneapolis, MN $204 1993
was `til7.t~b hl", dc~~+'n 6t'/v for tl~e quartccr. 13625 N. Dale Blvd. Rogers, MN $181
lnere'asittgly, landlords aCe ;.xl~`l1.{; 1nCC ntlves 4854 Edgewater Dr. Mound, MN $167 1950
to sei:rtre a te.natlt, SllCla as free rf'11T an<I Deepheven Court Wayzata, MN $133 1979
ttx,re tenant: iml~noaeuaent allowance,.
PROPERTY NAME
Sycamore Plaza
Baker Road Corporate Center
Wa[erbury Building
Evergreen Industrial Bldg 12
Bass Creek Corporate Center
Timberland North I
Timber Crest Development
Quadrant Office Building
Stinson Marketplace
US Bank Skyway
Rosedale Square Shopping Center
Cedar Point Commons
8301 Golden Valley Rd.
TENANT CITY, STATE SF
Glennco LLC Maple Grove, MN 9,454
U.S. Compliance Minnetonka, MN 9,450
Mercy Vineyard Church Minneapolis, MN 9,133
Premium Carpet Installations Roseville, MN 9,040
Computer Training.com Plymoth, MN 6,430
Abel Conn Brooklyn Park, MN 5,623
Buffalo Wild Wings Lakeville, MN 5,603
National Engineering Resources Brooklyn Park, MN 2,139
Fast Subs d/b/a Jimmy John's Minneapolis, MN 1,971
Gourmet
Proactive Chiropractic St. Paul, MN 1,816
Zpizza Roseville, MN 1,680
E-Nails Richfield, MN 1,240
Lingate Financial Group Golden Valley, MN 1,157
UNITED STATES
Minneapolis/St. Paul
Colliers Turley Martin Tucker
200 South Sixth Street
Suite 1400
Minneapolis, MN 55402
Tel: 612-341-4444
Fax: 61.2-347-9389
Researcher's information:
Jim Mayland
Email: jmayland@ctmt.com
Tel: 612-347-931
This report and other research materials maybe
found on our website at www.ctmt.com. This is
a research document of Colliers Turley Martin
Tucker- Minneapolis/St. Paul. Questions related
to information herein should be directed to the
Research Depanment at 612-347-9311. Informa-
tion contained herein has been obtained from
sources deemed reliable and no representation
is made as to the accuracy thereof. As new, cor-
rected or updated information is obtained, it is
incorporated into both current and historical
data, which may invalidate comparison to previ-
auslyissued reports.
TURLEY
MARTIN
TUCKER
~, r~,
Commercial Real Estate Services
www.ctmt.com
CONTACT INFORMATION