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Subject Market Overview -- continued <br /> • LAND <br /> e <br /> Land Market Driven by Industrial Users as Residential Cools <br /> Throughout 2014,residential and bulk distribution facilities.Developers United Properties purchased 22 acres <br /> industrial uses were the primary drivers are now being forced to expand of land in Maple Grove for a planned <br /> of activity in the Twin Cities land geographically in their search for 320,000-sf building. <br /> market.Specialty users,like hotels and potential sites,including cities like . wurth Adams purchased IS acres of <br /> automotive,are also actively purchasing Shakopee,Lakeville,Rosemount,and land in Brooklyn Park for a planned <br /> well-located sites as the strengthening Lake Elmo to name a few. 165,000-sf building, <br /> economy translates into increased <br /> tourism and car sales.Other land uses, Knowing how strong demand is,cities • United Properties purchased 36 <br /> such as office and agriculture,have gone have eased their requirements.Some acres of land in Brooklyn Park for a <br /> quiet.Overall,though,it was a very cities now requiring a lower percentage planned redevelopment. <br /> productive year, of office finish,especially in cities like Scannell Properties purchased 76 <br /> Maple Grove,Arden Hills and Brooklyn acres of land in Rogers for a new <br /> INDUSTRIAL Park.The demand is pushing buyers to industrial park. <br /> The market saw a sharp increase put hard money into deals. Liberty Property Trust purchased <br /> In speculative land purchases by 24 acres of land in Dayton for a <br /> developers.The Northwest market is Some notable industrial Pard sale 240,000-sf distribution budding, <br /> driving activity due to its connection to transactions in second-half 2014 currently under construction,and an <br /> the interstate and high concentration included the following additional 80,000-sf building. <br /> of potential employees for industrial Roberts Management Group <br /> businesses.Most of the premier sites purchased 27 acres of land in Arden Several large space users are looking for <br /> have already been taken,mainly for Mills for a planned business park. 500,000 to 2,000,000 sf of industrial <br /> space.A requirement ofthis size is <br /> expected to drive more activity in <br /> TRANSACTIONSLAND NOTABLE INDUSTRIAL LAND • • the land market since few options of <br /> that size are available in the current <br /> Rotas inventory.It is anticipated that at least <br /> DAYTON half of these users could successfully <br /> acquire sites,which would drive up <br /> eio industrial land prices across the metro. <br /> _ O SSEO RESIDENTIAL <br /> BROOKLYN Residential land sales were strong <br /> PARK in the second half,but the end of <br /> MAPLE 169. increasingresidential values is near. <br /> GROVE <br /> ® Single-family developers have slowed <br /> r their plans significantly.Some are <br /> r N trying to renegotiate pricing for deals <br /> that they put under contract 6-12 <br /> Submarket reports available at www.northmargcompass.corn ,111116 CUSHMAN& NORTHMAR4 <br /> 4;� WAKEFIELD <br /> 24 Nagell Appraisal&Consulting 952-544-8966 www.callnagell.com <br />