Andy Sundgaard, SVP with NorthMarq, says his company was fortunate to recently win the assignments. "Business is tough right now, a lot of clients have been feeling the stress of the economy," he tells GlobeSt.com. "Leasing activity is not what people would like. Everybody's got to work a little harder to get the job done."
The Regency portfolio, 100% leased, includes the retail properties Apple Valley Square in Apple Valley, Colonial Square in Wayzata and Rockford Road Plaza in Plymouth, for a total of 623,000 sf. The Tanurb portfolio, 92% leased, includes retail properties such as the Burnsville Marketplace in Burnsville, Rosedale Marketplace in Roseville and Rosedale Commons in Roseville, for a total of 591,000 sf. NorthMarq is handling the leasing for Regency's portfolio, but not for the Tanurb properties.
Denver-based Baceline's property is a five-building flex complex totaling 160,000 sf, called Westpoint Business Center in Plymouth. The properties are only 75% leased, and Sundgaard says his firm will work to lease up the buildings.
His firm manages more than 20 million sf, with half of that being office space. Sundgaard says he thinks property managers will benefit from the downturn, because owners will want to look for every edge they can get over their competition. "It's all about how you can save on expenses and still provide good service," he says.
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