January 1 through March 31, 2006

 

 

 

 

West

• Medtronic is focused on leasing 120,000 sq. ft. at Atria Corporate Center at 3033 Campus Drive in Plymouth.

• The 940,000-sq.-ft. Interchange Office Park at Interstate 394 and Highway 169 in St. Louis Park is being marketed for sale.

• CoBank will vacate the top two floors (41,000 sq. ft.) of the Colonnade building, located at 5500 Wayzata Boulevard in Golden Valley, and move to 18,000 sq. ft.  in Interchange Tower, located at 600 South Highway 169.

Southwest

• In July, Jostens will relocate into 60,000 sq. ft. at France Place in Edina from their previously owned headquarters building on Normandale Boulevard.

• Fingerhut is planning to relocate 32,000 sq. ft. to the former Stellent facility in Eden Prairie.

Southeast

• Metro Office Park is under contract to be sold mid-year.

• Prime Therapeutics expanded by another 15,000 sq. ft. at Eagandale Corporate Center.

Northwest

• Great Lakes Energy has announced plans to purchase 12 acres at Arbor Lakes in Maple Grove to build their new 150,000-sq.-ft. corporate headquarters. They will move from Elk River.

• McData has subleased 38,000 sq. ft. to RJF Agencies at 6000 Nathan Lane in Plymouth and is close to subleasing another 35,000 sq. ft. McData plans to stay in the remaining 110,000 sq. ft.

• Opus has prepared 12 acres of land for construction of up to 150,000 sq. ft. in Bass Creek Business Park on Highway 169 and Bass Lake Road in Plymouth.

Northeast

• UCare has signed a lease for 90,000 sq. ft. effective August 2006 in Stinson Technology Center at 500 Stinson Boulevard in Minneapolis. UCare left a facility owned by RND Systems and will occupy half of the Stinson building, which was formerly vacant shell space.

• UGS Corporation is vacating Guidant’s corporate campus in Arden Hills and will move to a 49,000-sq.-ft., single-story build-to-suit that is currently under construction in Rice Creek III in Shoreview.

• Foth & Van Dyke are anchoring the 30,000-sq.-ft. single-story Eagle Point II office building at Eagle Point Business Park in Lake Elmo. The company will take 15,000 sq. ft., leaving another 15,000 sq. ft. available for lease.

St. Paul CBD

• Non-profit South Metro Human Services moved out of the Northwestern Building to lease 26,000 sq. ft. of space at Park Square Court on Sibley Street.

• Trinity Hotel Investors, Inc. purchased the Radisson City Center and Radisson Riverfront hotels as well as an adjacent parking garage from the St. Paul Port Authority for $43.4 million. The Radisson Riverfront has been renamed Crowne Plaza Hotel - St. Paul Riverfront. The Radisson City Center will operate as an independent hotel. Crestline Hotels and Resorts will manage both properties.

Minneapolis CBD

• Oracle is taking 118,000 sq. ft. in International Center at 900 South Second Avenue (soon to be re-named Oracle Center) on floors 7, 9, 10, 11, 12 and 13.

• Target is subleasing 172,000 sq. ft. from Oracle in the Retek-on-the-Mall building (no name change is currently planned) at 900 Nicollet Mall.

• Marshall Group is taking 53,000 sq. ft. on floors 28, 29 and 30 at 225 South Sixth Street in September. The company is vacating space in Fifth Street Towers.

• Two new tenants are taking space at the Wyman building at Fifth Street South and First Avenue. Carmichael Lynch is leasing 90,000 sq. ft. and Colle McVoy is taking 80,000 sq. ft.

Medical Office

• Institute for Low Back and Neck Care, P.A. (ILBNC) divided its first-floor presence at the 2800 Medical Building on the Abbott Northwestern campus into clinical and administrative functions and moved its clinic to the fourth floor. This lease commences May 1, 2006.

• Sports and Orthopaedic Specialists, P.A. expanded its presence in the 2800 Medical Building by leasing the balance of the fourth floor alongside ILBNC. This lease also commences May 1, 2006.

• ILBNC moved its administrative offices from the 2800 Medical Building to 10,154 sq. ft. in an off-campus location at 3001 Metro Drive in Bloomington.

 

Northwest

• Creative Carton signed a lease for 72,000 sq. ft. at Crosstown XII at 7601 Setzler Parkway North in Brooklyn Park.

• AMB sold a 40,000-sq.-ft. owner-occupied building at 1600 Freeway Boulevard in Brooklyn Center to Sandvick.

• Great Northern leased 45,000 sq. ft. at Diamond III in Rogers. The property, located at 20015 Diamond Lake Road, is owned by MBY.

Northeast

• Printing company AWT, LLC signed a seven-year lease for 82,000 sq. ft. at 600 Hoover Street in Minneapolis.

• Zimmer Davis bought the former DC Sales building. This 53,000-sq.-ft. building is located on Minnehaha Avenue in Minneapolis.

Southwest

• The 26-acre John Deere site at 2001 West 94th Street in Bloomington was sold for $14 million.

• CSM purchased the vacant 192,000-sq.-ft. Emplast building at 950 Lake Drive East in Chanhassen for $5.375 million.

• Delphax Technologies signed a 10-year deal for 45,000 sq. ft. at 6150 110th Street in Bloomington.

Southeast

• BTD Manufacturing expanded to 95,000 sq. ft. from 45,000 sq. ft. and signed a new five-year lease at the Performance Office Papers building on Cedar Avenue in Lakeville.

• Carlson Systems leased 26,592 sq. ft. with Duke at Trapp Road Commerce Center I in on Trapp Road in Eagan.

• Normark signed a seven-year lease on 130,000 sq. ft. at Aldrin Distribution Center in Eagan.

• Lowe’s opened stores in the Dean Lakes development in Shakopee at Highway 169 and County Road 83 and in Plymouth at the Shoppes of Plymouth Creek on Highway 55 and Vicksburg Lane.

• Tenants now open at Argonne Village on Highway 50 and 176th Street in Lakeville include M&I Bank, Culver’s, Erbert & Gerberts and Starbucks. RE/MAX purchased an outlot and will be constructing a 10,000-sq.-ft., two-story building.

• Kirkland’s signed a lease for 6,500 sq. ft. at Burnsville Mall. This will be the third metro location for the home interiors concept.

 

Office

• Argus Realty Investors purchased the Class B Shoreview Corporate Center from Lutz Real Estate in a deal that closed late in 2005. This 552,927-sq.-ft., five-building complex located in the northeast corner of Interstate 694 and Lexington in Arden Hills is 100% leased. Originally developed as Deluxe Check’s headquarters, current tenants include Medtronic, Land O’ Lakes, and Deluxe Financial Services.

• American Realty Advisors purchased Edinborough Corporate Center, a 101,624-sq.-ft., Class A multi-tenant office building located at 3300 Edinborough Way in Edina. The property is 85% occupied, and tenants include Cardinal Stritch University and Thomsen Nybeck. The seller was Deutsche Bank.

• The 31,898-sq.-ft. Eagle Point Office Building at 8519 Eagle Pointe Boulevard in Lake Elmo was purchased by a local family investment partnership. The multi-tenant property is 100% leased and was sold by United Properties.

• A local investor purchased Eastwood Professional Center at 2042 Wooddale Drive in Woodbury. This 48,000-sq.-ft., Class B property is 91% occupied. The seller was Hempel Properties.

• Behringer Funds purchased a 70,705-sq.-ft. building at 12600 Whitewater Drive in Minnetonka. This 95% occupied, Class A property is located in the Minnetonka Corporate Center at the northeast corner of Interstate 494 and Highway 62 (Crosstown). The seller was Black Rock Realty Advisors.

Industrial

• Steiner Development sold the Venstar Portfolio, a four-building complex of office/warehouse properties totaling 178,179 sq. ft. This property is located on County Road 81 and Zachary Lane in Maple Grove. The new owner is Finke Associates.

Retail

• A national REIT purchased Apple Valley Square Shopping Center from an institutional investor. This 184,841-sq.-ft. property, located in the southwest corner of County Road 42 and Cedar Avenue in Apple Valley, is 100% occupied, anchored by Rainbow Foods and JoAnn Etc. Other tenants include Starbucks, Petco, RadioShack, Subway, Leann Chin, Hollywood Video, Fashion Bug, Half Price Books and Chipotle Mexican Grill.

 

Multi-Family

No significant transactions to report