IAG Commercial is pleased to announce the sale of a 295,740 square foot industrial building in Faribault, MN. IAG teamed up with Met-Con on this disposition project. The building was previously occupied by Post Cos. and featured 26 ft. clear height and 24 full-height docks. The buyer was Daikin Applied who reported this will be an expansion of their Faribault operations. Daikin plans to staff the plant with 200 employees by mid-2019. This will be a great win for the area as quality jobs will be made available.
INDUSTRIAL SPACE NEWS:
IAG Commercial is pleased to announce two completed industrial space transactions for AmeriPride, a North American provider of linen and uniform services. David Buckman recently completed a lease renewal in Calgary, Canada for 14,500 sq. ft. and a new lease in Liberal, Kansas for just over 10,000 sq. ft.. Dave also recently completed the sale of two parcels of land in Hudson, WI and a building sale in New Richmond, WI for Xcel Energy.
OFFICE SPACE NEWS:
IAG Commercial recently completed three office space tenant representation assignments. These included approximately 2K sq. ft. for the Burr Oak Group in Minneapolis, a lease renewal of 2K sq. ft. for OSI Physical Therapy in Shoreview and a lease renewal in Burnsville of approximately 4,500 square feet for Norsvin, an international swine genetics company based out of Norway.
The Executive Director of Burr Oak made the following comment:
"I had the pleasure of working with Jeff LaFavre to find an office space for our small office. Jeff’s personal attention, professionalism, communication and knowledge of the Minneapolis/St. Paul office rental market enabled our small office to find a great space. Jeff was relentless and extremely patient in our search to find just the right space. Even after the lease was signed, Jeff continued to follow up about the logistics of moving our office. I would highly recommend Jeff to anyone to help them find their commercial space."
IAG Commercial assisted Discovery Church in the leasing of approximately 15,000 sq.ft. of excess space. IAG Commercial secured two tenants, Cardinal Flooring and SOT for two available spaces in their approximately 55,000 square foot church.
The Lead Pastor of Discovery Church made the following comment: "IAG Commercial provides professional services with a broad expertise in commercial real estate that helped our church fill unused space."
IAG Commercial assists corporate, government and non-profit end-users by helping them plan and execute wise commercial real estate decisions. Call today for help with your space needs! 612-868-7429
Interstate I-35 (I-35) is one of the longest interstates in America and stretches from southern Texas. Laredo, to Duluth, MN. It is one of the key north/south transportation routes for those who live in the center of the U.S.. Many people who live in this area of the U.S., admonish I-35 in almost the same realm as the Mississippi River. We cannot recount the numerous times we have been up and down this interstate over our lifetimes. Believe it or not, the Greater MSP area is the only area along this 1,500+ mile stretch where it splits into two interstates. I-35E runs through the St. Paul CBD and I-35W runs through the Minneapolis CBD, before re-joining to the north of the Greater MSP area.
One of the most traveled areas of I-35W, is along the southern edge of the Minneapolis CBD where the interstate connects with the east/west routes of I-94. At 50+ years of age, I-35 needs a few "nips and tucks" to keep looking proud. this process has begun. Replacing the Franklin Ave. bridge is one of the first closings and it will reopen around the middle of 2018. The 38th Street bridge will close tomorrow, March 2, and then the level of activity will start to pick up. Bridge closures and replacements/repairs reaching south to the 40th Street pedestrian bridge, will continue throughout the project. Ramp closures will stretch from downtown Minneapolis to the 46th South Street ramp.
Over this summer, the west bound I-94 ramp will be closed and upgraded. This is long overdue in my opinion! I-35W between 43rd Street and downtown will have lane closures as north bound will be limited to three lanes and southbound will be limited to two lanes. This is expected to extend through the fall of 2021........are we ready? In the end there will be many needed improvements, including a new access off of Lake Street, which will be welcomed by those working and living in the Uptown area.
To add to the congestion, there will be two other significant projects impacting those coming from the north and south metro. The I-35 W resurfacing project involving repaving I-35 W from University Ave. to just south of County Road C in Roseville will occur from July 6th to October of this year. This will be unison with the I-35W MN River Bridge replacement between Burnsville and Bloomington. This project will run from July 2018 through November 2021 and will stretch from Cliff Road to the south and 106th Street to the north. When completed, the project will raise the bridge out of the flood plain and create a new trail for pedestrians from Cliff Rd. in Burnsville to Lyndale Ave. in Bloomington. For those who like to bike and enjoy the terrific new trail along the MN River valley, this will be a welcomed improvement.
For those coming from the north and south of the Minneapolis CBD, the next three and a half years are going to be major challenge. If you have to drive, Hwy. 100 or Hiawatha may be good alternatives to alleviate the reduced traffic lanes that will stay open through each of these projects. We do not envy MNDOT with this historic project but we are so glad we have the people at MNDOT to continue to improve our roads. It is difficult to even imagine the level of planning that goes into a project of this magnitude. Keeping our eyes on the goal will do us all good.....it sounds like similar advice needed to grow a young company in a mature marketplace! Through it all, remember IAG Commercial to help you with your space and real estate investment needs.
Recently we attended a session on the Greater MSP transit system. We found the session to be informative and helpful. Here are some quick facts about the Greater MSP transit system. They serve as reminders that our investment in transit, as taxpayers, is helping people gain access to jobs and education.
The Metropolitan Council that regulates bus and light rail transit for the area, recorded over 100 million trips last year. One bus is the equivalent of 40 cars. One 3-car LRT train is the equivalent of 600 cars. At rush hour, buses will transport the equivalent of 1.5 lanes of traffic. 80% of riders are going to work or school and 40% of downtown St. Paul and Minneapolis workers use transit.
As a commercial real estate advisory firm that completes many tenant and buyer representation assignments, we like the access to jobs provided to employees of all wage rates. We feel this need for public transportation will continue to be important as labor becomes more scarce and the cost to own a vehicle continues to soar.