2007 CORPORATE SPONSORS: Adolfson & Peterson Construction American Engineering Testing, Inc. The Avalon Group Barna, Guzy & Steffen, Ltd. Bremer Bank, N.A. Corporation CB Richard Ellis CSM Corporation VOLUME 21, NUMBER 12 DECEMBER 2007 Cambridge Commercial Realty Capital Growth Madison Marquette Colliers The Collyard Group L.L.C. 2007 URBAN LAND INSTITUTE FALL MEETING Commercial Partners Title, LLC eature Cuningham Group Architecture, P.A. Cushman & Wakefield by Peter Berrie, Faegre & Benson, LLP F Dalbec Roofing Dougherty Funding LLC he Urban Land Institute (ULI) hosted its Hanley, Chairman/CEO of Vester Development Exeter Realty Company national Fall Meeting October 23-26 in Company. The panelists discussed existing Faegre & Benson LLP . ULI is a highly respected, retail developments on The Strip such as General Growth Properties, Inc. T Gray Plant Mooty global real estate industry group providing Fashion Show Mall, The Shops at the Venetian, Great Clips, Inc. information on urban planning, growth and The Heart of North Las Vegas, as well as soon- Griffin Companies development. This article summarizes three to-be-open/built projects such as , Grubb & Ellis/ Northco Real Estate Services retail-related programs from the 2007 meeting: Palazzo and CityCenter. H.J. Development, Inc. (1) Learning from Las Vegas: Laboratory for The tremendous retail volume on The Strip, Heitman Financial Services LLC Retail Information; (2) Housing Above Retail: of course, is largely supported by tourism. In Hempel Properties How to Make it Work; and (3) Where Did the Inland Real Estate Corporation 2006, Las Vegas had over 40 million overnight JE Dunn Construction Life in Lifestyle Center Go? visitors. Generally, tourists account for 80-90% J.L. Sullivan Construction, Inc. Vegas Retail. The first program, “Learning of the retail revenue on The Strip. (Fashion Jones Lang LaSalle/Rosedale Center Show Mall is a notable exception with an KKE Architects, Inc. from Las Vegas: Laboratory for Retail Kraus-Anderson Companies Information,” featured panelists Warren estimated 50/50 mix of tourist and local sales.) LandAmerica Wilson, Senior VP, Development for General The 40 million tourists spent on average $141 Landform Growth Properties; Joseph Tagliola, President per person on retail purchases. Larkin Hoffman Daly & Lindgren Ltd. of Retail for Turnberry Associates; and Lee LaSalle Bank Urban Land Institute on page 2 M & I Bank McGough Development Messerli & Kramer P.A. THE VILLAGE AT VADNAIS HEIGHTS Midwest Maintenance & Mechanical, Inc. napshot Minneapolis/St. Paul Business Journal NAI Welsh S NorthMarq Capital, Inc. Location: SWQ of 35E and Co. Olsson Associates Rd. E, Vadnais Heights Oppidan, Inc. Opus Northwest LLC Month/Year Opened: New Park Midwest Commercial Real Estate construction projected to open 2008 Paster Enterprises RJ Marco Construction Inc. Owner/Managing Agent: Manley RLK Incorporated Commercial, Inc. RSM McGladrey, Inc. RSP Architects Center Manager: Carol Johnson Reliance Development Company, LLP Robert Muir Company Leasing Agent: Jim Rock, Ryan Companies US, Inc. Skip Melin, Brad Pfaff, Jennifer Schoell Madson Colianni, Cushman & Wakefield Anchor Tenants: Super Wal-Mart shadow- Shingobee Builders, Inc. of MN, Inc., (952) 465-3300 anchored center Solomon Real Estate Group Inc. Stewart Title Guaranty Company – Architect: Architectural Consortium Market Area Served: Northeast National Title Services TCF Bank Construction Contractor: TBD Construction Style: New construction Target Corporation Towle Financial Services GLA: Approximately 117,000 sf Additional Facts/Narrative: Exciting new U.S. Bank center in an under-retailed trade area. Lifestyle Current Occupancy: 0 United Properties center elements in place to embrace the city’s Venture Mortgage Corporation Number of Stores: TBD vision for Vadnais Heights. Mid-box, inline and Weis Builders, Inc. pad opportunities in what will be the 3rd largest Wells Fargo Bank, N.A. Westwood Professional Services, Inc. retail development in the northeast quadrant. URBAN LAND INSTITUTE continued the street level design of the building, as “caters to the needs and ‘lifestyle’ pursuits well as the surrounding trees, streetscape, of consumers in its trading area.”1 They This large influx of tourist dollars generates sidewalks, and benches. These street-level usually are upscale and located near huge sales. Mr. Wilson stated that retail elements must be done right to create a affluent neighborhoods, and have between productivity for General Growth’s Vegas retail (and living) environment that people 150,000 and 500,000 sf of leasable retail portfolio is 2-3 times higher than its want to experience and visit repeatedly. area. They generally have an open-air normal portfolio. Retailers on The Strip configuration and include at least 50,000 sf Of course, vertical mixed-use projects have easily average $1,000 of sales per square of upscale national chain specialty stores their challenges as well. First, the design is foot. The Shops at the Forum achieve (e.g. Gap, Banana Republic, Pottery Barn, critical and must be done by someone with $2,000 of sales per square foot. On the Barnes & Noble, etc.). But lifestyle centers retail expertise—Are the dimensions (e.g. other hand, gross rent ranges from $150- also include other features that make them ceiling height) right for retailers, is proper 300 per square foot. Mr. Tagliola said that attractive for more than shopping—for sound attenuation incorporated, will most retailers’ cost of occupancy ranges example, restaurants (and less frequently, restaurant odors be vented properly? Second, from 15-19% of their sales revenues. Rents movie theaters), and design features such parking can be tricky. Many of these are driven in large part because of the as fountains, benches, and other elements projects have less parking than the multiple extraordinary land costs, which average conducive to casual browsing.2 As Mr. Vice uses would normally require because of the $30-32 million per acre on The Strip. stated, “we want people to spend time at different peak times of parking use. But our centers,” which is why they include The panelists agreed that Las Vegas—at the 40,000 sf of retail space at The Civic, a lakes, trails, brick-lined sidewalks, least The Strip—is relatively unique, but Portland mixed-use project, was not chessboards and other public amenities. at the same time they suggested that all successful primarily because the parking Presenting an alternative perspective, Mr. retailers could learn two things from dedicated to retail was underground. As Oliver defined lifestyle centers as Vegas. First, shopping centers increasingly with all retail projects, parking has to be “dressed-up strip malls.” need to have incredible public amenities to easily visible, accessible and free. attract customers, and especially families. Successful lifestyle centers today are likely Finally, the mix of uses has to be Second, crazy ideas can work—now more to be mixed-use projects (if located in an compatible. The best retailers for mixed- than ever developers and retailers need to urban setting) or town centers in suburban use projects, because they help create the take risks and innovate. areas. Mr. Savopoulus suggested that for right “sense of place,” are coffee shops, town centers to have lasting value they Housing Above Retail. The second bookstores, wine bars, grocery stores and must incorporate local culture and history, program, “Housing Above Retail: How to restaurants. But the mix presents include beautiful buildings (one out of Make it Work”, featured Art Fucillo, challenges as well. In one notorious project every 3-4 buildings should be architecturally Senior VP, Lerner Enterprises; John where the housing was over a grocery interesting, if not inspirational), wrap Tschiderer, VP Development, Federal store, the marketing campaign said “You’ll parking behind buildings, and integrate the Realty Investment Trust; and Thomas be the First to Know When the Produce residential, retail and community spaces Cody, Principal of Gerding Edlen Arrives.” Unfortunately, this was literally into a place that will endure. Mr. Oliver Development Company. Mr. Cody’s true, when the produce arrived in the focused more on “place-making” and development company specializes in middle of the night. This highlights one of creating an experience for people. “placemaking.” Retail used to be a “loss- the many coordination challenges— Successful projects are all about the leader” in his mixed-use projects, i.e. the delivery hours. Other coordination “negative space” i.e. the space other than retail component usually lost money, but challenges relate to signage (especially if the buildings. In addition to the negative allowed him to get the desired housing lit), ventilation, loading dock use (many space, vibrant place-making depends on project done. But now adding retail to retailers do not want to share a loading art, music and food. Cody’s urban projects increases his dock especially with residents), parking, financial return. First, the retail—if done sound, and hours of retail operation. Conclusion. As always, the ULI Fall right—becomes an amenity for the Meeting provided useful information, Lifestyle Centers. The third program, housing. It also can create an identity for highlighted industry concerns, and reminded “Where Did the Life in Lifestyle Center the housing because residents identify with many of us why we love real estate develop- Go?” featured panelists Marios the retailer in their buildings instead of ment and how it can inspire others. ■ Savopoulus, Principal at Perkowitz and living in a non-descript apartment building. 1 Ruth Architects; Morgan Dene Oliver, ICSC Research Quarterly, Winter 2001-02. Finally, the ground-floor retail moves the 2 Ibid. CEO of Oliver McMilan; and P. Eric housing physically higher, creating better Hohmann, Managing Director of Madison views for the residents. Marquette. The program was moderated by Mr. Tschiderer, unlike other mixed-use Roy Vice, Senior VP, Development of Poag developers, believes that retail must be the & McEwen Lifestyle Centers. (Poag & driver of the project—the housing is McEwen is generally credited with   necessary primarily to keep the retail land creating the first lifestyle center, or at least costs down. In his view, the key to these coining the phrase, in 1987 with its Saddle Happy Holidays developments is to create a “sense of place,” Creek development in Memphis). ICSC  which in turn depends almost entirely on defined a lifestyle center as one that msca news 2007 2 www.msca-online.com SONIC ising tar by Carol Ulstad, Suntide Commercial Realty, Inc. R S f you’re like me, you’ve seen the ads on TV 1,800 sf with a drive-thru and wondered, “where the heck is SONIC in and have 18-22 covered IMinnesota?” Well, wonder no more, SONIC drive-in parking stalls is coming to the Twin Cities. They are currently offering car hop service, plus working on several locations in the Twin Cities an additional 8-10 uncovered parking stalls on 2007 LEADERSHIP and plan to open their first stores here early 35,000 – 40,000 sf of land. The stores do not OFFICERS spring 2008. have any indoor dining, but offer patio seating. President Jay Scott, Solomon Real Estate Group If you are unfamiliar with the concept, SONIC, SONIC is looking to open 35 restaurants over 1st Vice President which specializes in made-to-order fast food, is the next 4-5 years in this market. They are Bruce Carlson, United Properties known for its specialty menu items and looking for sites in the greater metro area 2nd Vice President Cindy MacDonald, Kraus-Anderson Co. personal service. SONIC is the largest chain of initially, later moving on to larger markets in Treasurer drive-in restaurants in America (3,000). As a greater . Good sites will have Ken Vinje, CCIM, SCSM, Kraus-Anderson Co. business, they maintain strong sales growth and excellent daytime & evening population, full Secretary are an industry-leader in customer frequency access to the site from all directions (preferably Brett Christofferson, Weis Builders, Inc. and high returns for their stockholders. at a signalized intersection), and easy access – DIRECTORS Peter Berrie, Faegre & Benson LLP both to residential and the business customers. SONIC offers both a drive thru and a drive-in Deb Carlson, Cushman & Wakefield Stephen Eggert, Target Corporation  type concept. Their buildings are typically www.sonicdrivein.com Tom Madsen, Benson-Orth Associates, Inc. Bill McCrum, W.E. McCrum, Architect Stefanie Meyer, United Properties Anthony M. Pasko, Bremer Bank, N.A. RETAIL TOY RECALLS Immediate Past President ot pots/ old naps Sara Stafford, LandAmerica COMMITTEE CO-CHAIRS H S C S Awards by Natina James, KKE Architects, Inc. Margaret Jordan, Great Clips, Inc. Dan Parks, Westwood Professional Services, Inc. ould Chinese import problems increase ingesting them. The U.S. Consumer Product Community Enhancement national and local toy manufacturers Safety Commission spokesman Scott Wolfson Nikki Aden, Target Corporation Csales? The onslaught of recalls this year told CNN that the beads are coated with a Shelley Klaessy ranging from pet food, toothpaste, seafood and chemical that once ingested turns into the Golf Peter Armbrust, United Properties toys are affecting consumers confidence. The toxic “date rape” drug GHB or gamma- Brad Kaplan, United Properties 2 United States Consumer Product and Safety hydroxybutyrate. Legislative Commission (CPSC) said that 40 percent of all Howard Paster, Paster Enterprises As a consumer what can you do? You can consumer products brought into the U.S. last Todd Johnson, Main & Main Real Estate resort to purchasing toys “made in USA” or Membership year came from China and totaled $250 million by European manufacturers who stress that Aaron Barnard, Cushman & Wakefield worth of goods. Mark Norman, Park Midwest Commercial Real Estate their in-house safety standards exceed industry 3 Newsletter Holiday shoppers are wary, considering a U.S. norms as well as U.S. standards. Look for Deb Carlson, Cushman & Wakefield trusted toy manufacturer, Mattel, experienced a products made by toymakers such as Haba, Sara Martin, NAI Welsh recall of over 83 different toys (over 1 million Lego, Brio or Selecta. Smaller U.S. Program toys in the aggregate) this summer because they manufacturers are also seeing huge sales John Tramm, Griffin Companies Paula Mueller, Northtown Mall/Glimcher Properties were painted with lead-tainted paint and/or had increase due to the recalls. Such companies Retail Report unsafe parts– all manufactured in China. include Wooden trains by family owned Whittle Jen Helm, United Properties Mattel is claiming responsibility “ taking the Shortline Railroad (top seller is The Little Gregg Erickson, United Properties opportunity to apologize to their Chinese Engine That Could), Proof Slinky (the original Technology Cindy MacDonald, Kraus-Anderson Co. colleagues, saying they were being blamed – look for crimped ends for safety), Uncle Sean Cullen, McCombs Frank Roos Associates 1 for simply following flawed design plans.” Goose Toys (classic wooden toys), Smart Sponsorship Mattel is establishing its own testing protocol to Monkey (giant building blocks), and locally Ned Rukavina, United Properties prevent this from occurring again. Other toy owed Beka Inc. (artistic wooden easels). Bill McCrum, W.E. McCrum, Architect MSCA STAFF manufacturers are following suit, including Walt Smaller, locally owned toy stores can help too – Executive Director - Karla Keller Torp Disney Company, Toys “R” Us and Wal-Mart. offering personal customer service in selecting (P) 952-888-3490 (C) 952-292-2414 safe and “made in U.S.” toys. Shoppers should [email protected] Another shocking development – 4.2 million Associate Director - Stacey Bonine try Peapods in St. Paul, Toy Lounge in Chinese-made Aqua Dots or Bindeez Beads (P) 952-888-3491 (C) 952-292-2416 Stillwater, Creative Kidstuff (numerous [email protected] have been recalled after several incidents of 8120 Penn Avenue South, Suite 114 children vomiting or becoming comatose after Retail Toy Recalls on page 4 Bloomington, MN 55431 (F) 952-888-0000 msca news 2007 3 www.msca-online.com WELCOME ew embers MINNESOTA arketplace N M Judy Lawrence, Jeff Orosz, Press releases are printed basedM upon availability of space,and relevance to the local market and at the discretion of the newsletter committee. Kraus-Anderson Companies C.M. Architecture, P.A. Ross Gramstad, Robb Miller, ● Target Corporation has launched a new gift card made Mutual Bank T.E. Miller Development, LLC of sustainable plastic. The card, available in select Target Commercial Term Lending Caleb Frostman, M & I Bank stores nationwide, is made from Mirel, a new family of bio- George Hoene, Staci Ford, based plastics made from corn that provides an alternative to Golub & Company Sherman Associates, Inc. traditional, petroleum-based plastics. Jennifer Clapp Doane, Benjamin Sporer, Landform ● Target Corporation has created a new shopping-list Arlene Clapp Ltd. Kendra Lindahl, Landform service called TargetLists, which allows shoppers to create Shelley Bruns, Chad May, multi-occasion gift and shopping lists using in-store and Ryan Companies US, Inc. LandCor Companies online resources. Go to Target.com/targetlists. Kelcey McKean, Colliers Travis Schlemme, U.S. Bank Cindy Nosan, Jim Gray, Northtown ● Toys “R” Us launched a toy safety Web site that OREXCO 1031 Exchange Mall/Glimcher Properties included information about its safety procedures and Paul Schroeder, Westwood Kathy Rusche, specific recall information. Professional Services Mall of America ● Eq-life, a retail chain launched and later spun off from Charla Evenson, Anne Jeske, Paster Enterprises Best Buy Co., Inc. will close its store on St. Paul’s Grand C.M. Architecture, P.A. Todd Balsiger, Avenue, its last location. Steiner Development, Inc. ● Fifteen years after closing its former store in the IDS Center, men’s clothing retailer Brooks Brothers has returned to downtown in Minneapolis’ City Center on the DECEMBER skyway level.% ember ews ● Uber Baby will open a new store next spring at Galleria, M N Press releases are printed based upon availability of space Edina. The new Uber Baby store will be located across and relevance to the local market. the corridor from its current Expecting Uber Baby store. The original Uber Baby will eventually close its retail Schroeder Joins Westwood Professional Services operations on Lyndale, and will open periodically for Paul Schroeder has joined Westwood Professional Services as a warehouse sales only. Senior Project Manager and Landscape Architect. Schroeder, ● Taher Inc. is entering the restaurant business from the who has been in the industry for 13 years, brings expertise in cafeteria business with its first restaurant, Wayzata Eatery project management, master planning, site design and public and Wine Bar, which opened a few months ago, and its approval process. second restaurant, Alaska Eatery, which just opened in the former Shelly’s Woodroast building in St. Louis Park. H.J. Development, Inc. ● Butterfly Life, a women’s fitness franchise, will H.J. Development is pleased to announce the recent purchase of occupy 2,000 square feet of space in the Shakopee Valley Maplewood Town Center. Maplewood Town Center is located Marketplace building located at 1747 17th Avenue in the across the street from the Maplewood Mall at the intersection of Shakopee Valley Marketplace. The center is anchored by County Road D and I-694, in Maplewood, MN. The 110,608 Kohl’s and Target. square foot retail development is anchored by Best Buy, and was purchased from Kimco Realty Corporation. ● Ground recently broke on Highwood Center, a 13,105 square foot medical/office/retail development in the northwest quadrant of the intersection of Interstate 94 and RETAIL TOY RECALLS continued White Bear Avenue in Saint Paul. locations) or Toy World in Wayzata and Edina. If you prefer the web, try the following sites: www.woodentrain.com; www.fatbraintoys.com; www.toysfromtimespast.com; HOLIDAY FUN FACTS www.woodentrain.com; www.unclegoose.com; and ● The percentage of mall based gift certificates/cards www.oopmatoys.com. Have a safe and fun Holiday season. ■ redeemed the week after Christmas: 29% 1 www.consumeraffairs.com - Mattel, Not China, To blame for Toy Recall, ● 94.3% of malls will be open for 24 hours during some point Company Admits – September 21, 2007. www.abcnews.go.com - Toy Recall Raises Red Flag on Chinese- Made Toys – August 6, 2007. of the holiday season. 2 www.cnn.com - Toy contaminated with “date rape” drug pulled – ● The average number of temporary kiosks malls will add November 8, 2007. 3 www.iht.com - European toymakers toot their safety horn – August 16, 2007. during the 2007 holiday season: 10 msca news 2007 4 www.msca-online.com STARR AWARDS ommittee hat C C MSCA ember rofiles Co-Chairs: Margaret Jordan, Great Clips and M P Dan Parks, Westwood Professional Services ELIZABETH “BETTY” EWENS, CCIM, SCLS

he STARR Award committee has outdone itself. All of the Company: Kraus-Anderson Companies committee goals were exceeded. For example, the number of Tnominated projects and corporate tables sold truly were Primary Career Focus: Retail leasing above and beyond. The committee’s goal is to have 25 nominated and brokerage, with a commitment to both projects and secure 27 corporate tables. In 2007, we received 49 cash flow and maximizing property value. entries and sold 37 corporate tables. The STARR Awards/Year Hometown(s): St. Paul, MN End Ceremonies/Holiday Party will be held on December 4 at Golden Valley Country Club with registration starting at 4:00 Education: B.S. Social Science, p.m., Year End Ceremonies and Awards Presentation at 5:00 p.m. University of Minnesota, Twin Cities and Holiday Party at 6:00 p.m. This event is the favorite meeting Campus, M.A. Theology and the Arts, United Theological of many members. It is the opportunity to recognize Seminary, New Brighton, MN, and CCIM Designation. outgoing/incoming leadership, a chance to connect with one another, congratulate individuals and teams on great projects and Family: Husband, Kim John Crumb to wish each other a wonderful new year. Hope to see you there! Hobbies: Dance, Cooking Please consider joining our committee in 2008. Please contact Karla Keller Torp at (952) 888-3490. Very First Job: Independent sales consultant for a cosmetics company Dream Job: I am in it! TECHNOLOGY ip Secret Talent: Sportscar Racing T Favorite Food: Spaghetti Have you changed jobs recently? Looking to share a little bit MSCA Involvement: Charter member of MSCA, Past about you with fellow MSCA members? It’s time to update, or Co-Chair of the Research Committee, Past Co-Chair and create, your member bio. From the MSCA home page, click Current Member of the Newsletter Committee on the “members only” tool bar. Login in using your member ID or email address. Click on “edit profile” in the upper right corner. Click on “Add or Edit Your Bio Page” and type away. Click on the “update” button and you’re done. While you’re at it go ahead and upload a recent photo to your bio page. If you CHRIS MOE have any questions please call Sean Cullen at (763) 476-6010. Company: HJ Development Primary Career Focus: Leasing HJ Portfolio 2008 vents chedule Hometown(s): Burnsville, MN – Reside E S in Minneapolis Our monthly program meeting date is the first Wednesday of every month. All meetings will be held at 8:00 a.m. Education: Economics, University of (registration at 7:30 a.m.) at the Doubletree Hotel Minneapolis Eau Claire Park Place unless otherwise noted or publicized before the Family: Single program. Program topics and location are subject to change. Hobbies: Hockey, Outdoor Sports, Travel Wednesday, January 9 – Geographic Focus Very First Job: Pulling sporting clays at the MN Horse & Wednesday, February 6 – Retail Focus Hunt Club Wednesday, March 5 – Business Day at the Capitol different location Crowne Plaza St. Paul Dream Job: Move to the Caribbean & Host a Saltwater Fishing/Diving Show Wednesday, March 12 – Shopping Center / Mall Focus Wednesday, April 2 – Development Focus Favorite Food: Authentic Mexican Wednesday, May 7 – Retail Focus MSCA Involvement: Golf Committee msca news 2007 5 www.msca-online.com STATE OF RETAIL rogram ecap by Betty Ewens, Kraus-Anderson Companies P R SCA’s Research Committee marketplace. Mr. Scott also featured presented its 2007 State of Retail statistics like lower vacancy (now at 5.9%), MReport to the membership on real estate taxes slightly lower, and CAM Wednesday, November 7th. A lively and charges slightly higher. The top future interactive program appeared to be enjoyed factors cited by the report for 2008 are by all and featured topics pertinent to our housing, small shops, and changing industry. Co-chairs Jen Helm and Gregg demographics. Just before the formal Erickson, of United Properties, kicked off program closed and the group moved on to the meeting with an overview of the networking and appetizers, prizes were November presenters: Left to right program and introduced guest speaker, given for the winning table in the Gregg Erickson, United Properties; Dan McElroy of the MN Department of “shopping cart” race. For those of you who Jen Helm, United Properties, Employment and Economic Development. missed the event or would like additional Dan McElroy, MN Dept of Employment & Mr. McElroy spoke on the Minnesota copies of the report, you can purchase a Economic Development; Economy, noting that “dependents’, those copy of the 2007 Retail Report by Peter Berrie, Faegre & Benson, LLP; Eric Bjelland, United Properties; persons under 16 and over 65, would be downloading the order form from Jay Scott, Solomon Real Estate Group. important demographic sectors to watch in www.msca-online.com\publications.html  the future and will impact our retail economy in significant ways. Next, Eric Bjelland of United Properties spoke on the CONGRATULATIONS! investment market. His topics included a 5-year investment market summary, a On October 27, MSCA Associate Director, summary of capital markets, 2007 deals, two current case studies, and his evaluation Stacey Bonine and of what will impact values in 2008. For husband, Tim, 2008, he suggests hot topics will be the broader economy, capital considerations, welcomed a baby retail real estate consideration, and the boy into the world. election. Jay Scott, Solomon Real Estate Group Inc., then took the podium with the Jayden Thomas top stories of 2007. He talked about redevelopment “tip toes” and remodel Bonine - 8lbs, 11 oz “jogs”, citing examples of each in the and 21 inches long Stacey and Tim are very excited about their rofessional new addition to the family and are all doing well. NOVEMBERP Showcase

Matthew Gens, Let There Be Lights! msca news 2007 6 www.msca-online.com MSCA ANNOUNCES NEW FEATURED CORPORATE SPONSORS LEARNING SESSIONS COMPANY VISIONS hank You T MSCA announced at the STARR Opus Northwest LLC developers, investors and builders, to satisfy all Awards the creation of a new Education of our customer’s financial needs, help them Committee that will focus on To be a company with a reputation unparalleled succeed financially, and be known as one of administering quarterly classes on in the business world - of uncompromising America’s great companies. industry topics beginning with four integrity that inspires our clients, employees class sessions in 2008. and all stakeholders to say, “What a great Welsh Companies, LLC experience it is, working with Opus.” The sessions will be for MSCA members To be the preeminent real estate service provider/ only and limited to 25 students on a Reliance Development investor in the . first-registered basis. The cost for each Company, LLP session will be $20. Sessions will be Westwood Professional held from 7:45am to 9:15 am on To build a portfolio of quality retail real estate Services, Inc. February 19th, April 15th, July 15th and income producing assets through development October 21st. and acquisition. A nationally recognized firm of exceptional professionals serving successful clients in Members will be sent an email with Solomon Real Estate Group Inc. diverse markets. information on the class and registration details. Registrations or waiting lists are To develop a variety of properties that Shingobee Builders, Inc. not being taken at this time. effectively meet the needs of our clients and the communities they serve. To provide exemplary personalized construction MSCA looks forward to expanding services beyond our clients’ expectations. We these sessions in 2009. Please consider Wells Fargo Bank, N.A. are committed to building long-term joining the Education Committee. If relationships with our clients, by providing you are interested, please call Karla To be a premier, nationwide provider of exceptional value and service. Keller Torp at (952) 888-3490. financial services to middle-market real estate

Fact.

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