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Z It 04a upper floors to allow 94,000 sq. ft. of office use for National City Bank. That MARKET SHARE vs. SHARE OF VACANCY space was also deleted from our retail universe. 25% m Towle Real Estate Company ANOKA COUNTY • In 1995 over 140,000 sq. ft. of retail 20% space was absorbed in this sector. Vacancy rates rose from 7.9% last year to the current rate of 8.5%. 15% The amount of vacant retail space is 332,000 sq. ft. or 10% of the total retail - vacancy in the Twin Cities. 10% Northtown Village in Blaine was f ` developed by the Robert Muir Company ; and opened mid year. It is anchored by 5% *` � x Sportmart, Circuit City, Office Depot, _ Michael's Crafts and Media Play. The 0 180,000 sq. ft. center was entirely pre- Southwest Dakota Northeast West Northwest Anoka St.Paul Mpls. Washington leased before construction. The center was the ninth new retail development in %OF TOTAL MARKET UNIVERSE %OF TOTAL MARKET VACANCY this sector in the past ten years, reflecting the trade area's strong popula- Starlite Center, on Brooklyn Boulevard Simon Company is considering the tion growth. and Broadway. Anchors are Cub Foods, NWQ of I-694 and Highway 169. Two In Coon Rapids, Shamrock Target and Office Max. thousand acres now held by a consor- Development sold its 60 acre parcel on The future of Brookdale Mall is tium of owners are under option. Reisling Boulevard and Main Street to being studied by its new owner, Several retailers currently in our Home Depot. Plans include a 103,000 Equitable Life Assurance Society of the market are considered possible anchors sq. ft.store plus additional development. U.S., who took control of the property including Nordstrom, Dayton's, Sears In 1995 Andover Center in Andover recently. Although the property has and Macy's. The project is a possibility was renovated. The 113,000 sq.ft.center been for sale for the past several years, for 1998. was constructed by Robert Boisclair no potential buyers have surfaced with a A new 260,000 sq. ft. power center • in 1987. strong plan for redevelopment. General being developed by Opus Corporation is Growth Company continues to manage underway in Maple Grove. The anchors the property. are Gander Mountain, Home Place, There is a good possibility that the Kohl's, and Barnes & Noble. Phase I next regional center will be constructed opened in September 1993 and Phase II _ in Maple Grove. Both the Rouse will open in March 1996. Company (part-owner of Ridgedale Plans have been approved for CSM l j Mall) and Simon Company (part-owner Corporation to build a 95,000 sq. ft. of Mall of America and owner of the retail project, Westbrook Marketplace, Miller Hill Mall in Duluth) are planning at the northeast corner of Highway 81 developments: Rouse is considering a and Brooklyn Boulevard. ♦ Starlite Center,a 430,000 sq.ft.Community Center 199-acre site at the Northeast corner of In Golden Valley,Opus Corporation in Brooklyn Park was developed by Fine Associates I-94 and the planned Highway 610. is redeveloping the important Northeast NORTHWEST SECTOR This sector includes Brooklyn RENT AND EXPENSES Center, Brooklyn Park, Crystal, Maple MINNEAPOLIS-ST.PAUL METRO AREA-FIRST QUARTER 1996 Grove, Osseo and Robbinsdale. The vacancy rate is 11.8%. The Northwest MEDIAN NET RENT sector accounts for 11% of the market, CENTER TYPE LOW HIGH NET RENT RANGE AVG.CAM AVG.TAXES and 14% of the market's vacancy. Community 510.00 S14.00 $5.00-S25.00 S1.90 $3.01 Only one new retail project was Neighborhood 58.00 $11.50 52.00-S20.00 $1.74 $2.53 added to this submarket. In Brooklyn Specialty 513.00 S28.00 SI0.00-S50.00 56.53 54.61 Park, Fine Associates completed a Regional 516.00 $59.00 S6.00-S65.00 $6.50 S7.52 430,000 sq. ft. community center, ©Towle Real Estate Company •