MINNEAPOLIS—The Twin Cities has been good to commercial real estate investors and developers in 2013, with strong levels of activity and vacancy rates in some sectors sinking to pre-recession levels. The Urban Land Institute’s recently released Emerging Trends in Real Estate 2014 placed Minneapolis in its top 20 areas for overall investment prospects and its top 10 for development prospects.
The Opus Group, for example, has launched a number of developments in the area this year. Furthermore, it also recently completed several leases for office and retail space on Main Street in the Arbor Lakes development in Maple Grove, MN, an an affluent suburb of Minneapolis, bringing the office space up to a 100% lease rate. The firm also sold several land parcels at the Fountains of Arbor Lakes, also in the Arbor Lakes development.
“We’re excited to welcome an array of great businesses to both the Arbor Lakes North End Office and Retail Building as well as the Fountains at Arbor Lakes,” says Nick Murnane, real estate representative at Opus Development Company, L.L.C. “These leases are representative of the increased activity we have continued to see throughout Maple Grove over the past few months and demonstrate the strength of this market.”
Pro Ag Management Inc. will occupy 9,179-square-feet of space on the building’s second floor. And Brook West Family Dentistry recently extended its lease for 6,212-square-feet of space. In addition, Sola Salon Studios signed a lease to occupy 4,524-square-feet of ground-level retail space in the same building.
Opus also sold 1.3 acres of land at 11301 Fountains Drive North to KF Dental Company LLC and 1.39 acres of land at 11201 Fountains Drive to Freddy Frozen Custard & Steakburgers.
Matt Delisle represented Pro Ag Management Inc. and Jim Damiani and Bryan Beltrand represented Opus in the office transaction. Tony Strauss represented Sola Salon Studios and Molly Murnane and Kris Schisel represented Opus in the retail transaction. All brokers were from Colliers International. Ben Krsnak of Hempel Companies represented KF Dental LLC and Zach Stensland of Colliers International represented Freddy’s Frozen Custard & Steakburgers in the land sale transactions. Chris Simmons, also from Colliers International, and Kris Schisel represented Opus in both land sale transactions.