7. EDSR 11-13-2007 - Laserfiche WebLink

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~_ ~ ..~. ~ Market ACTIVITY A Summary of Third Quarter 2007 Twin Cities Commercial Real Estate Market Activity planned for completion in summer 2008. Western OB/GYN, MOHPA, Minnesota Radiation Oncology, Edina Eye Physicians and Surgeons, and Orthopedic Consultants are among the tenants that have commit- ted to space in the new building. This building addition is ahospital-driven effort to accommodate its expan- sion and to add capacity to the campus. • Southdale Medical Center at 6545 France Avenue South in Edina has broken ground on a 23,000-sq.-ft. expan- sion of its first and second floors. The expansion, anchored by Southdale Diagnostics, is scheduled for completion in summer 2008. Negotiations are underway with an additional five to six tenants for the balance of the space on first and second floors. INDUSTRIAL MARKET Northwest • Minntech signed athree-year lease and doubled their distribution space from 22,000 sq. ft. to 44,000 sq. ft. at Plymouth Ponds at 17300 Medina Road in Plymouth. • The Generation Company IEmpirehouse) sold a 51,585 sq.-ft. property at 4401 Quebec Avenue North in New Hope to 4401 Quebec LLC (Horwitz Mechanical) for $bl per square foot. • Cobalt Investors purchased a 70,100-sq.-ft. property at 19875 South Diamond Lake Road in Rogers. Cobalt also has several other properties under contract and is scheduled to close on them before the end of the year. • Hedberg Associates signed asix-year deal for 55,000 sq. ft. at Medicine Lake Industrial Building on Nathan Lane in Plymouth. • First Industrial signed a deaf with PODS Enterprises for 70,000 sq. ft. in a new speculative building in Brooklyn Park called Winnetka Distribution Center. • Two companies signed deals at Plymouth Corporate Center on Fernbrook Lane North in Plymouth. NeoMetrics Inc. signed aseven-year deal for 21,464 sq. ft. Johnson Controls took 29,206 sq. ft. for 61 months. Northeast • Arrowhead Electrical Products consolidated three sites into 50,000 sq. ft. at Blaine Preserve Business Park on 95th Avenue in Blaine. • Coloplast relocated its manufacturing from Minneapolis to 85,000 sq. ft. at Willow Lake Technology Center in Vadnais Heights. This property had been vacant for three years. • Logistics company Magno International signed a lease for 97,000 sq. ft. at AMB Northpoint Industrial Center in Fridley. Southwest • CyberPower Systems signed aseven-year lease for 76,000 sq. ft. at River Crossing Distribution Center, located at 4241 12th Avenue East in Shakopee. • Remote Technologies, Inc. also signed aseven-year lease for 30,899 sq. ft. at Park 2000 III, located at 5775 12th Avenue East in Shakopee. • Iron Mountain took 23,000 sq. ft. in a 10-year deal at Huntington Business Park I on 106th St. in Bloomington. • Kraft signed afive-year lease far 30,000 sq. ft. of office space at 13200 Pioneer Trail in Eden Prairie, part of the Staring Lake development. • SurModics is assuming 73,000 sq. ft. of sublease space at Lake Smetana Business Parkin Eden Prairie. The space was leased to CNS. • Hub Management purchased the 51,901-sq.-ft. Westwood III Business Center at 6251 Bury Drive in Eden Prairie from Rex Rice. Southeast • Uline signed a lease for 140,000 sq. ft. at the Highway 55 Distribution Center in Eagan. The transaction includes 5,000 sq. ft. for office space. • Staywell signed a long-term lease for 71 ,808 sq. ft. in a 110,000 sq.-ft. building in a new development in Boulder Lakes Business Park. The total size of this project, located in Eagan, is one million square feet, and construction is expected to begin in June 2008. • Also in Eagan, Lifeworks will take 25,122 sq. ft. in a long-term lease at the 38,000-sq.-ft. Waters VII on Lone Oak Road. RETAIL MARKET • Best Buy will be relocating to 53,206 sq. ft. of end cap space at Crossroads of Roseville on County Road B2 and Snelling Avenue. Dick's Sporting Goods will take the 55,000 sq. ft. vacated by Best Buy. Both retailers will be open in 2008. • Raising Cane's will be taking a 2,691-sq.-ft. end cap space, its second Twin Cities location, in the newly renovated Stadium Village Mall at 825 Washington Avenue in Minneapolis following approval by neighbor- hood groups. The quick service restaurant is expected to open in February 2008. • Maurice's has signed a lease for 4,814 sq. ft. at Woodbury Lakes on 194 and Hudson Road. • Petco signed a lease for 18,500 sq. ft. at 1970 South Robert Street in West St. Paul following more than two years of working with the city to redevelop the former Frank's Nursery property. (continued on page 7) I61 httpaloutlaok.uproperties.com