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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 <br />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 <br />purchased 27 acres of land in Arden Several large space users are looking forhavealreadybeentaken,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 />TRANSACTIONSLANDNOTABLEINDUSTRIALLANDthelandmarketsincefewoptionsof <br />that size are available in the current <br />Rotas inventory.It is anticipated that at least <br />DAYTON <br />half of these users could successfully <br />acquire sites,which would drive up <br />eio industrial land prices across the metro. <br />OSSEO <br />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.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& NORTHMAR44; WAKEFIELD <br />24 Nagell Appraisal&Consulting 952-544-8966 www.callnagell.com