2004 Corporate Sponsors Adolfson & Peterson Construction The Avalon Group Benson-Orth Associates, Inc. Bremer Bank, N.A. Brookfield Properties (US) LLC news The Business Journal Cambridge Commercial Realty CB Richard Ellis Volume 18, Number 12 December 2004 The Collyard Group Commercial Partners Title, LLC Construction 70, Inc. CSM Corporation Feature Cuningham Group Architecture, P.A. Evolution, Not Revolution, Dalbec Roofing Exeter Realty Company in Retail Trends Faegre & Benson LLP General Growth Properties, Inc. by Betty Ewens, CLS, Kraus-Anderson Companies Glimcher Properties/Northtown Mall Gray Plant Mooty ost retail trends currently look like business may be beginning to dissuade some Great Clips, Inc. classic evolution-at-work, survival of from that genre, however. H.J. Development, LLP the fittest, driven by competitive M Tax-deferred exchanges have also fueled Heitman Financial Services LLC market forces. What’s ordinary, what’s new? buying activities; investors looking for 1031 J.E. Dunn-North Central And, what about the next revolution? Where exchanges continue to push into the market. J.L. Sullivan Construction, Inc. might the next one of those come from? Jones Lang LaSalle Like-kind exchanges are expected to continue KKE Architects, Inc. Despite continuing concerns about the economy, to be immensely popular, with Tenants-In- Kraus-Anderson Companies job growth and the national debt, the retail real Common (TIC) generating interest. estate market overall is continuing to thrive. LandAmerica Commonwealth A newer trend, likely brought about by Investors are overwhelmingly selecting retail Landform economic necessity, is a greater movement product types as a preferred sector, with Larkin, Hoffman, Daly & Lindgren, Ltd. toward secondary markets. As urban markets grocery-anchored retail and big box leading as LaSalle Bank become more difficult for renovation/ the favored investment, and neighborhood M & I Bank redevelopment and with outer-ring Madison Marquette centers and lifestyle centers a popular choice The Marshall Group as well. The recent stresses in the grocery Messerli & Kramer, P.A. Evolution in Retail Trends continued on page 2 Midwest Maintenance & Mechanical, Inc. Minnesota Roadways North American Properties, Inc. NorthMarq Capital, Inc. Snapshot Oppidan, Inc. Big Lake Town Square Opus Northwest LLC Park Midwest Commercial Real Estate Location: Paster Enterprises, LLC Highway 10 & Reliance Development Company, LLP County Road 43 RLK-Kuusisto Ltd. Robert Muir Company Opening: Summer 2005 Anchor Tenants: Coborn’s Grocery – 50,000 sf Robins, Kaplan, Miller & Ciresi LLP Ridgedale Center Owner/Managing Agent: Oppidan Market Area Served: Highway 10 Corridor RSM McGladrey, Inc. Investment Company between Elk River and St. Cloud RSP Architects Leasing Agent: George Bestrom, Park Additional Facts: Big Lake Town Square is Ryan Companies US, Inc. Midwest Commercial Real Estate the first step in the long-term plan to provide a SuperValu Inc. Target Corporation (763) 847-6668 significant retail base to serve the expanding northwest corridor. Coborn’s new store will TCF National Bank Minnesota Architect: Wolfgram Knutson Architects, Ltd. Towle Financial Services replace the small convenience grocery, filling a United Properties Construction Contractor: Kraus-Anderson void that formerly resulted in grocery customers U.S. Bank Building Division traveling outside their market for major shopping. Leasing is underway on the tenant Venture Mortgage Corporation GLA: 66,600 square feet Weis Builders, Inc. building, positioned with maximum visibility Wells Fargo Bank, N.A. Number of Stores: 11 spaces in the 16,600 sf to the 25,000 vehicles per day on Highway 10 Welsh Companies, LLC tenant building and convenient to Coborn’s generated traffic. Westwood Professional Services EVOLUTION continued living to an urban condominium or multi- Watch this area for more innovation. family high-rise apartment is driven The next revolution could likely come development subject to more competition primarily by convenience and a 24/7 from this sector. and regulations, forays into developing the lifestyle. Downtowns are experiencing a Another mega-trend is the opportunity to smaller markets has blossomed. Rural renewed interest in upscale city living, and develop shopping centers and to open retail communities are luring developers and will attempt to make the most of this trend. major retailers to underserved areas. stores internationally. China, South America, These new customers had previously Mega-retailers are making headlines. Apple Mexico and Canada are key markets to driven up to 250 miles to shop in larger Corp. is setting the pace with its successful watch. European markets have been targeted markets. Many middle markets have pent bricks-and-mortar locations. According to for retail and development for some time up demand and their residents are Retail Traffic, by the end of 2004 Apple now, and should also continue to grow. will have more than 100 stores in its rewarding the retailers and developers who Once upon a time, these trends were portfolio—including sites in Japan and the venture into their communities. REIT’s revolutions. Now we are seeing evolution, U.K. Apple stores generate $1.2 billion in and private investors appear to be the not revolution. Today’s evolving trends sales; 50 percent of the U.S. population is strongest contingent of buyers for these are more intensified versions of what we within a 15-minute drive of an Apple Store. particular markets. have seen in the past few years. What will IKEA is a prime example of the global be the next revolution? Lifestyle centers as a category appear economy. With big box stores in major destined to grow substantially in the near markets, IKEA appears to be a major success future. Currently, developers are here in Minnesota, after opening in July. Bookmark expanding the once narrow definition by Wal-Mart and Target march on, continuing Become a mentor. Here are a few encompassing more aspects, including to expand. The K-Mart/Sears merger resources to get you started: overall size, differing types of retailers and signals a potential mega-retail move to experimenting outside the confines of compete. Certainly, we will see more of Mentoring: How to Develop previous models. Originally seen as the this trend. Successful Mentor Behaviors by domain of a few upscale communities, the Gordon F. Shea. Technology is affecting retail real estate, as broadening definition allows for more The Mentor’s guide: Facilitating variety. Open-air, leisure-based and it is affecting most all sectors. Retailers Effective Learning Relationships by upscale continue to be important, while are moving toward RFID inventory and Lois J. Zachary. shopping and dining experiences set in checkout systems that may ultimately replace the majority of checkout clerks… The Manager’s Pocket Guide to Effective aesthetically pleasing environments are a Mentoring by Dr. Norman Cohen. key component. Incorporating the concept part of the relentless drive to lower costs, of a town center is yet one more aspect while having more information to make Making Mentoring Happen: A Simple that is blending into the lifestyle category. effective business decisions. “Extreme and Effective Guide to Implementing a Successful Mentoring Program by Expect to see many hybrids as developers automation” will likely change our lives Kathy Lacey and retailers attempt to entice shoppers by over the next ten years. Smart cards, in creating inspiring fresh and different use at stores and shopping centers, will visual designs. impact the way we park our cars and 2005 Event Schedule purchase our goods. Retailers such as the General Growth is credited with the new new fitness “boutiques” are providing 24/7 Our monthly program meeting date is the first Wednesday of every month term “retail resort,” describing their new two access cards for customer convenience. (with the exception of December). million square foot project, Jordan Creek Many such retailers may then use on-site All meetings will be held at 8:00 a.m. Town Center, in West Des Moines, Iowa. personnel during peak hours only. (registration at 7:30 a.m.) at the The center consists of an enclosed mall area, Sheraton Bloomington Hotel unless an open-air big-box and lifestyle area, a Wireless fidelity, or “WiFi”, provides otherwise noted or publicized before group of restaurants around a man-made access to the Internet, and is now available in a number of high profile shopping the program. Program topics and lake and a hotel. How do you top that? By location are subject to change. incorporating more and more elements of centers. A newer trend for shopping what it takes to be that “demand” destination. centers, it has been readily available at Wednesday, January 5 – Finance many coffeehouses, copy centers, & Investment Mixed-use projects maximizing the bookstores and fast food restaurants. potential for limited amounts of space in Look for WiFi to be used not only as Wednesday, February 2 – Technology urban areas are a key target for developers an enhancement to lure customers to Wednesday, March 2 – Legislative/ and favored by city planners. Urban stay longer, but also to incorporate Business Day at the Capitol at Four lifestyle developments that feature high- more automation in retail properties, Points Sheraton St. Paul/Capital Hotel rise condominiums with luxurious features such as door locks, security systems and lots of amenities are catching on with and utility controls. Wednesday, April 6 (Afternoon) – young professionals and baby boomers. Geographic Focus at Holiday Inn They want carefree, maintenance-free With our nation’s growing diversity and Minneapolis Metrodome living in a fast-paced metropolitan broadening global influences, ethnic Wednesday, May 4 – Development environment. Moving from suburban merchandising holds great opportunity. msca news 2004 2 www.msca-online.com MeetingRetail Real Estate Recap Review
by Betty Ewens, CLS, Kraus-Anderson Companies
he November 3rd MSCA Retail Real evident on even the Estate Review featured speakers Holly smallest convenience Rome, Jones Lang LaSalle; Eric neighborhood retail T 2004 LEADERSHIP Bjelland, United Properties; Kathy Anderson, developments. Finally, OFFICERS Architectual Consortium LLC; and Linda Zelm, new retailers to the President Griffin Companies. In addition to the updates market were presented. Michael Sims, United Properties presented by each speaker, attendees An additional audience 1st Vice President Peter Austin, Welsh Companies, LLC participated in the trivia game show portion of participation opportunity 2nd Vice President the report courtesy of Master of Ceremonies, created a more Paul Sevenich, CCIM, Kraus-Anderson Co. Jerry Ciardelli of Erdahl Aerial Photos. comprehensive list for Treasurer those in attendance. Thanks to Janet Goossens Kenneth Vinje, SCSM, Kraus-Anderson Co. The investment market update included an and Holly Rome, this year’s co-chairs, for an Secretary overview of sales and cap rates. New Sara Stafford, KKE Architects, Inc. excellent report and an exciting presentation. developments included a multitude of new DIRECTORS projects in each quadrant of the metro area. For those of you who missed the event, you can Wendy Aaserud, Madison Marquette Brett Christofferson, Weis Builders, Inc. The trends portion of the report included the purchase a copy of the 2004 Retail Report by Lisa Diehl, McDonald’s Corporation widespread use of components such as water downloading the order form from Gary Jackson features, fountains, plazas and ornate streetscapes; www.msca-online.com. Kevin Krolczyk, Dalbec Roofing, Inc. Bob Lucius, RSP Architects Ltd. Mary Wawro, Ryan Companies US, Inc. COMMITTEE CO-CHAIRS Awards Brett Christofferson, Weis Builders, Inc. Ronn Thomas, United Properties Around the Marketplace Community Enhancement Retail Tidbits Wendy Aaserud, Madison Marquette Elizabeth Lee, The Wall Companies Golf compiled by Tim Hilger, Diversified Acquisitions, Inc. Matt Alexander, Contractor Property Developers Co. ● Blockbuster Video has made a $1 billion ● Dress Barn, Inc. is spending $320 million to Chris Hussman, Aspen Waste Systems, Inc. Legislative offer to purchase Hollywood Entertainment acquire Maurice’s. Maurices operates 464 Howard Paster, Paster Enterprises Inc. (Hollywood Video). The price includes stores in 38 states, chiefly in strip centers and Todd Johnson, Steiner Development, Inc. the assumption of $300 million in Hollywood malls. Dress Barn has 792 stores in 45 states. Marketing Peter Austin, Welsh Companies, LLC debt. The combined acquisition would give Maurice’s is expected to open 20 new stores Kelly Slawson, RSM McGladrey, Inc. Blockbuster, with 9,000 stores worldwide, during the remainder of the year, and roughly Membership 1,920 Hollywood Videos plus 600 Hollywood’s 30 to 40 stores over the next several years. Kevin Krolczyk, Dalbec Roofing, Inc. Game Crazy stores for complete dominance in Nick Reynolds, Welsh Companies, LLC ● Sears and Kmart agree to merge to become Newsletter the video/game rental business. the nation’s third-largest retailer. The deal calls Lisa Diehl, McDonald’s Corporation Betty Ewens, Kraus-Anderson Co. ● Toys “R” Us is “in play” as an acquisition. for Kmart Holding Corporation and Sears, Program Will the buyer enhance it as a retailer or buy it Roebuck and Company to merge into a single Tony Pasko, Bremer Bank for its 18 million square feet of real estate? retail company named Sears Holdings Corp. Peter Berrie, Faegre & Benson LLP Vornado Realty Trust and other real estate Research ● The first leg of the Hiawatha Light-Rail Janet Goossens, Kraus-Anderson Co. investors are considering the purchase for its Holly Rome, Jones Lang LaSalle Line has scored big with sports fans headed to real estate holdings. Former Toy’s Chairman, Sponsorship the Metrodome. Will the completed line be as Michael Goldstein, is seeking to purchase it Ned Rukavina, United Properties popular with shoppers, travelers and suburban Bill McCrum, RSP Architects Ltd. and enhance its retail operations. Suppliers, commuters? The second leg will open on Technology hoping to help it compete, are giving the Paul Sevenich, CCIM, Kraus-Anderson Co. December 4, extending service to the Cindy MacDonald, Kraus-Anderson Co. retailer exclusives on certain toys this Christmas. Minneapolis-St. Paul International Airport and MSCA STAFF ● Apple Computer is now leasing stores as the Mall of America. Executive Director - Karla Keller Torp (P) 952-888-3490 (C) 952-292-2414 small as 750 sf versus their traditional 4,000 sf [email protected] ● CVS debuted in the Twin Cities with two standard store. The smaller stores are called Associate Director - Stephanie Salo stores in Eagan and Coon Rapids. It plans to Genius Bars, which will stock a full array of (P) 952-888-3491 (C) 952-292-2416 open roughly 10 stores in the market before the [email protected] portable gear from computers to mini i-Pods. 8120 Penn Avenue South, Suite 555 end of the year. Bloomington, MN 55431 (F) 952-888-0000 msca news 2004 3 www.msca-online.com RetailerSignet Group Profile
by Lisa Diehl, McDonald’s Corporation
he Signet Group is the world’s largest has the potential to expand to over 900 annually. The average sales per store was specialty retail jeweler with operations mall stores and is testing an off-mall $4,603,000 last year, with the average Tin the United States and the United concept. Kay targets the middle-income purchase of $586 per transaction. Average Kingdom. Headquartered in Kent, Britain, consumer. The average retail price of store square footage ranges from 4,500 to Signet is a public company traded under merchandise sold in the Kay chain during 6,500 freestanding. Management believes the symbol SIGY.O in the United States. 2003-2004 was $257 and average sales per the Jared concept has considerable growth As of October 2004, Signet operated 1,742 Kay store were $1,548,000. potential with over 100 suitable markets specialty retail jewelry stores, including identified for future expansion, with many Jared is the leading off-mall destination 1,141 stores in the United States as “Kay of these markets able to support multiple specialty retail jewelry chain in its sector Jewelers,” and under a number of other locations. Look for additional store of the market. Its main competitors are regional names, including “Jared The openings in the Twin Cities. They are independent operators. Jared is expected to Galleria of Jewelry.” They currently hold locally represented by Cambridge double its size over the next ten-year period. nearly 7% of the market share of a $54 Commercial Realty. They have a portfolio of over 91 stores, billion jewelry market and occupy the including Southdale Square Shopping number two spot in the specialty market. Center in Edina, The Shoppes at Arbor Signet’s US stores offer a selection of Increased Jewelry Sales Lakes in Maple Grove and Maplewood jewelry lines at popular price points with Mall in Maplewood. The advantage of a US jewelry sales have increased at a an emphasis on diamond jewelry, account- destination store is that customers visit the compound annual growth rate of 4.7% ing for some 70% of merchandise sales. store intending to purchase jewelry, over the last ten years. Contributing Kay stores, with 717 primarily mall stores whereas mall customers tend to be diverted factors to this are the rise in disposable in 50 states, are predominantly located in by non-jewelry purchases. incomes, greater numbers of women in regional and super-regional enclosed malls. the work force and the increasing During 2004-2005, the company plans to The average mall store contains 1,154 popularity of diamond jewelry. increase the level of Jared stores by 15-20 square feet of selling space. The concept
2004 Holiday Update more gift options this season and may use gift cards less than last The third annual Twin Cities Holiday Survey completed by the year when inventories were quite lean. University of St. Thomas estimates that 2004 holiday spending This year’s early Chanukah should help provide some sales will total $796 per metro-area household, up $17 or 2.2% support during the early December period, which in recent years compared to last year. The national average is expected to be has not helped to boost sales. There are 29 shopping days $702. Total holiday spending this year is estimated to reach between Thanksgiving Day and Christmas Day this year, two $219.9 billion. ICSC is still forecasting a comparable increase more days than in 2003. of 3-4% over the 2003 holiday season. At what hour will retail's holiday season peak? According to Shoppers may not shop as often this year, but plan to spend more MasterCard International, it will probably be between 2 p.m. and per item or per visit. While most still shop in traditional stores, 3 p.m. (CST) on Christmas Eve. The busiest day? That will be non-store shopping venues (catalogs, television, internet) continue the day before, December 23. These predications are based on to gain ground. The St. Thomas study also concluded that MasterCard transaction data from the past several holiday seasons. retailing in the Twin Cities tends to be fairly steady, with either moderate increases or decreases. One of the best leading indicators of consumer credit use is the willingness of banks to provide consumer installment credit, which Holiday gift purchase plans show that consumers remain in a continues to be favorable. If consumers have the available lines of practical state of mind this year, with some exceptions regarding credit, they will use them; if banks cut back on those lines, then shopping for their kids. Affordable gifts will take priority over there is an impact on spending. Lower-income household budgets unique gifts this holiday season as many consumers, particularly have been more strained this year than the rest of the population those in the down market, remain price sensitive. The nation’s due to the run-up of gasoline prices. largest toy retailers are turning to some tried and true favorites in an attempt to generate customer excitement. ICSC believes that the successful retailers in 2004 will be those that focus on the high-end or luxury market or those retailers that Gift cards, which captured an estimated 8-10% of total 2003 appeal to the “upscaler.” holiday expenditures last year, will not likely have such a dramatic impact on sales this year. With the expected increase in Santa Claus remains reasonably optimistic on this year’s holiday 2004 holiday product selection in stores, consumers will find season. Hopefully, Santa’s elves will continue to remain upbeat throughout the next several weeks.
msca news 2004 4 www.msca-online.com Press releases are printed based What’s Hot This Holiday December upon availability of space and Season Member News relevance to the local market. Apparel & Accessories 1. Anything that is pink in color In Memory of Royanne Carper Itasca Finances Lakeville Center 2. Tweed Royanne Carper, MSCA member and Itasca Funding Group, Inc. arranged 3. Suede Property Manager for Paster Enterprises, non-recourse permanent financing in the 4. Round-toe shoes passed away peacefully at home surrounded amount of $19.6 million for a ten-year 5. Big belts by family and friends on November 12, term and a 30-year amortization on the Music/Entertainment 2004. Royanne was an active member on Crossroads of Lakeville Shopping Center. 1. Mini MP3 the MSCA membership committee. The center includes 135,000 sf of retail 2. Cell phones with built-in cameras space anchored by a 69,000 sf Cub Foods 3. Plasma/flat-panel TV’s Mosborg Receives William Hall Award grocery store. The balance of the center Toys for Boys Suntide Commercial Realty, Inc., includes a 42,000 sf multi-tenant strip 1. Video games announced that Steven Mosborg received space and four outlot buildings and is 2. Spiderman the prestigious William Hall Award, 100% leased. 3. Remote control toys presented by Memorial Blood Centers in 4. Hot Wheels November. The award is presented to an Rosemount Crossing Breaks Ground 5. Trucks organization or individual for their Rosemount Crossing officially broke ground Toys for Girls exceptional commitment and dedication to at the main intersection of Highway 42 and 1. Barbie increasing the number of blood donors. Highway 3 on November 29. This 48,000 2. Bratz sf neighborhood center is anchored by an 3. Doll Stillwater Marketplace Sold Aldi’s Grocery store, a Starbucks Coffee 4. Video games Chase Properties recently purchased 104,000 shop and a sit down restaurant. Steiner 5. Dora the Explorer sf of the 300,000 sf Stillwater Marketplace Development is the owner, developer and Kids of All Ages owned by Edina-based Urban Associates, general contractor. Architectural 1. E-L-M-O (Sings to the tune YMCA) Inc. The center is shadow-anchored by Cub Consortium LLC provided design, city 2. Operation Shrek Foods and Target stores. This is the first approvals, and construction documents. 3. VideoNow Twin Cities acquisition for Chase Properties. 4. Ms. Pac-Man Opus Breaks Ground in Burnsville 5. Trivial Pursuit (Saturday Night TOLD Moves Offices Opus Northwest LLC has broken ground Live DVD Edition) TOLD Development recently moved their on Nicollet Plaza, 102,000 sf urban offices from Minnetonka to Plymouth in redevelopment project in Burnsville. This the Two Carlson Parkway offices. mixed-use project is part of the successful Thanksgiving Weekend Exeter Plans a Lunds in Minneapolis “Heart of the City” redevelopment under- Kickoff way in Burnsville. The project is anchored Exeter Realty and Hillcrest Development The Wall Street Journal reports that by a Cub Foods and will have 14,000 sf of plan to build a mixed-use development near-record crowds turned out for the adjacent retail as well as 19,000 sf of including a Lund’s grocery store, 45,000 sf holiday shopping season’s Thanksgiving freestanding space that will include a bank of retail space and 110 to 120 condos in weekend kickoff, bringing unexpect- and other retail space. The retail project is northeast Minneapolis on Central Avenue. edly robust sales gains to many malls scheduled to open in July 2005. Stahl Completes Jared Jewelers and retail chains across the country. Stahl Construction Company completed Opus Welcomes Rasmussen to Team ShopperTrak of Chicago estimated the construction on a new Jared Jewelers in Opus Northwest LLC recently hired Hans retailers for Friday leapt 10.8% over Maplewood. The 5,500 sf store is one of Rasmussen as Director of Real Estate last year to hit $8 billion. three projects Stahl is building for the Development for its Minneapolis office. Charge card data collected by Visa developer Chesapeake Companies. Rasmussen will be responsible for the USA indicated that cardholders leasing of Woodbury Lakes Lifestyle KKE to Renovate Colonial Square charged a combined $7.4 billion on project, a 400,000 sf development, The Friday and Saturday, a 14.3% KKE Architects, Inc. is working on the Fountains at Arbor Lakes, the fourth phase increase over the same period last renovation of Colonial Square in Wayzata. in the Arbor Lakes development and more year. Use of debit cards was up This project is being completely designed than 800,000 sf of retail. sharply, possibly the result of using 3D graphics and includes new consumer debt worries. Shoppers branding/repositioning in the marketplace Witcher Changes Name spent $3.3 billion using debit cards in and completely new signage. The current Witcher Construction announced that is the two-day period, a 20.2% rise over tenant mix of Lunds, Juut, Sports Hut, etc. has changed its name to J.E. Dunn – North last year. Credit card spending will remain in place. Construction is Central. Witcher has been in business exceeded $3.8 billion for the period, slated for a spring start with completion in since 1945 and has been owned by Kansas an 8.8% rise. Fall 2005. City-based J.E. Dunn since 1991. msca news 2004 5 www.msca-online.com FeaturedThank Corporate You! Sponsors
Brookfield Properties (US) LLC Company Vision: To provide a single, Ryan Companies US, Inc. comprehensive source of quality services Industry Focus: Success built on a solid to our commercial real estate customers. Industry Focus: National commercial foundation of strategic portfolio real estate firm offering integrated design- management, quality teamwork and “Many of the members of MSCA are build and development as well as asset, customer service excellence. clients and likely future clients. We are property and facilities management services. provided with excellent exposure amidst Company Vision: To be a leader in the North the member base. The association is well- Company Vision: To be the developer and American commercial real estate industry. organized and is a great educational builder of choice for the customers we serve. “MSCA is important to Brookfield because source.” Terry Siede “MSCA offers us a key opportunity to it creates long-lasting, valuable relation- NorthMarq Capital, Inc. interact and network with industry leaders ships and keeps us abreast of industry in Minnesota. The monthly programs and activity and changes.” David Sternberg Industry Focus: Commercial real estate newsletter prove insightful and beneficial financing. to understanding the dynamic nature of our Kraus-Anderson Companies business.” Thomas Palmquist Company Vision: To be the premier Industry Focus: Retail management, commercial real estate mortgage banking Towle Financial Services leasing and development. firm in the market. Industry Focus: To provide competitively Company Vision: To be a fully integrated “MSCA gives our company an opportunity priced debt and equity to finance the commercial real estate service organization to interact with the retail professionals in acquisition, construction or leveraging of dedicated to serving our customers with a the association.” Patrick Minea commercial real estate. high degree of professionalism and integrity. Paster Enterprises Company Vision: To provide borrowers a “MSCA gives us networking access to better understanding of their financing retailers and industry peers so that we can Industry Focus: Retail Real Estate options and to assist them in making stay up-to-date on industry trends, market Company Vision: Develop and manage decisions that will maximize the return on conditions, pending legislation, code first class neighborhood shopping centers their investments. related matters and retailer movement.” that are dedicated to serving the needs of Ken Vinje “MSCA provides us an excellent their communities. opportunity to work with market leaders in Midwest Maintenance & “MSCA provides the ongoing opportunity retail development and ownership in Mechanical, Inc. to collaborate with and learn from our providing education, increasing market Industry Focus: Construction, HVAC, peers in the shopping center industry. knowledge and building professionalism electrical, and building trade services for Collectively, we continue to shape and for its members.” Mike Meents the commercial real estate industry. mold the future of retail and our communities.” Howard Paster
Search Me Smart Tax Tips To Make in December Are you dreading searching for the perfect holiday With all of the holiday shopping and craziness right now, it’s very difficult card this year? Check out www.amazingmail.com to think about taxes…but take a few minutes now and it could save where you can upload your own photos and turn them enough money later to pay for all those gifts you’re purchasing. into laminated postcards. The site also addresses and mails them for you. • Estimate your tax payments. Many people have estimated taxes due on January 15th. Pay those in December. Another tip is to pay your April Buy gift certificates redeemable at hundreds of different stores at www.giftcertificates.com. Stores property tax installment in December. are conveniently listed by category. There’s a service • A loss in the stock market can be used to offset any gains so you can fee of 95 cents for e-mail certificates and $1.95 for lower your taxes on that income. those sent by mail. • If you participated in a flexible spending account, don’t forget to use it Ever wonder what happens to your Christmas tree? According to a recent survey, 69% of holiday or you will lose it. If you have a balance left to get eyeglasses, see your evergreens are recycled in one of five main programs: doctor, get that annual checkup. If you don’t spend it by December 31st, chipping, beachfront erosion prevention, river delta it’s gone. sedimentation management, fish habitat, and land and • If you're looking for a last minute deduction, consider giving a donation river shoreline stabilization. Visit www.realchristmastrees.org for more information. to The Caring Tree. Visit www.caringtree.org to make a donation. msca news 2004 6 www.msca-online.com Pictured: Molly Bird, United Properties CommitteeResearch Committee Profile Eric Bjelland, United Properties Jerry Ciardelli, Erdahl Aerial Photos Gregg Erickson, CB Richard Ellis Betty Ewens, Kraus-Anderson Companies Janet Goossens, Kraus-Anderson Companies Jim Mayland, MN Commercial Property Exchange Tricia Pitchford, United Properties BIRD BJELLAND CIARDELLI ERICKSON EWENS GOOSSENS Bob Pounds, Welsh Companies, LLC Holly Rome, Jones Lang LaSalle Paul Sevenich, Kraus-Anderson Companies Ken Vinje, Kraus-Anderson Companies Not Pictured: Dirk Koentopf, Welsh Companies, LLC MAYLAND PITCHFORD POUNDS ROME SEVENICH VINJE
he MSCA Research Committee, MnCAR’s database, obtain industry in the survey providing wealth of data co-chaired by Janet Goossens and information and trends, and provide an assisting in summarizing a detailed THolly Rome is responsible for enlightening and exciting program to summary of markets and trends for the past researching, verifying and compiling the present the annual report to the public. year. In addition, we can all agree that this annual MSCA Retail Real Estate Report year’s program was indeed fun, brain By using on-line survey methods, the and presenting the report at the November teasing, educational and promoted committee was able to tap the general MSCA program. This committee strives to interaction among all attendees. membership receiving 21% participation gather accurate and pertinent data, improve
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HAPPY HOLIDAYS! Best Wishes From the
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