2008 State of Retail Real Estate Report

MINNESOTA SHOPPING CENTER ASSOCIATION phone: 952-345-0452 8120 Penn Avenue South, Suite 464 fax: 952-888-0000 Bloomington, MN 55431 web: msca-online.com msca-online.com 2008 MSCA Research Committee

A special thanks to: The data for the 2008 MSCA Retail Report shows vacancies and rental Maura Carland rates as of August 1, 2008. Property information was provided by members Andrew Chana, Marcus & Millichap of MSCA, as well as the MNCAR “Xceligent” database. Data contained in Andrea Christenson, Colliers Turley Martin Tucker this report is the property of the Minnesota Shopping Center Association David Daly, NorthMarq and may not be copied without prior consent. Tim Davis, Consolidated Photo Adam Fisher, MNCAR Demographic reporting solutions was provided by Claritas, the leader in Peter Grones, Cambridge Commercial Realty providing demographic reporting solutions. Claritas is your most accurate Sara Martin, NAI Welsh online source for U.S. demographics. Jim Mayland, Colliers Turley Martin Tucker Kelcey McKean, Colliers Turley Martin Tucker The 2008 MSCA Research Committee performed the statistical analysis. Dan Mossey, Kraus-Anderson Companies Marcus & Millichap Additional copies of this report are available by contacting the Minnesota MNCAR Shopping Center Association at (952) 345-0452. Tricia Pitchford, NorthMarq Holly Rome, Mall of America ©2008 Minnesota Shopping Center Association Ronn Thomas, NorthMarq 8120 Penn Avenue South, Suite 464 Molly Townsend, Colliers Turley Martin Tucker Bloomington, MN 55431 Leah Truax, NorthMarq John Tramm, Coldwell Banker Commercial Griffin Companies (952) 345-0452 Neal Young, Minnesota Department of Employment & Economic Development www.msca-online.com Table of Contents 1

Introduction ...... 2 Executive Summary ...... 3 Glossary of Definitions...... 3 OPINION SECTION Development/Redevelopment Activity/Real Estate Trends ...... 4 New Retailers/Bankruptcies/Acquisitions/Mergers ...... 6 Investment Market ...... 7 Legislative ...... 7 Economic Climate ...... 9 2008 Gas Prices ...... 10 Residential Retail Growth...... 12 Housing...... 12 Light Rail Transit ...... 13

2007 STARRSM Awards Interior Design ...... 16 Design and Aesthetics ...... 16 Development Process ...... 16 Renovation/Remodel...... 16 Redevelopment ...... 17 Mixed Use...... 17 Individual Awards ...... 17 OVERVIEW OF TWIN CITIES PROPERTIES Market Size...... 18 Vacancy ...... 19 Rental Rates...... 20 CAM Expenses...... 21 Real Estate Taxes ...... 21 Comparisons of All Expenses ...... 22 PROPERTY SECTION Super-Regional Centers ...... 24 Regional Centers & Property Listing of Regional Centers ...... 26 Community Centers & Property Listing of Community Centers ...... 28 Neighborhood Centers & Property Listing of Neighborhood Centers ...... 31 Minneapolis CBD & Property Listing of Minneapolis CBD...... 38 Saint Paul CBD...... 40 OUTSTATE SECTION Introduction to Outstate Properties ...... 41 Bemidji ...... 42 Brainerd/Baxter ...... 42 Duluth ...... 43 Mankato ...... 43 Hibbing...... 44 North Branch/Cambridge ...... 45 Rochester...... 45 Saint Cloud ...... 46 RETAILER PROFILES ...... 47 MSCA 2008 Leadership...... 53 APPENDIX: Alphabetical Property Listing, by City ...... 54 MSCA 2008 Committees...... 70 MSCA 2008 Corporate Sponsors ...... 72 MSCA Membership Benefits...... 73 2 Introduction

elcome to the 2008 MSCA Contained in these pages is Retail Real Estate Report! something for all industry players. A WThe members of the broker can get a snapshot of new Research Committee have worked retailers before a pitch, and a hard this year to produce a property manager or property comprehensive report that covers owner could compare his or her everything from the effect of rising center’s operating expenses to fuel prices to lists of shopping others’. We would like to express a center Common Area special thanks to the 2008 Research Maintenance (CAM), taxes and Committee—without their work, this rental rates. For the past 19 years, report would not be possible. We MSCA’s Retail Real Estate Report would also like to thank MNCAR has tracked Minnesota’s shopping and all data participants. We hope center market as it has expanded you will find a multitude of uses for and evolved. The information used this report. in the quantitative part of the Jen Helm report is generated by the Xceligent database through a Drew Johnson partnership between MSCA and 2008 MSCA Research Co-Chairs the Minnesota Commercial Association of Realtors (MNCAR), as well as input from a host of retail real estate experts.

2008 MSCA RESEARCH COMMITTEE MEMBERS

Jack Appert, Kraus-Anderson Companies Jim Mayland, Colliers Turley Martin Tucker Eric Bjelland, NorthMarq Robb Miller, T.E. Miller Development John Dietrich, RLK Incorporated Ashley Moen, Hempel Nick Furia, Fredrikson & Byron, P.A. Doug Mortenson, Commercial Property Consultants Janet Goossens, Kraus-Anderson Companies Suzie Rettinger, Coldwell Banker Commercial Jennifer Helm, NorthMarq Griffin Companies Drew Johnson, United Properties David Stalsberg, Kraus-Anderson Companies Michelle Koeller, Integra Realty Resources Brenda Thomas, Doran Companies Jennifer Lenhart, Bayport Properties Ken Vinje, Kraus-Anderson Companies Joe Mahoney, H.J. Development, Inc. Executive Summary & Definitions 3

EXECUTIVE SUMMARY GLOSSARY OF he slowing of retail real estate On the legislative front, three DEFINITIONS momentum that began in 2007 controversial bills that will effect the Thas slowed still further in 2008, retail real estate industry were Property resulting in few new transactions passed and signed into law: the Classifications and negative absorption. The transportation bill and two Omnibus For the purpose of this economy was the focus of all Tax bills. The transportation bill only report, a shopping industry players as subprime became law when the governor’s center’s classification mortgage issues, rising fuel and veto was overridden. A portion of is based solely on commodity prices, weakening of the transportation bill secures square footage. the dollar, and rising funding for the planning and Central Business unemployment all contributed to expansion of Light Rail Transit (LRT). Districts (CBDs) are economic uncertainty on both a Trends in retail real estate continue evaluated by local and national level. In to be “green” building practices, location only. All Minnesota, the largest challenge even though other real estate statistical inferences owners and developers will face is products, such as office space, are are based on the filling their small-shop space, while initially more suitable for some of following definitions: the largest challenge for retailers the specific accreditation Super-Regional will be maintaining their sales in a programs. Center—800,000 down economy. Despite these Overall, the state of the 2008 retail square feet and up; reasons to be cautious, a few key real estate industry has been “wait enclosed centers retailers continue to be active, and and see”. Retailers, brokers, and new retail space will still be Regional Mall— developers will search for delivered to the market in 2008 and 400,000–799,999 opportunistic development but into 2009. square feet; enclosed carefully underwrite each deal, all centers In 2008, many companies the while waiting for the industry postponed or downsized their improvement likely to follow a Regional Center— developments; but a total of over recovering economy. 400,000 square feet 1.7 million square feet is under and up construction or will be delivered in Lifestyle/Open Air 2008. Hotels were active in 2008 as Center—400,000 shown by the Minneapolis Central square feet and up; Business District (CBD), which will nonenclosed centers deliver almost 1,100 rooms in 2008–early 2009. While Minnesota Community Center— saw new retailers arriving in 2008, 150,000–399,999 the number of stores closing or filing square feet Chapter 11 outpaced that activity. Neighborhood This trend paralleled the nation, Center— where soft goods retailers were 30,000–149,999 especially hard hit. The retail real square feet estate investment market also slowed considerably. Access to (CBD) Central debt, economic instability, pricing Business Districts of gaps, and alternate investments all Minneapolis and were factors. Saint Paul—regardless of square footage 4 Opinion Section

Developers are set DEVELOPMENT/REDEVELOPMENT ACTIVITY/ to deliver 1.7 million REAL ESTATE TRENDS square feet of new s expected, 2008 Development activity is projected space in 2008, development activity is down to focus on renovations and which is down Ain comparison to last year, remodels, creating opportunities for roughly 8% from last and well off the yearly pace of owners with value-added or year. An additional retail square footage delivered in repositioning strategies. This, in turn, 2001–2005. Harder to quantify, is the is keeping properties fresh and 2.2 million square number of retail developments that alluring to both retailers and feet is in the have been announced but not consumers. While trying to adapt to pipeline, down 53% built. In the case of some projects, the new market conditions, more from the same time owners are breaking developments and more developers are choosing one year ago. into phases and only building what to build “green,” in an attempt to they have pre-leased. As an cut down on energy costs and increasing trend, retail attract new tenants. Retailers are development is tenant-driven and incorporating green practices into projects are being underwritten their buildings both as a result of more carefully by all stake holders: pressure from shareholders and for owners, tenants, lenders and operational savings. This trend will communities. continue to spread as energy prices New developments rise and tenants become more These trends are a result of the are becoming detail-oriented in their choosing of negative absorption and overall increasingly tenant- centers. increase in Community Centers driven, as the risk of since 2007. The overall economic New developments are becoming buying land on factors of falling consumer increasingly tenant-driven, as the speculation is confidence, higher gas and risk of buying land on speculation is beginning to commodity prices, credit crunch, beginning to outweigh the rewards. and decreasing residential values In addition, it has become outweigh the all contribute to the development increasingly important for owners to rewards. slowdown. Recently completed focus on good-credit tenants that developments may cause vacancy can weather this economic to buoy and absorption to downturn. Multitenant properties in decrease or become negative suburban areas, such as the because retail space, especially southern portion of Hennepin small-shop space, is delivered to a County and northern Dakota down market, and development County, which offer stable, affluent pipelines and construction cycles customer bases, make for a solid can lag according to the market. development in the current market. Developers are set to deliver 1.7 While core locations remain stable million square feet of new space in in other metro areas in the Midwest, 2008, which is down roughly 8% transaction velocity in the Twin from last year. An additional 2.2 Cities’ infill locations has been million square feet is in the pipeline, subdued. Occupancy in these down 53% from the same time one areas is decreasing, as tenants are year ago. either going out of business or are relocating to suburban spaces with Opinion Section - continued 5

New Developments Development Location Owner/Developer SF Tenants Boardwalk Center Saint Louis Park PBK Investments Inc. 50,000 LA Fitness Windsor Plaza Eden Prairie Solomon Real Estate Group 20,000 Kona Grill, Hot Mama, Aurora Jewelers, Massage Envy, Jason’s Deli Diffley Marketplace Eagan Reliance Development 72,000 Cub Foods Company, LLC Cub Foods Saint Paul Oppidan, Inc. 75,000 Cub Foods Centennial Shops* Edina Cypress Equities 80,000 West Elm, Container Store, Various Small Shops Brighton Village New Brighton Kraus-Anderson Companies 125,000 LA Fitness, Fairview Clinic North Branch North Branch Solomon Real Estate Group 150,000 Shopko, County Market Retail Center Interlaken Village Waconia The Avalon Group 200,000 Target Great River Center* Otsego Ryan Companies US, Inc. 200,000 SuperTarget The West End Saint Louis Park Duke Realty Corporation/ 350,000 Kerasotes Theatres, Jeffrey R. Anderson Real Estate, Inc. Rainbow Foods

* listed in last year’s retail report increased amenities and more consistent Junior Box users. Hotels still continue to be active consumer demand. Developers with long-term and pursue retail locations. strategies will look to expand their presence in Despite the above activity, business at Scott and Carver counties, which will receive the restaurants, fast food and quick-service bulk of residential construction over the next restaurants (QSR) are slow. The hyper- decade, potentially fueling retail demand. In competitive market of QSR and fast casual is addition, developers may find opportunities continually pinched by consumers’ eroding along the future Central Corridor line, which is discretionary spending. Coupled with that trend scheduled to break ground in 2010 in the Saint is the unwillingness of franchisees to open Paul submarket. Increased commuter traffic additional stores or the reluctance of prospective along the stops will provide for an ideal franchisees to open their first store. Anecdotally, environment for new urban retail space. many franchisees have adopted a “wait and Grocers continue to be active in both large and see” philosophy not because their stores are small format. Cub Foods, Rainbow Foods, Aldi doing poorly, but they are working too hard for Foods, and Trader Joe’s are all either currently their margins and are uncertain about the building or will deliver new stores in 2009. Also economy. Also, a main source of franchisee active are drug stores CVS/pharmacy and capital came from their homes, via home equity Walgreens. CVS/pharmacy will pass 35 stores in lines of credit. For obvious reasons, that source of the market in 2008 and is starting to expand to funding is far less available today. All of this has out-state markets. Some nontraditional, larger- had a considerable effect on retail footprint retailers such as LA Fitness, Brunswick development. Zone, and Dave & Buster’s have gone into second-generation spaces or kicked off projects once slated for more traditional Big Box and 6 Opinion Section - continued

Increasingly, Increasingly, developers are seeing new retailers North Face and developers are foreclosed land now owned by Victoria’s Secret. banks offered for sale—or more seeing foreclosed Not all retailers are as optimistic as common, land is being those above. In fact, many national land now owned by “softpeddled” once it lands on the and regional retailers have recently banks offered for bank’s books. Most of the inventory reduced their real estate staff and is outboard parcels along major sale—or more eliminated underperforming stores. highways and freeways. While most common, land is Many retailers have recently of the land is residential, many being “softpeddled” declared bankruptcy protection feature retail parcels intended for leaving behind significant space in once it lands on the small service/neighborhood the Twin Cities including Baker’s bank’s books. developments that will serve the Square, Levitz, Linens ‘n Things, future surrounding residential Movie Gallery/Hollywood Video, housing. As expected, the stop of Circuit City, Steve & Barry’s residential construction never University Sportswear, Hancock allowed these neighborhood Fabrics, The Bombay Company, centers to materialize. It is unknown Joey’s Seafood & Grill, Sharper if developers will be rewarded for Image, Bennigan’s, and Steak & buying this land at a discount; but Despite the slowing Ale. Furthermore, local retailer for the first time in many years, this retail real estate Seasonal Concepts was bought out avenue to land control is available, market and general by a local investor and will maintain and a few key sites will likely be its Minnetonka, Bloomington, and economic developed. Woodbury locations. Starbucks uncertainty, there NEW RETAILERS/ closed 18 Minnesota locations, were still numerous BANKRUPTCIES/ including a few locations that were retailers who just recently completed. ACQUISITIONS/MERGERS remained active This year has brought numerous over the last 12 espite the slowing retail real acquisitions, especially to the months such as estate market and general restaurant industry as Arby’s has economic uncertainty, there Staples, LA Fitness D acquired Wendy’s, Buffalo Wild were still numerous retailers who Wing’s acquired a majority of the and Sonic. remained active over the last 12 metro Don Pablos locations, Nath months such as Staples, LA Fitness Cos purchased Axel’s, and and Sonic. New to the market are Fourteen Foods acquired Kraus West Elm and the Container Store, Foods’ 33 Midwest Dairy Queens. In currently under construction in other acquisition news, O’Reilly Edina, and Flame: Cooking with Auto Parts has purchased Checker Fire, that has opened in Rosedale Auto Parts and GameStop Mall. Stanford’s American Fare, and acquired Play N Trade. Raw are new restaurants entering the market. Following suit, Trader The uncertain economic times have Joe’s has continued selective brought considerable changes expansion and Roundy’s has nationally as well, with clothing announced their Metro Market retailers shutting down many concept as a major anchor in The locations: Ann Taylor (123 stores), West End project in Saint Louis Park. Eddie Bauer (27 stores), Cache (20- The Uptown market also added 23 stores), Lane Bryant/Fashion Opinion Section - continued 7

Bug/Catherine’s (150 stores The cost of debt capital has Retail investment collectively), Talbots/J. Jill (100 increased 150–175 basis points as properties have locations collectively), Gap (85 spreads remain unstable with the seen a decline in stores), Foot Locker (140 stores), sporadic movement of the 10-year Macy’s (9 stores), Pacific Sunwear Treasury. The commercial value over the past (153 demo stores), and Bombay mortgage-backed securities year and market- Company (all 384 stores). origination market declined 90% wide transaction Furthermore, for the first time in its from last year, forcing borrowers to activity is down 80% history, the world’s largest home rely on banks and life insurance year-to-date improvement store, Home Depot, companies. Loan-to-value will close 15 flagship stores, requirements are in the 67–70% compared to last including its Cottage Grove range, down from 80% last year. year. location. Also, recourse loans are becoming more prominent. INVESTMENT MARKET Retail expansion has curtailed and etail investment properties credit tenants (Big Box and side have seen a decline in value shops) are closing nonperforming Rover the past year and stores nationwide. Vacancies are market-wide transaction activity is increasing, mostly in secondary and Retail expansion down 80% year-to-date compared tertiary markets, and consumer has curtailed and to last year. Investors are more confidence has reached a 10-year credit tenants (Big cautious with their equity, finding low. Box and side shops) the cost of debt capital more expensive, and have concerns The changes in investor activity, are closing about the broader economy from capital markets and retail nonperforming fundamentals have created a 10%+ the residential housing correction, stores nationwide. gap in pricing between buyers and slowing retail expansion, volatile Vacancies are energy prices and overall sellers, which has led to many increasing, mostly economic instability. Combined, properties to be re-traded or pulled these factors have caused internal from the market. in secondary and rate-of-return requirements to LEGISLATIVE tertiary markets, increase over 150 basis points. and consumer his year’s legislative session While some investors remain in the confidence has began with unfinished business retail investment market, alternative from 2007 that had to be reached a 10-year investments exist which have less T addressed: transportation and low. perceived risk or market taxes, after Governor Pawlenty fluctuations. Many institutional vetoed both the Omnibus Tax bill investors will not meet their initial and the major transportation acquisition goals for the year; funding bill in 2007. This year, to the however, they are reluctant to buy surprise of many, both a in an uncertain market. transportation bill and two Omnibus Entrepreneurs, especially those who Tax bills were passed. rely on high-leverage to increase their returns, have been taken out The first of the two 2008 Omnibus of the market by significant Tax bills included language changes in lender requirements. amending the “60-Day Rule,” which requires taxpayers that own or 8 Opinion Section - continued

The 2008 lease “income-producing” property Compensation Fund. Under a new amendment to the to turn over information concerning chapter in the Minnesota statutes, the property’s income and the Supreme Court will set up a 60-Day Rule expenses to the County Assessor panel to consider claims and agree attempts to clarify within 60 days of filing a property to settlements with survivors. A sum what information tax appeal or face automatic of $24 million was set aside for the taxpayers must turn dismissal of the appeal. The 2008 fund, and there is a $400,000-per- over to the assessor, amendment to the 60-Day Rule victim cap. A supplemental $12.6 attempts to clarify what information million fund was established from but taxpayers may taxpayers must turn over to the which victims can obtain not be adequately assessor, but taxpayers may not be compensation for lost wages and protected by the adequately protected by the 2008 medical expenses. Settlement 2008 clarifying clarifying language because the through the compensation fund is language because statute still does not limit what voluntary, and victims are free to information taxpayers must provide. pursue compensation in district the statute still does Also of note to property taxpayers is court rather than before the panel. not limit what a provision in one of the Omnibus However, once a victim agrees to a information Tax bills authorizing the Department settlement with the panel, he or she taxpayers must of Revenue to review the practices will be barred from bringing any provide. of a local assessor in a taxing bridge-collapsed-related claims jurisdiction if requested to by a against the state and all qualifying number of property municipalities within the state. owners in the jurisdiction, thereby The 2008 transportation bill devoted creating an opportunity for $6.6 billion to fund transportation increased supervision of property over the next 10 years and became tax assessments. law only after the governor’s veto The 2008 A key provision of the second was overridden. A major source of transportation bill Omnibus Tax bill was funding for the the transportation funding is an Mall of America’s Phase II increase in the state’s gas tax, devoted $6.6 billion expansion. The Legislature engaged which will be phased in via two to fund in a protracted debate over increments, totaling 5 cents per transportation over whether to use tax dollars from gallon. Under the transportation bill, the next 10 years counties across the Metro Area to Metro Transit will receive $100 and became law fund the expansion, but in the end, million per year in dedicated the Legislature decided not to use funding, which will be funded by a only after the tax revenue from surrounding areas quarter-cent sales tax increase in governor’s veto was (the “Fiscal Disparities Pool”) to fund Anoka, Dakota, Hennepin, Ramsey, overridden. the Phase II expansion. Instead, and Washington counties, and a current and future funding for the $20-per-vehicle tax imposed upon Mall of America expansion will come auto dealers for each vehicle sale. exclusively from tax-increment Additionally, and of particular financing districts near the Mall of importance to the retail industry, America and from the city of $70 million in bonding money was Bloomington through additional earmarked for the Central Corridor entertainment-related taxes. Light Rail Transit project, which will connect downtown Minneapolis The Legislature created an I-35W and downtown Saint Paul. bridge collapse Victims’ Opinion Section - continued 9

Also of interest to retailers was the ECONOMIC CLIMATE The major issues debate at the Capitol over a going into the 2009 proposed minimum wage increase. innesota’s economy, like legislative session The proposed increase would have the nation, is currently raised Minnesota’s minimum wage Maffected by major likely will be the from $6.15 per hour to $7.75 per economic issues. Energy and food minimum wage, hour for large employers and from prices are increasing, home prices property tax are declining, and credit markets $5.25 per hour to $6.75 per hour for exemptions for small employers. The governor have tightened. These factors have nonprofit vetoed the proposed increase contributed to reduced consumer because the Legislature and the spending nationally and in organizations, and governor were unable to agree Minnesota. Minnesota began the balancing the upon whether employers would current economic slowdown earlier budget. receive a “tip credit” that would than much of the nation due to the count towards the new minimum state’s above-average exposure to wage for tipped employees. The the airline, home building and minimum wage will likely be a hot financial industries. As a result, the topic at the Capitol next year. state experienced increasing unemployment and slow Finally, many Minnesotans of all employment growth beginning in Minnesota’s political stripes are excited about 2006, earlier than other areas. These the health care reform legislation factors have slowed economic economy, like the that was passed this session. Under growth in 2008. nation, is currently the new legislation, beginning in affected by major 2010, health care consumers (both Over the past year, employment in individuals and employers) will be Minnesota has grown 0.3% economic issues. able to access comparative cost (compared to a decrease of 0.1% Energy and food and quality data concerning health nationally). Between June 2006 and prices are June 2008, Minnesota added 17,000 care providers, thereby increasing increasing, home the transparency of health care jobs. Sectors with major losses prices are costs and quality to a degree many included construction (-13,500 jobs) believe is not present anywhere and manufacturing (-9,000). These declining, and else in the country. The major issues losses were offset by gains in credit markets have industries such as education and going into the 2009 legislative tightened. session likely will be the minimum health services (+28,200 jobs) and wage, property tax exemptions for leisure and hospitality (+6,700), Over the past year, nonprofit organizations, and accommodation and food services balancing the budget. (+6,600), and government (+6,100). employment in Over the same time period, retail Minnesota has businesses lost 1,400 jobs, paced by grown 0.3% losses in motor vehicles and parts (compared to a (-2,400 jobs), grocery stores (-1,600), and food and beverage stores decrease of 0.1% (-1,300). However, there was some nationally). strength in general merchandise stores (+2,800 jobs) and department stores (+1,100). 10 Opinion Section - continued

Another economic Considering the big picture, U.S. additions come from two age hot topic is the economic output hasn’t weakened groups: 45–64 (+240,000) and 65 as much as expected. Output and over (+169,000). Our devaluation of the declined 0.2% in the fourth quarter population is, at the same time, dollar in currency of 2007. While many economists growing more diverse. While the markets. forecasted another economic loss white population is only expected in the first quarter of 2008, the U.S. to grow 7% between 2005 and economy grew 0.9%. Economic 2015, Minnesota’s non-white and stimulus payments were one factor Latino populations are expected to that resulted in increased growth at grow 32% over the same period. 1.9% in the second quarter of 2008. The retail industry has opportunities While there is still risk of recession in to reach out to demographics that According to the the second half of 2008, the have been underserved in the past. Metropolitan consensus is that any national recession will be relatively short and 2008 GAS PRICES Council, the shallow. The question that remains is hat impact does the price average Twin Cities what sort of economic recovery will of gas have on consumer commuter travels follow in 2009 and beyond. Wspending in the retail 22 miles to work Another economic hot topic is the industry? Quite a lot! AAA reported and back. Multiply devaluation of the dollar in in the month of June that the that by 250 work currency markets. Many see the national average for the price of gas, for the first time in U.S. history, days and you end relative strength or weakness of the dollar in terms of national pride. In reached over $4.00 per gallon. If you up with 5,500 miles economic terms, devaluation were to examine how the gas price per year in makes imports more costly, another increase could affect the average commuting alone. potential source of inflation. “working” consumer, it is easy to see However, devaluation also benefits how the retail industry is affected. U.S. businesses that export, as their Assume the following: goods and services are now more cost-competitive in foreign markets. According to the Metropolitan Strong export growth is one of the Council, the average Twin Cities factors that have kept the U.S. commuter travels 22 miles to work economy out of recession through and back. Multiply that by 250 work the first half of 2008. days and you end up with 5,500 miles per year in commuting alone. Despite the short-term negative If you factor in other personal trips factors currently weighing on the average commuter drives Minnesota’s economy, the 12,000 miles in a given year. long-term prospects for the state remain encouraging. Minnesota’s The average gas mileage of a car population and household growth in the United States is 17 miles per will lead the Midwest. The state will gallon (mpg). This means the add more than 500,000 residents average consumer uses just over and 200,000 households through 700 gallons of gas per year. 2015 with large gains in Dakota, The price of gas has risen $1.00 a Scott, Wright and Sherburne gallon, or 33%, since 2007 counties. Nearly 80% of these according to AAA, which means Opinion Section - continued 11

the average consumer has had an 4.2 million square feet of retail The price of gas has increase in their gas bill of $700 space, which is equal to almost half risen $1.00 a gallon, annually. of the metro areas small-shop or 33%, since 2007 market. The average Twin Cities resident according to AAA, earns $47,500 pre-tax, or about Not calculated in this figure is the which means the $35,000 after tax, therefore the $700 multiplier effect. It is estimated that increase is about 2% of the each dollar spent on retail average consumer take-home money of the average generates $0.57 in additional has had an worker. After living expenses, the economic activity. That works out increase in their gas average worker only has $2,100 for to be a multiplier of around 2.3, so bill of $700 discretionary spending and/or the overall impact is more than just annually. savings. Therefore one-third of these a billion dollars. discretionary dollars must be spent While these numbers alone may on gas. seem large and alarming, they only On a macro level, there are 1.8 factor in working driving adults. If million employees in the Twin Cities you also factor in the non-working metro area. According to the drivers like spouses, students, retired Metropolitan Council, 78% of persons, or the unemployed, these According to the employees drive themselves to numbers would increase and be Metropolitan work and another 10% carpool. more dramatic. Council, 78% of That means the $700 yearly gas Obviously, consumers respond to price increase takes another $1.054 employees drive increased gas prices in a variety of billion from worker’s “budgets” to themselves to work ways. Some drive less, carpool gas instead of other retail. more, and may use public and another 10% To put this in perspective, this gas transportation more or for the first carpool. That price increase is almost equal to time. Conversely, consumers either means the $700 Cub Foods’ 2007 estimated sales of decrease their discretionary yearly gas price $1.0848 billion. In other words, all spending or prioritize it. Either way, sales from Cub Foods would go the retail industry is impacted in a increase takes away to compensate for the $1.00 variety of subtle and not-so-subtle another $1.054 increase in gas. Or as seen through ways. Other price increases on the billion from worker’s another Minnesota-based retailer, basic goods like food exacerbate “budgets” to gas Target’s annual revenue in 2007 the overall issues facing consumers: instead of other was $63.367 billion for 1,591 stores, too much competition for their which works out to $40 million dollar. retail. dollars in revenue per store. If this Individuals must figure out the gas increase came directly out of To put this in trade-offs. Some options include: Target’s metro-area stores, 26 of having less or no savings; reducing perspective, this their 52 stores would have $0 in discretionary spending such as gas price increase revenue. restaurants, entertainment, clothes is almost equal to The small-shop user can be hit even or vacations; electing to repair Cub Foods’ 2007 harder. According to Dollars & instead of replace older, worn-out estimated sales of Cents for Shopping Centers, the appliances and vehicles; and/or average retailer grosses $250 per defering projects like home $1.0848 billion. square foot. Eliminating over $1 remodeling and landscaping. billion in revenue would take away 12 Opinion Section - continued

The top 10 cities This analysis does not focus on other HOUSING that gained rapidly rising priced items such as food. Food we cannot live without, lthough the state and metro population in 2007 but we can adjust our spending to area witnessed modest were Hugo, be more value conscious. Aoverall population growth, Elko/New Market, Regardless, food prices are there was a cooling in the housing Mayer, Northfield, escalating much faster than wage market. Beginning in the fall of 2007, there was considerable volatility Greenfield, Carver, increases, putting additional pressure on discretionary spending. throughout the financial markets, Hanover, New which impacted housing. Germany, Lake Where does this leave the average Unsustainable practices in the consumer? It leaves him or her Elmo and residential lending market, wondering, where does the $700 Farmington. particularly in the subprime come from? category directly impacted debt RESIDENTIAL RETAIL GROWTH and equity market participants. There was a near disintegration of ccording to the Census the subprime lending market as a Bureau, the 2007 population result. Additionally, there was a Aestimate for the state of significant retraction in the capital Minnesota was 5,197,621. This markets that had, for the last Although the state represents growth of 0.6% over the several years, helped fuel the and metro area previous year. The population explosive growth witnessed in the witnessed modest statewide increased 5.3% since the market. 2000 census. The seven-county, overall population Evidence of the housing slowdown Twin Cities Metropolitan area had a growth, there was a was apparent by the lower number 2007 population estimate of of building permits issued in cooling in the 2,849,120 or almost 55% of the comparison to previous years. There housing market. state’s population. Growth in the were 8,776 single-family home metro was nearly 8% since the 2000 permits issued in 2007. Although, this census. Given that number was up slightly from the residential growth The population estimates indicated 2006 figure of 8,313, it was still well stimulates and that much of the growth in the below the figures witnessed in the sustains retail metro area occurred in the outer- metro area between 1983 and ring suburbs. The top 10 cities that 2005. development, the gained population in 2007 were According to the Metropolitan cooling in the Hugo, Elko/New Market, Mayer, Council, the top five permit issuing housing market Northfield, Greenfield, Carver, cities in 2007 were: affected retail Hanover, New Germany, Lake Elmo and Farmington. Minneapolis – 953 development, and Saint Paul – 654 many proposed Woodbury – 432 retail developments Lakeville – 378 were put on hold. Blaine – 290 Although a lower number of permits was issued, the average value of the permits was higher in 2007 than in 2006. The average single-family Opinion Section - continued 13

building permit value was $269,500 Northstar Corridor: As the budget for in 2007. This is an 8.6% increase from Construction for the Northstar highways continues the 2006 average value (revised) of Corridor Rail Line began in July of to shrink and the $248,100. 2007 and is progressing toward a cost to run With the cooling of the residential completion date in late 2009. automobiles market, most residential developers Northstar will provide a 41-mile pulled out of planned and commuter line connecting Big increases, the proposed projects in communities Lake, Elk River, Anoka, and Coon prospect of the throughout the metro area. In fact, Rapids to Minneapolis. Key benefits Northstar LRT lines some existing residential of this new transportation running by 2010, developments went into alternative include saving followed by the foreclosure. Given that residential commuters almost 900,000 hours in growth stimulates and sustains retail traveling every year and carrying Central Corridor in development, the cooling in the over 10,000 riders per day. The 2014, and the housing market affected retail Northstar Rail will cut a 70-minute Southwest Line by development, and many proposed drive down to a 34-minute 2015, offers retail developments were put on commute regardless of weather or encouragement hold. traffic conditions. Constructing the Northstar Rail Line is more cost- toward the Twin City LIGHT RAIL TRANSIT (LRT) effective than adding bus way or area becoming a he year 2008 marked significant highway expansion and will use multimodal progress on the development of existing railroad tracks owned by transportation the Burlington Northern Santa Fe Tlight rail transit. The biggest region. successes included continued Railroad. Total estimated cost of the construction of the Northstar Northstar Line is $320 million. The line Corridor Rail Line and planning for will have connections to bus transit the Central Corridor and Southwest and Hiawatha Light Rail Transit. The LRT lines. In addition, the Hiawatha station planned at the new Twins Line continues to service more ballpark will allow the Northstar and passengers than projected and has Hiawatha Lines to have a common Northstar will been a catalyst for redevelopment station. The Hiawatha Light Rail of high-density housing and urban Transit Line is also being extended provide a 41-mile reinvestment. As the budget for approximately three blocks to the commuter line highways continues to shrink and new Twins ballpark station. connecting Big the cost to run automobiles Central Corridor: Lake, Elk River, increases, the prospect of the Northstar LRT lines running by 2010, The Metropolitan Council approved Anoka, and Coon followed by the Central Corridor in the final scope of the 11-mile Rapids to 2014, and the Southwest Line by Central Corridor LRT Line in February Minneapolis. 2015, offers encouragement toward of this year. This line links downtown the Twin City area becoming a Minneapolis and downtown Saint multimodal transportation region. Paul. State funding was restored when Governor Pawlenty signed The following synopsis focuses on the budget bill in May of this year. the next three LRT lines: The Council’s decision and state budget action clear the way for project staff and consultants to 14 Opinion Section - continued

The Central Corridor pursue preliminary engineering on Bank. Project engineers are Line will have a all components of the line. The studying 48 intersections on Council and its project partners campus and the surrounding projected weekday face a deadline of early September area to determine what ridership of 38,000 2008 to finish this work and apply for traffic-mitigation measures by 2020 and nearly federal permission to enter a final would be necessary. design phase in 2009. The timeline 44,000 by 2030.  Utilizing a diagonal route in for the project calls for construction downtown Saint Paul through to get underway in 2010, with the block bounded by Fourth, passenger service starting by the Fifth, Minnesota and Cedar end of 2014. Originally, the streets, consolidating two proposed project would have cost stations into one and creating $990 million, but the final project what Saint Paul officials regard scope has been trimmed to $909 The Metropolitan as a major development million. Under the approved plan, Council and city of opportunity. the line will have a total of 15 new Saint Paul are stations with five shared with the  Building a vehicle-maintenance actively engaging Hiawatha Line in downtown facility on Ramsey County- neighborhoods and Minneapolis. It will connect with the owned land. property owners to Hiawatha Line near the Metrodome  Constructing platforms to and terminate near the new Twins gain a consensus accommodate three-car rather ballpark at an intermodal station on the plan to than two-car trains, which may also serving the Northstar commuter ultimately be needed to maintain the rail line. The Central Corridor Line accommodate the heavy schedule for 2014 will have a projected weekday ridership projected for the line. completion. ridership of 38,000 by 2020 and nearly 44,000 by 2030.  The Metropolitan Council and city of Saint Paul are actively Major elements of the Central engaging neighborhoods and Corridor LRT approved by the property owners to gain a Metropolitan Council include: consensus on the plan to  Building the line at grade on maintain the schedule for 2014 Washington Avenue through the completion. University of Minnesota’s East

For more information about LRT, log on to these websites: Northwest Corridor: www.mn-getonboard.org Central Corridor: www.metrocouncil.org/transportation/corridor/centralcorridor.htm Southwest Corridor: www.southwesttransitway.org Opinion Section - continued 15

Southwest Corridor: The Southwest The Southwest LRT Line is proposed To date, the HCRRA has spent close Corridor Line is to run from Eden Prairie to to $2 million for the 2003 Southwest forecasted to carry downtown Minneapolis, providing Rail Transit Feasibility Study, the 23,500–28,000 service to Eden Prairie, Minnetonka, Southwest Transitway Alternatives passengers per day Hopkins, Saint Louis Park and Analysis, and related studies. It is Minneapolis. The Southwest LRT Line estimated that the next study by 2030. is approximately 12 miles in length. phases, the Environmental Impact It will connect downtown Statement (EIS) and preliminary Minneapolis to the system of engineering will cost approximately existing and proposed transit ways $30 million. The HCRRA and its including the Hiawatha LRT Line, partners are requesting $10 million Northstar Commuter Rail Line, and in 2008 from the state in bonding the Central LRT Line. dollars, and $15 million in 2009 and The Southwest LRT 2010 in federal funding for the The Southwest Corridor Line is Line could enter Southwest EIS and preliminary forecasted to carry 23,500–28,000 final design in engineering. passengers per day by 2030. In 2011–2012, 2007, the Hennepin County construction in Regional Railroad Authority 2012–2015, and be (HCRRA) completed a federally required study called an operational by Alternatives Analysis (AA). A Draft 2015. Environmental Impact Statement (DEIS) is currently in progress to narrow three candidate LRT routes down to one. Once a single LRT route is selected, it will be named the Locally Preferred Alternative (LPA) and the project will move into preliminary engineering. The HCRRA anticipates that the DEIS will be completed by early 2009, and the project will be ready to enter the preliminary engineering phase in mid-2009. The Southwest LRT Line could enter final design in 2011–2012, construction in 2012–2015, and be operational by 2015. 16 2007 STARRSM Awards

Interior Design: Design & Restaurant/Food Aesthetics: Harry’s Food & Shopping Centers Cocktails - over 250,000 SF Minneapolis The Fountains at Arbor Lakes - Maple Grove

Owners: Dwight Bonewell; Adam Smith Owner: KRC Acquisition Corporation Architect/Designer: Shea, Inc. Developer: Opus Northwest LLC Contractor: Atrium Restaurant Group Architect: KKE Architects, Inc. Contractor: Opus Northwest Construction Interior Design: Consultants: Damon Farber Associates Arteka Landscaping Retail/Non-Food Leasing Agent: NAI Welsh Service Development Gabberts Design Process Studio and Fine Furnishings SuperTarget Remodel - Edina Midway - Saint Paul

Owner: Gabberts Architect/Designer: RSP Architects Contractor: Zeman Construction Company

Design & Owner/Developer: Target Corporation Aesthetics: Architect: Target Architecture Contractor: Ryan Companies US, Inc. Retail under Consultant: Westwood Professional Services 50,000 SF Renovation/ 1313 Wayzata Remodel: Boulevard - Wayzata Exterior Owner/Developer: 1313 Wayzata, LLC Dinkytown Retail Architect: KKE Architects, Inc. Center - Contractor: Benson-Orth Associates, Inc. Minneapolis Consultants: Landform; Clark Engineering Leasing Agent: CB Richard Ellis Design & Owner: Clarel Corporation Developer/ Aesthetics: Leasing Agent: Kraus-Anderson Realty Retail 50,000– Architect: Welman Sperides Architects Contractors: KM Building 250,000 SF Diversified Construction LS Black SuperTarget at Consultant: BKBM Engineers Knollwood - Saint Louis Park Owner/Developer: Target Corporation Architect: RSP Architects Contractor: Ryan Companies US, Inc. Consultant: RLK Incorporated 2007 STARRSM Awards - continued 17

Renovation/ Mixed Use Remodel: 5000 France – Edina Exterior Country Village Shopping Center - Minnetonka

Owner: Sage Land Company Owner/Developer: Haugland Company Developer: United Properties Architects: Collaborative Design Group Architect: RSP Architects Newland Architecture Contractor: The Bainey Group Contractor: Adolfson & Peterson Consultant: Ericksen Roed & Associates Consultants: Braun Intertec Leasing Agent: United Properties Inspec Veneklasen Acoustical Consultants Renovation/ Leasing Agent: United Properties Remodel: Interior Scheels - Eden Prairie

Owner: Scheels All Sports Developer/ Leasing Agent: General Growth Properties Architects: RL Engebretson/BlueStone Design Contractor: Weis Builders, Inc. Individual Awards Consultants: Buth Engineering Vareberg Electrical Hall of Fame Award Redevelopment Joseph Weis The Plaza at Weis Builders, Inc. Rosedale Center - Roseville

Member of the Year Margaret Jordan Great Clips, Inc. Owner: Morgan Stanley Prime Property Fund Developer: Jones Lang LaSalle Americas Architect: Dougherty, Schroeder & Associates Contractor: VCC Committee Member of the Year Consultants: Parsons SDA Barry Brottlund Dunham InSite Commercial Real Estate, Inc. Leasing Agent: Jones Lang LaSalle 18 Overview of Twin Cities Properties

OVERVIEW OF TWIN MARKET SIZE Regional Centers (31.6%) dropped CITIES PROPERTIES slightly, while Neighborhood (34.3%) Number of Properties: 420 The Twin Cities retail market and Community Centers (31.4%) Total GLA: 62,258,796 square feet universe for centers greater than increased with the new centers Real Estate Tax Median: $3.50 30,000 square feet is comprise of being built in those categories. Real Estate Tax Average: $4.21 420 properties totaling 62,258,796 CAM Median: $3.01 square feet. A few new additions in Graph #2, Total GLA by CAM Average: $3.83 the past year are Cobblestone GeographicTOTAL GLA Sector:- NORTHEAST 2008, shows the distribution of properties by their Median Vacancy Rate: Lake, The Grove, Cedar Point BY TYPE OF CENTER: 2008 2008 – 2.0% Commons, Park Place Promenade-B, 2007 – 0.0% TOTAL GLA—NORTHEAST 2006 – 2.3% Market Street Station, Forest Lake 3a. 2005 – 0.0% Marketplace and Sundial Shopping BY TYPE OF CENTER: 2008 2004 – 0.0% 2003 – 0.8% Center. Included in the data are 2002 – 2.0% Community properties, which alone did not Regional 2001 – 2.6% 39. 9% 2000 – 2.6% qualify for the report since they are 28.1% 1999 – 2.6% 1998 – 3.0% less than the 30,000-square-foot Average Vacancy Rate: threshold but truly are considered Neighborhood 2008 – 5.8% part of an adjacent shopping 31. 9% 2007 – 5.9% center area or complex. Likewise, if 2006 – 6.2% 2005 – 6.0% there is a group of individual 3b. TOTAL GLA—NORTHWEST 2004 – 6.2% buildings under the 30,000-square- 2003 – 7.3% BY TYPE OF CENTER: 2008 2002 – 7.6% foot threshold that, due to their 2001 – 6.5% 2000 – 6.9% proximity to each other, are Regional 1999 – 8.9% perceived as a larger complex, 22.6% Community 1998 – 9.1% 37. 5% they are included in the report. Outlet 2.2% Graph #1, Total GLA by Type of Center: 2008, shows the overall TOTAL GLA - SOUTHEAST Neighborhood percentage of the total GLA for BY TYPE OF CENTER:37.8% 2008

1. TOTAL GLA 3c. TOTAL GLA—SOUTHEAST BY TYPE OF CENTER: 2008 BY TYPE OF CENTER: 2008

Mpls CBD Community Neighborhood 2.1% 25.9% 34. 3% Regional 31.6% Regional 39. 4%

Outlet 0.7% Community Neighborhood 31.4% 34.7% 2. TOTAL GLA 3d. TOTAL GLA—SOUTHWEST BY GEOGRAPHICAL SECTOR: 2008 BY TYPE OF CENTER: 2008

SW Mpls CBD NE Community 23.3% 2.1% 17.0% 25.1%

Regional 41.0%

SE NW 32.1% Neighborhood 25.5% 33.9% Overview of Twin Cities Properties 19 continued

location in the Twin Cities market. At 32.1%, the northwest has the 4. VACANCY RATE greatest GLA by geographic sector BY TYPE OF CENTER: 2008 in 2008. The southeast and southwest sectors rank second and 18.0% 16.1% third at 25.5% and 23.3%, 16.0% respectively. The next four graphs 14. 0% 12.0% (#3a, #3b, #3c & #3d) illustrate 10.0% each of the four geographic 8.0% 6.8% 5.8% sectors and their percentage (by 6.0% 5.2% 4.8% total GLA) of each property type 4.0% 2.0% within the market. The graphs show 0.0% that the northeast sector has the Mpls CBD Community Neighborhood Regional Overall greatest percentage of Community Centers at 39.9% for their region, 5. VACANCY RATE and that the northwest has the BY GEOGRAPHICAL SECTOR: 2008 greatest percentage of 6.2% Neighborhood Centers at 37.8%. At 6.0% 6.0% 5.9% 41%, the southeast sector has the 58%5.8% 5.6% greatest square footage of 5.6% Regional Centers by GLA, which 5.4% 5.2% 5.0% includes the Mall of America. 5.0% 4.8% VACANCY 4.6% Graph #4 shows the average 4.4% NE NW SE SW vacancy rates by property type 6.8%, while Regional Centers and overall market. The overall maintained the lowest average market average vacancy of 5.8% vacancy rate of all property types remained virtually the same. That at 4.8%. Community Center compares to a 5.9% vacancy rate vacancy rates increased from 4.9% in 2007, 6.2% in 2006, and 6% in in 2007 to 5.2% in 2008. A 2005. The vacancy rates continue comparison of vacancy rates by to be below the 10-year average geographic sector, Graph #5, vacancy rate of 7.1%. In the shows that retail vacancy is Minneapolis CBD, the average relatively low in all areas of the Twin vacancy rate decreased from Cities, particularly in the southwest 17.5% in 2007 to 16.1% in 2008, sector at 5.0% and the northwest mainly due to reduced vacancy at sector at 5.6%. The southeast sector the Crystal Court and the Investors had the highest vacancy rate at Building. The Regional Center 6.0%, up from 4.9% in 2007. The average vacancy rate decreased northwest sector experienced the to 4.8% from 5.1% in 2006 due greatest reduction in average primarily to increased occupancy vacancy rate from 6.5% in 2007 to at the newly renovated/remodeled 5.6% in 2008. Graphs #6a and #6b Brookdale Center. Average show historical average vacancy vacancy rates at Neighborhood rates by property type and Centers also decreased in 2008 to geographic sector for the past five 20 Overview of Twin Cities Properties continued

6a. HISTORICAL VACANCY RATE 10.0% BY GEOGRAPHICAL SECTOR: 2004–2008 9.0% 8.0% 2004 7.0% 2005 660%.0% 5.0% 2006 4.0% 2007 3.0% 2.0% 2008 1.0% 0.0% NE NW SE SW

b HISTORICAL VACANCY RATE 6 . 2004 20.0% BY TYPE OF CENTER: 2004–2008 18.0% 2005 16.0% 14. 0% 2006 12.0% 2007 10.0% 8.0% 2008 6.0% 4.0% 2.0% 0.0% CBDs Community Neighborhood Regional Total Market

years. The overall vacancy rate 7. AVERAGE RENTAL RATES remains low but may begin to trend BY TYPE OF CENTER: 2008 upwards with the current economic conditions. $40.00 $36.63 $31.33 RENTAL RATES $30.00 $21.50 $22.14 Graphs #7 and #8 reflect the 2008 $20.00 $17.89 $18.08 $15.19 market rental rates for shopping $11.33 $10.00 centers by property type and geographical sector. The graphs $0.00 reflect both high and low rates for Regional Community Neighborhood Mpls CBD properties. Overall average rental High Rates Low Rates rates continued to increase in 2008, 8. AVERAGE RENTAL RATES except in the Community Centers. Graph #8, shows an analysis of BY GEOGRAPHICAL SECTOR: 2008 rental rates by geographic sector. Over the past few years, all sectors experienced increases in both high $30.00 and low rental rates. However, for $20.44 $21.59 2008, the northern sectors had $20.00 $18.40 $18. 78 $18.36 $14.54 $15.32 $15.61 decreasing high and low rates from

$10.00 2007 and the southern sectors had had increased high and low rates.

$0.00$- At $21.59 per square foot, the NE NW SE SW southwest has regained the High Rates Low Rates average high rental rate. The Overview of Twin Cities Properties 21 continued

northeast, southeast, and northwest sectors rank second, third, and $9.00 9a. MEDIAN CAM EXPENSES $7.75 fourth, respectively, in average high $8.00 BY TYPE OF CENTER/SF: 2008 rental rates for 2008. $7.00 $6. 00 CAM EXPENSES $5.00 $4.65 $4.00 $2.81 $2.95 The 2008 overall average Common $3.00 Area Maintenance (CAM) expense $2.00 was $3.83 per square foot, reduced $1.00 slightly from 2007. The median CAM $0.00 rate was $3.01 per square foot, Regional Community Neighborhood Mpls CBD down 2.3% from 2007. Graphs #9a, #9b, #10a, and #10b show the $12.00 9b. AVERAGE CAM EXPENSES comparison of average and $10.87 BY TYPE OF CENTER/SF: 2008 median CAM expense by property $10.00 type and geographic sector. $8.14 $8. 00 Higher CAM rates were concentrated in the CBDs and $6.00

Regional Centers and can be $4.00 $3.18 $3.26 explained by these types of properties having large, indoor $2.00 common areas that are not $0.00 typically found in Community and Regional Community Neighborhood Mpls CBD Neighborhood Centers. These larger, high-profile properties also MEDIAN CAM EXPENSES offer greater amenities that $3.30 10a. BY GEOGRAPHICAL SECTOR/SF: 2008 $3.21 typically result in higher CAM $3.20 charges. Both the average CAM $3.07 expenses and the median CAM $3. 10 expenses experienced decreases $3.00 over the 2007 rates in all categories $2.89 $2.89 $2.90 except the Regional Malls and CBDs, which both experienced a $2.80 1% increase in the median CAM $2.70 expense. NE NW SE SW REAL ESTATE TAXES 10b. AVERAGE CAM EXPENSES The 2008 overall average real BY GEOGRAPHICAL SECTOR/SF: 2008 $3.90 $3.81 estate tax expense increased 15.6% $3.80 from $3.65 in 2007 to $4.21 per $3.70 $3.61 $3.64 $3.60 square foot in 2008. The median $3. 50 increased 4.5% to $3.50 per square $3.40 foot from $3.35 per square foot. $3.30 $3.20 Graphs #11a and #11b show the $3.20 $3.10 comparison of median real estate $3.00 tax expense by property type and $2.90 geographic sector. Median real $2.80 NE NW SE SW 22 Overview of Twin Cities Properties continued

estate taxes in all property types 11a. MEDIAN REAL ESTATE TAXES and geographic sectors increased, BY TYPE OF CENTER: 2008 except for Regional Centers, which $6.00 slightly decreased. The real estate $4. 91 $5.00 tax expense median rate in the $4.00 $4.00 $3.38 $3.59 southwest sector remained the $3.00 highest. Graphs #11c and #11d

$2.00 show average real estate tax

$1.00 expense by property type and geographic sector. All center type $0.00 categories experienced increases Regional Community Neighborhood Mpls CBD in average real estate tax expense in 2008. 11b. MEDIAN REAL ESTATE TAXES COMPARISONS OF ALL $4.00 BY GEOGRAPHICAL SECTOR: 2008 $3.81 EXPENSES $3.58 $3.49 $3.50 Graphs #12a and #12b summarize $3.26 the Twin Cities Overview by

$3.00 comparing all of the expenses plus the low rental rates, giving a hypothetical average occupancy $2.50 rate. Since the Regional Centers NE NW SE SW are the highest in all three categories—CAM, real estate taxes c AVERAGE REAL ESTATE TAXES and low rental rates—they have a 11 . dramatically higher occupancy BY TYPE OF CENTER: 2008 cost per square foot for retail space $8.00 $7.40 $7. 00 $6. 43 than other center types. This is a $6.00 direct reflection of higher sales per $5.00 square foot generated by the $4.00 $3.45 $3.69 volume of quality customers $3.00 shopping at these centers, thereby $2.00 maximizing the synergetic concept $1.00 $0.00 of a shopping center housing an Regional Community Neighborhood Mpls CBD extensive mix of goods, services and entertainment. 11d. AVERAGE REAL ESTATE TAXES BY GEOGRAPHICAL SECTOR: 2008

$5.00 $4.74 $4.39 $4. 50 $4. 00 $4.00 $3.75 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 NE NW SE SW Overview of Twin Cities Properties 23 continued

$40.00 12a. AVERAGE OF ALL OPERATING EXPENSES BY TYPE OF CENTER: 2008 $35.00 $8.14 $30.00

$3. 18 $25. 00 $7.40

$6.43 $20.00 $3.26 $10.87 $3.45 $15.00 $3.69 $21.50 $10.00 $17.89 $15.19 $11.33 $5.00

$0.00 Regional Community Neighborhood Mpls CBD CAM Taxes Low Rates

$30.00 12b. AVERAGE OF ALL OPERATING EXPENSES BY GEOGRAPHICAL CENTER: 2008

$25.00 $3.81

$3.20 $3.64 $4.39 $20.00 $3.61 $4.74 $3.75 $4.00 $15.00

$10.00 $18.36 $14.54 $15.32 $15.61 $5.00

$0.00 NE NW SE SW CAM Taxes Low Rates 24 Property Section - Regional Centers

REGIONAL CENTERS SUPER-REGIONAL CENTERS inspired by generations-old family Definition: 400,000 square feet recipes. This restaurant will be ® and up all of America (MOA) joined by new entertainment Number of Properties: 24 opened several new retail tenants to be announced in the Total GLA: 19,674,593 square feet Mstores in the past year near future. Percent of Total GLA: 31.6% including Burberry—an Real Estate Tax Median: $4.91 internationally recognized luxury To keep dining options fresh, MOA is Real Estate Tax Average: $7.40 brand; Martin + Osa—an American projected to open several new CAM Median: $4.65 Eagle Outfitters concept; Aerie— restaurants. Chipotle Mexican Grill CAM Average: $8.14 American Eagle’s dormwear line; opened its doors in August 2008, Median Vacancy Rate: 2.3% First; Spring; Aerosoles; Just Dogs adding to the more than 30 fast- Average Vacancy Rate: Gourmet; and Marc Ecko. In food dining options. MOA has also 2008 – 4.8% invested in renovating level three 2007 – 5.1% addition to new stores, several 2006 – 6.5% boutiques within department stores south to create a food-centric 2005 – 6.0% boulevard which will include patio 2004 – 8.8% have opened including Gucci 2003 – 5.1% boutique at Nordstrom, Tag Heuer seating, several new restaurants 2002 – 1.5% 2001 – 3.9% at Bloomingdales, and Lush at and other food-related retailers. 2000 – 2.8% 1999 – 2.7% Macy’s. The world’s first MOA continues to plan for its highly Nickelodeon theme park, anticipated 5.6-million-square-foot Nickelodeon Universe, opened as addition known as Phase II. the new re-branded theme park at Legislation authorizing public MOA. The 7-acre indoor funding mechanisms for public amusement park welcomed five infrastructure was passed and new rides, extensive theme signed into law in 2008. The project elements and Eats, a dining is estimated to cost nearly $2 billion SUPER-REGIONAL MALLS marketplace by Levy Restaurants and will more than double the size Definition: 800,000 square feet that offers healthier eating options. of the current building. The plan and up; enclosed centers In recent months, MOA has added remains to add upscale retailers, Number of Properties: 9 restaurants, several hotels, a skating Total GLA: 12,023,114 square feet several new retail concepts. These rink, museum-quality exhibit space Percent of Total GLA: 19.3% stores include American Girl—a and much more. MOA attracts Real Estate Tax Median: $12.12 20,000-square-foot store opening in more than 40 million visitors per year Real Estate Tax Average: $11.09 November 2008; Best Buy; Gilly Hicks and was named the number 1 CAM Median: $14.00 Sydney—an Abercrombie & Fitch CAM Average: $15.44 concept; Ruehl; Lacoste; True tourist destination throughout the Median Vacancy Rate: 3.2% Religion—an L.A. based premium Midwest. Phase II is expected to Average Vacancy Rate: 5.7% denim company; Janie & Jack; draw an additional 20 million visitors Lush—a unique skincare line; Pure annually. Beauty; Nike; Levi’s; Geox—an Simon Property Group owns and Italian-based shoe company; operates Maplewood Mall in Papyrus; Garage; Pandora; and Maplewood. The center is Harley Davidson. anchored by Kohl’s, Sears, MOA has begun revitalizing the JCPenney and Macy’s, along with fourth floor with the addition of over 130 specialty stores, including Cantina #1, the first restaurant to a two-level, 40,000-square-foot bear Corona branding in the United Barnes & Noble with a Starbucks States. The focus of the Cantina #1 Café, Express/Express For Men, menu is authentic Mexican cuisine Forever 21, Bath & Body Works, Property Section - 25 Regional Centers continued

Christopher & Banks, Lids, PacSun, and a collection of popular stores Brookdale Center Gap, New York & Co., American including Journey’s, Wet Seal, now has more than Eagle Outfitters, Charlotte Ruse, Old Charlotte Russe, iSpot, and 75 stores, including Navy, Victoria’s Secret, Flash Digital Victoria’s Secret. Portraits, Kay Jewelers, Sleep Macy’s, Kohl’s, Eden Prairie Center occupancy has Number by Select Comfort, Hollister, Sears, Barnes & remained at an all-time high of Aeropostale, Zumiez, Yankee 98%. JCPenney opened in March Noble, AJ Lomax Candle, and more. There is a 10- 2007, filling the former 130,000- Famous Labels, and restaurant food court and a square-foot two-story Mervyn’s. Steve & Barry’s Potbelly Sandwich Works. There is JCPenney houses beauty company also a double-decker Venetian University Sephora’s store-within-a-store. In carousel located in center court. Sportswear. 2007, Eden Prairie Center also saw Southdale Center in Edina was the the addition of much-requested nation’s first enclosed regional Hollister near the upper level 18- shopping mall. Today, it has screen AMC Theatre and Yankee approximately 1.3 million square Candle in the upper level feet of aggregated gross leasable JCPenney wing. Scheels made their area (GLA). The center is anchored entry into the Twin Cities by by Macy’s and JCPenney. introducing their 20,000-square-foot Eden Prairie Center Southdale Center also has more store concept focusing on fashion occupancy has than 130 specialty shops, including, apparel and quality name brands. remained at an all- Juut SalonSpa, Coach, J. Crew, Lifestyle fashion retailers Coldwater time high of 98%. Banana Republic, Ben Bridge Creek, J. Jill and Jos. A. Bank were JCPenney opened Jewelers, Apple Store and Ann other recent additions. Taylor. It also features a 16-screen in March 2007, Ridgedale Center is anchored by AMC Theatre and a top-performing filling the former Macy’s Women’s & Children, restaurant line-up, including Macy’s Men’s & Home, JCPenney 130,000-square-foot Cheesecake Factory, Maggiano’s and Sears, along with more than two-story Mervyn’s. Little Italy, and P.F. Chang’s China 120 specialty stores, kiosks and Bistro. restaurants. The center completed Nordstrom Brookdale Center now has more an extensive interior remodel in late announced it has than 75 stores, including Macy’s, 2007. The property is being further signed a letter of Kohl’s, Sears, Barnes & Noble, AJ enhanced with multiple stores Lomax Famous Labels, and Steve & undergoing remodels and/or intent with General Barry’s University Sportswear. expansions. Chipotle Mexican Grill Growth Properties, Brookdale opened in 1962, will complement the restaurant Inc. to open a new, renovated and re-merchandised in lineup by fall of 2008. Nordstrom two-level store that 2002/2003, and underwent a $60 announced it has signed a letter of million expansion and renovation in intent with General Growth will be 2006/2007. The 40+-year-old Properties, Inc. to open a new, two- approximately Minneapolis metro area landmark level store that will be 172,000 square feet now features an exciting new approximately 172,000 square feet and is scheduled to atmosphere with beautiful spacious and is scheduled to open fall 2011. open fall 2011. court areas and skylights, The center also introduced a first-of- contemporary seating, an eight- its-kind, multi-year partnership with restaurant food court, a children’s The Minnetonka Center for the Arts, play area, full-service restaurants a nonprofit, community-based 26 Property Section - Regional Centers continued

REGIONAL MALLS organization that provides concept restaurant, one of only Definition: 400,000 square feet– instruction in the visual arts. two in the nation. Northtown Mall’s 799,999 square feet; enclosed outparcel redevelopment is enters At Rosedale Center, the booming as well, with over 50,000 Number of Properties: 3 momentum surge that was created square feet of new multi-tenant Total GLA: 1,312,492 square feet with the opening of the lifestyle and restaurant space planned for Percent of Total GLA: 2.1% format redevelopment on the 2008 and 2009. Median Vacancy Rate: 0% Center’s east side in late 2006 Average Vacancy Rate: 3.7% continued through 2007 and 2008. Burnsville Center has 1,088,580 Stores and restaurants located in square feet of gross leasing area this area have consistently and over 150 stores. JCPenney, delivered strong sales, comparing Macy’s, Sears, and Dick’s Sporting favorably to plan. Additionally, Goods are its major department customer traffic is much more stores. In 2006, the new stores evenly distributed throughout the opening were Odoba, Kirklands, At Rosedale Center, center compared to the days when and Panera Bread. In 2007, The the momentum surge Mervyn’s was located on the Buckle and Hollister opened, as well that was created with parcel. The Rosedale AMC-14 as Maui Wowi. In the outparcels, Theatres has been a huge success, Verizon Wireless opened and the opening of the consistently ranking number two Cinemagic opened in December lifestyle format among all Twin Cities theater 2007. complexes, second only to the redevelopment on the REGIONAL MALLS Center’s east side in Southdale Center’s AMC-16 with 33% more seating. New to the late 2006 continued ew tenants to the Galleria redevelopment in 2008: Flame: include: Crate & Barrel, BCBG through 2007 and 2008. Cooking with Fire, DSW, and Rocco NMax Azria, and Über Baby. In Altobelli Salon and Spa. The rest of addition, the Westin Hotel (225 Northtown Mall the center was riding the rooms) with 82 condos opened in continued their multi- momentum as well. Two of August 2008, along with an 8,000 million-dollar Rosedale’s Center entrances were square foot McCormick & remodeled, with two more Schmick’s restaurant. redevelopment in scheduled for 2009, and plans for 2008 with the addition an interior makeover were initiated. Knollwood Mall continues its strong of a 130,000-square- Sephora, J. Crew, White retail presence following a recent multi-million-dollar renovation. foot Herberger’s House/Black Market, Aerie, MW Tux, and C.J. Banks were stores new to Steve & Barry’s University Department Store— Rosedale in 2008, while Regis and Sportswear, opened in the former the first to open in the L.A. Nails relocated to new stores T.J. Maxx space filling over 31,000 region in over 10 elsewhere in the center. square feet. The newly expanded T.J. Maxx HomeGoods, as well as years. Northtown Mall continued their the mall’s renovated convenience multi-million-dollar redevelopment strip center with added retailers Knollwood Mall in 2008 with the addition of a Caribou Coffee, Leeann Chin and continues its strong 130,000-square-foot Herberger’s Trade Secret, have been popular retail presence Department Store—the first to open with shoppers throughout the area. in the region in over 10 years. LA following a recent Fitness also premiered a 42,000- multi-million-dollar square-foot club, and Applebee’s renovation. opened their new, state-of-the-art Property Section - 27 Regional Centers continued

LIFESTYLE/OPEN-AIR CENTERS LIFESTYLE/OPEN-AIR CENTERS he newest addition to this The Shoppes at Arbor Lakes and Definition: 400,000 square feet category, The West End, Woodbury Lakes are currently the and up; nonenclosed centers Tlocated in Saint Louis Park, is only two existing Lifestyle Centers in Number of Properties: 12 currently under construction. It will Minnesota. Both Woodbury Lakes Total GLA: 6,338,987 square feet feature 331,000 square feet of retail and the Shoppes at Arbor Lakes Percent of Total GLA: 10.2% space designed in a “main street” have added restaurants to their Real Estate Tax Median: $4.50 layout and is planned to open in centers, and Woodbury Lakes will Real Estate Tax Average: $4.76 the fall of 2009. West End has benefit from the new frontage road CAM Median: $2.50 secured Roundy’s Metro Market as that connects Radio Drive to the CAM Average: $2.93 their new upscale grocer, a center. Median Vacancy Rate: 1.6% theater, restaurants, and retail Average Vacancy Rate: 3.3% concepts new to the market. In addition to the Lifestyle Center, the development will also include a hotel and 1million square feet of office space.

PROPERTY NAME ADDRESS CITY TOTAL GLA DIRECT VACANT SF VACANCY % CAM TAX

Fischer Market Place 14880 Florence Trl Apple Valley 563,000 3,239 0.60% $4.58 $8.51 Southport Centre 15050 Cedar Ave S Apple Valley 430,000 0 0.00% N/A N/A Northtown Mall 104 Northtown Dr NE Blaine 1,100,000 158,311 14.40% $10.84 $4.25 The Village of Blaine - Retail 4345 Pheasant Ridge Dr Blaine 490,200 2,520 0.50% $2.92 $5.32 Mall of America 60 Broadway E Bloomington 2,798,000 140,000 5.00% $28.15 $15.79 Southtown Shopping Center 7801 Southtown Dr Bloomington 526,592 6,300 1.20% $4.71 $3.29 Brookdale Shopping Center 1100 Brookdale Mall Brooklyn Center 984,114 0 0.00% N/A N/A Burnsville Center 14301 Burnhaven Dr Burnsville 1,056,000 21,331 2.00% N/A N/A Riverdale Village 12785 Riverdale Blvd NW Coon Rapids 950,148 15,715 1.70% N/A N/A Eden Prairie Center 8251 Flying Cloud Dr Eden Prairie 1,151,000 23,000 2.00% N/A N/A Galleria Shops 3200 Galleria Edina 445,437 0 0.00% N/A N/A Southdale Shopping Center 6601 France Ave S Edina 1,821,000 230,000 12.60% $14.21 $12.31 Argonne Village Kenwood Trl Lakeville 145,000 10,551 7.30% $2.50 $4.50 Arbor Lakes - Phase I & II Arbor Lakes Pkwy & Main St Maple Grove 593,015 0 0.00% N/A N/A Shoppes at Arbor Lakes 12101 Elm Creek Blvd N Maple Grove 400,000 15,000 3.80% N/A N/A Maplewood Mall 3001 White Bear Ave N Maplewood 930,000 30,000 3.20% $14.00 $11.00 Ridgedale Shopping Center 12401 Wayzata Blvd Minnetonka 1,044,000 50,000 4.80% N/A N/A Har Mar Mall 2100 Snelling Ave N Roseville 431,110 48,000 11.10% N/A N/A Rosedale Shopping Center 10 Rosedale Center Roseville 1,139,000 30,000 2.60% $9.98 $12.12 Knollwood Mall 8332 Hwy 7 Saint Louis Park 435,945 0 0.00% N/A N/A Midway Market Place 1400 University Ave W Saint Paul 487,196 85,608 17.60% N/A N/A Southbridge Crossing 8050 Old Carriage Ct N Shakopee 515,175 7,668 1.50% $2.02 $4.50 Tamarack Village 8194 Tamarack Village Woodbury 780,495 35,058 4.50% $1.83 $3.86 Woodbury Village 7020 Valley Creek Plz Woodbury 458,166 27,721 6.10% $1.94 $3.35 28 Property Section - Community Centers

COMMUNITY CENTERS COMMUNITY CENTERS Definition: 150,000–399,999 square feet Community Center is defined space and 25,600 square feet of Number of Properties: 79 as a shopping center with shop space. Other new projects are 150,000–399,999 square feet Union Crossings anchored by Total GLA: 19,526,121 square feet A Percent of Total GLA: 31.4% and is typically anchored by a SuperTarget and Home Depot at Real Estate Tax Median: $4.00 general merchandiser and/or a I-94 and County Road 18 in Real Estate Tax Average: $6.43 grocer. Many Community Centers Monticello, and North Branch CAM Median: $2.81 in Minnesota are anchored by Marketplace, located at I-35 and CAM Average: $3.18 retailers such as SuperTarget, Highway 95, which is under Median Vacancy Rate: 1.5% Lowe’s, Home Depot, Kohl’s, Cub construction and is anchored by Average Vacancy Rate: Foods, and Rainbow Foods. These ShopKo and Jerry’s foods. 2008 – 5.2% centers are typically very successful Park Place Promenade in Brooklyn 2007 – 4.9% due to the daily traffic draw from 2006 – 3.4% Park has added LA Fitness and The 2005 – 3.5% the anchors. In the past couple of 2004 – 3.6% Learning Experience. Ryan years, vacancy rates in these 2003 – 6.9% Companies’ The Grove’s retail 2002 – 8.9% centers have risen. The primary 2001 – 8.3% component is anchored by a 2000 – 10.6% cause could be attributed to the 400,000-square-foot power center 1999 – 9.7% downturn in the housing market including Target, Home Depot, and affecting outer-ring developments. Slumberland Furniture. These Big Box Many Community Centers have retailers will creatively mix with a been built, but the “community” 138,000-square-foot pedestrian- itself has yet to be fully established. friendly village featuring small-shop They are also having difficulty storefronts of local, regional and selling pad sites within the Many Community national retailers and restaurants, as developments. Land prices are high Centers in well as a 600,000-square-foot and many retailers are focused on medical campus featuring North Minnesota are purchasing existing buildings to cut Memorial Hospital. Burnhaven Mall anchored by down on construction costs. in Burnsville added approximately retailers such as There are few new projects 33,000 square feet to the center SuperTarget, planned for 2008 because of the when the new SuperTarget opened Lowe’s, Home difficulty in absorbing the existing in October 2007. Depot, Kohl’s, Cub vacancies of new projects from 2007. One of these, Argenta Hills, is Foods, and Rainbow a new SuperTarget development in Foods. These Inver Grove Heights located at centers are Highway 55 and South Robert Trail, typically very with 50,000 square feet of mid-box successful due to the daily traffic draw from the anchors. Property Section - 29 Community Centers continued

PROPERTY NAME ADDRESS CITY TOTAL GLA DIRECT VACANT SF VACANCY % CAM TAX

Apple Valley Square 15125 Cedar Ave W Apple Valley 184,841 10,442 5.70% $3.14 $4.32 Cobblestone Lake NE of 157th St & Pilot Knob Rd Apple Valley 175,000 0 0.00% $2.75 $4.00 National Market Center 10311 Baltimore St NE Blaine 281,850 0 0.00% N/A N/A Victory Village 1500 109th Ave NE Blaine 195,625 1,368 0.70% $3.26 $5.38 Southtown Target 2555 79th St W Bloomington 226,058 0 0.00% N/A N/A Valley West Shopping Center 10520 France Ave S Bloomington 219,359 24,919 11.40% $4.24 $2.48 Brookdale Square 5900 Shingle Creek Pkwy Brooklyn Center 185,883 214,000 115.10% $2.53 $82.00 Park Place Centre 6701 Boone Ave N Brooklyn Park 200,000 0 0.00% N/A N/A Starlite Shopping Center 7555 West Broadway Ave Brooklyn Park 300,000 0 0.00% N/A N/A Burnhaven Shopping Center 850 Co Rd 42 W Burnsville 208,860 0 0.00% N/A N/A Burnsville Marketplace 13901 Aldrich Ave S Burnsville 260,140 0 0.00% N/A N/A Chaska Commons 200 Pioneer Trl Chaska 321,704 15,053 4.70% $3.25 $3.87 Coon Rapids Family Center Mall 2975 Coon Rapids Blvd NW Coon Rapids 220,000 0 0.00% N/A N/A Northtown Village Shopping Center 10 Coon Rapids Blvd E Coon Rapids 175,000 0 0.00% N/A N/A Riverdale Commons 3300 124th Ave NW Coon Rapids 518,033 35,038 6.80% N/A N/A Riverdale Crossing 12900 Riverdale Dr NW Coon Rapids 315,760 6,807 2.20% $3.92 $3.80 Springbrook Mall 77 85th Ave NW Coon Rapids 185,301 19,000 10.30% $1.96 $2.84 Village Ten Shopping Center 2034 Northdale Blvd NW Coon Rapids 200,619 3,345 1.70% N/A N/A Cottage Grove Plaza 7282 Point Douglas Rd E Cottage Grove 174,376 114,096 65.40% N/A N/A Crystal Shopping Center 99 Willow Bend Crystal 220,931 20,346 9.20% $2.86 $3.25 Cliff Lake Centre 1900 Cliff Lake Rd Eagan 262,897 6,311 2.40% N/A N/A Eagan Promenade (w Eagan Promenade I) 1259 Promenade Pl Eagan 350,000 20,000 5.70% $7.50 N/A Eagan Town Centre 1276 Town Centre Dr Eagan 153,339 15,442 10.10% $2.74 $3.83 The Shoppes at Promenade (w Eagan Promenade) 3324 Promenade Ave Eagan 30,000 0 0.00% N/A N/A Fountain Place Shopping Center Hwy 212 Eden Prairie 200,000 0 0.00% N/A N/A Centennial Lakes Plaza 7423 France Ave S Edina 196,880 7,441 3.80% N/A N/A Elk Park Center 19112 Freeport St NW Elk River 335,246 9,535 2.80% $1.95 $2.15 Elk River Centre 18011 Zane St NW Elk River 255,000 0 0.00% N/A N/A Cub Foods/Gander Mountain Building 246 57th Ave NE Fridley 168,054 0 0.00% N/A N/A Southridge Shopping Center 1386 Mendota Rd Inver Grove Heights 250,000 0 0.00% N/A N/A TimberCrest at Lakeville - Retail 18275 Kenrick Lakeville 300,000 6,368 2.10% $2.21 $6.07 Lino Lakes Town Center 749 Apollo Dr Lino Lakes 296,344 3,600 1.20% $4.58 $5.22 Grove Square Center 13541 Grove Dr Maple Grove 180,084 10,869 6.00% $4.03 $3.44 Maple Grove Crossing 8150 Wedgewood Ln N Maple Grove 365,000 0 0.00% N/A N/A The Fountains of Arbor Lakes Fountains Dr Maple Grove 800,000 13,721 1.70% $3.75 $4.00 The Grove I-94 & Hwy 610 Maple Grove 550,000 61,439 11.20% $2.93 $4.12 Birch Run Station 1715 Beam Ave Maplewood 292,614 6,526 2.20% $1.15 $3.34 Maplewood Retail Center 2390 White Bear Ave N Maplewood 245,000 0 0.00% N/A N/A Clydesdale Marketplace Hwy 55 & Co Hwy 101 Medina 200,000 0 0.00% N/A N/A Minnehaha Mall 2500 Lake St E Minneapolis 252,938 0 0.00% N/A N/A The Quarry 1500 New Brighton Blvd Minneapolis 281,648 2,000 0.70% N/A N/A 7-Hi Shopping Center 4900 Co Rd 101 Minnetonka 211,187 1,765 0.80% $3.37 $4.76 Ridgehaven Mall 13081 Ridgedale Dr Minnetonka 237,805 0 0.00% N/A N/A West Ridge Market 11210 Wayzata Blvd Minnetonka 257,300 7,810 3.00% $10.93 N/A Westwind Plaza 4703 Co Rd 101 Minnetonka 282,732 0 0.00% $2.55 $4.50 Union Crossings I-94 & County Road 18 Monticello 400,000 9,500 2.40% $0.48 N/A Oak Park Commons Hwy 36 & Nova Scotia Ave Oak Park Heights 195,000 0 0.00% N/A N/A Bergen Plaza Shopping Center 7017 10th St N Oakdale 271,283 23,574 8.70% N/A N/A Oakdale Center - Retail 7166 10th St N Oakdale 180,000 0 0.00% N/A N/A Oakdale Marketplace Hwy 5 & Ideal Ave Oakdale 125,000 0 0.00% N/A $6.50 Oakdale Village Shopping Center 8301 3rd St NE Oakdale 189,882 5,000 2.60% $2.72 $4.92 Rockford Road Plaza 4190 Vinewood Ln Plymouth 205,917 14,500 7.00% $2.16 $4.00 The Shoppes at Plymouth Creek Hwy 55 & Vicksburg Ln Plymouth 250,000 0 0.00% N/A N/A NorthStar MarketPlace 7900 Sunwood Dr NW Ramsey 96,322 15,179 15.80% $1.87 $2.97 Cedar Point Commons NW of Cedar Ave/Hwy 77 & 66th St Richfield 350,000 7,600 2.20% $2.50 $5.00 Shops at Lyndale Phase I 1000 78th St W Richfield 118,757 0 0.00% N/A N/A Shops at Lyndale Phase II 700 78th St W Richfield 103,914 6,000 5.80% N/A N/A 30 Property Section - Community Centers continued

PROPERTY NAME ADDRESS CITY TOTAL GLA DIRECT VACANT SF VACANCY % CAM TAX

Rogers Retail Centre 21615 Diamond Lake Rd S Rogers 300,000 0 0.00% N/A N/A Crossroads of Roseville 1655 Co Rd B2 W Roseville 335,327 127,540 38.00% $1.91 $4.00 Rosedale Commons 2480 Fairview Ave N Roseville 183,000 11,366 6.20% $4.15 $4.26 Rosedale Square Shopping Center 1601 Co Rd C W Roseville 158,700 8,800 5.60% $2.53 $5.41 Silver Lake Village 39 Silver Lake Rd Saint Anthony 381,000 18,833 4.90% $2.50 $6.83 Park Place Plaza I 1650 Park Pl Saint Louis Park 94,104 0 0.00% N/A N/A Park Place Plaza II 5600 Cedar Lake Rd Saint Louis Park 302,000 0 0.00% N/A N/A Midway Center 1516 University Ave W Saint Paul 331,300 0 0.00% N/A N/A Seeger Square Shopping Center 881 Arcade St Saint Paul 163,699 0 0.00% N/A N/A Sun Ray Shopping Center 2089 Hudson Rd Saint Paul 261,485 3,815 1.50% $2.23 $2.77 Marketplace at 42 14020 Hwy 13 Savage 150,000 7,247 4.80% $3.26 $3.73 Savage Market Place 14333 Hwy 13 Savage 230,000 22,000 9.60% $1.48 $3.81 Dean Lakes Phase I Hwy 169 & Co Rd 83 Shakopee 200,000 6,800 3.40% N/A N/A Shakopee Town Square 1100 Shakopee Town Sq Shakopee 222,481 40,184 18.10% $3.04 $0.93 Shakopee Valley Marketplace 1529 17th Ave Shakopee 278,000 0 0.00% N/A N/A Stillwater Marketplace 1801 Market Dr Stillwater 306,000 15,200 5.00% N/A N/A Vadnais Square 905 Co Rd E E Vadnais Heights 258,400 0 0.00% N/A N/A Signal Hills Shopping Center 47 Signal Hills West Saint Paul 225,000 9,812 4.40% $3.01 $2.17 Ten Acres Center 2021 Robert St S West Saint Paul 163,162 0 0.00% N/A N/A White Bear Commons I-35E &Co Rd 96 White Bear Lake 160,000 0 0.00% N/A N/A Woodbury Lakes 9000 Hudson Rd Woodbury 412,980 33,846 8.20% $4.94 $7.96 Woodbury Marketplace 999 Woodbury Dr Woodbury 200,000 0 0.00% N/A N/A

The Grove The Shoppes at Plymouth Creek Property Section - 31 Neighborhood Centers

NEIGHBORHOOD CENTERS NEIGHBORHOOD CENTERS he most prevalent type of building located next to the new Definition: 30,000–149,999 square shopping center in Minnesota is Fleet Farm off of I-35W. feet the Neighborhood Center. A T A few new Neighborhood Centers Number of Properties: 304 Neighborhood Center is defined as Total GLA: 21,336,336 square feet include Diffley Marketplace in a shopping center with 30,000 Percent of Total GLA: 34.3% Eagan, featuring a 42,000-square- square feet, sometimes less, to Real Estate Tax Median: $3.38 foot Cub Foods and 40,000 square 149,999 square feet and is typically Real Estate Tax Average: $3.45 feet of retail shop space. anchored by a convenience store, CAM Median: $2.95 Crossroads of Chanhassen at small grocer, drug store, or liquor CAM Average: $3.26 Highway 312 & Highway 101 is store. Median Vacancy Rate: 2.0% home to a new retail and Average Vacancy Rate: Many Neighborhood Centers are professional development 2008 – 6.8% being remodeled or having the scheduled to open early 2009, 2007 – 7.1% 2006 – 7.5% fascia updated in order to attract featuring about 55,000 square feet 2005 – 6.3% tenants and keep in line with new of retail space. Norris Marketplace 2004 – 6.2% 2003 – 7.2% construction. Examples of this is a 75,000-square-foot 2002 – 7.5% include centers such as the Lariat retail/medical project adjacent to 2001 – 7.6% 2000 – 8.7% Retail Center III in Eden Prairie with the new Presbyterian Homes 1999 – 8.4% a second-story addition connecting development in Cottage Grove. the former Chevy’s Restaurant to Shoppes at Diffley Crossing is a the existing building and adding 19,200-square-foot strip center Darque Tan and WHIZard Academy adjacent to CVS/pharmacy and as tenants. Lariat Retail Center I Kowalski’s Market on Diffley Road in remodeled the fascia and has Eagan. Main Street Village is a new added Jimmy John’s, Plato’s Closet center located at I-35E & Main Many and Weight Watchers. Hilltop Plaza Street in Lino Lakes, featuring 10,966 Neighborhood in Eagan and Burnsville I & II have square feet of shop space Centers are being also decided to update their anchored by Kwik Trip and Patriot remodeled or exteriors. Bank. Eden Prairie Marketplace is a 10,528-square-foot retail building having the fascia Blaine continues to be a hot spot planned for the northeast corner of updated in order to for Neighborhood Center Prairie Center Drive & Valley View development with projects such as attract tenants and Road, across from the Home Depot The National Market Center adding keep in line with in Eden Prairie. Crossroads East an 11,000-square-foot building to located at Cedar Avenue & Dodd new construction. the project and smaller strip center Boulevard in Lakeville is a 5-acre buildings being preleased at the project that is currently anchored Lowe’s-anchored center on by Kindercare and Subway. Highway 65. The Best Buy on Ramsey Commons is scheduled to Highway 65 is also adding a multi- break ground on a 15,000-square- tenant out-lot building. Blaine foot center this summer with US Crossing with Regency Beauty Bank as the anchor. Brighton School is planning on building Village located at I-694 & Silver phase II with another multi-tenant Lake Road in New Brighton is under out-lot building. Lexington Plaza will construction, anchored by LA be a 12,290-square-foot retail Fitness and Fairview Clinic. 32 Property Section - Neighborhood Centers continued

PROPERTY NAME ADDRESS CITY TOTAL GLA DIRECT VACANT SF VACANCY % CAM TAX

Albertville Crossing 5600 La Centre Ave Albertville 104,708 14,030 13.40% $1.51 $2.72 Andover Downtown Center 13735 Round Lake Blvd Andover 125,250 0 0.00% N/A N/A Andover Station 2218 Bunker Lake Blvd NW Andover 185,038 12,100 6.50% $2.85 $2.70 Meadow Creek I 3401 Round Lake Blvd Anoka 21,057 4,020 19.10% $3.89 $4.40 Meadow Creek II 3507 Round Lake Blvd Anoka 15,040 0 0.00% N/A N/A Meadow Creek III Round Lake Blvd Anoka 6,000 0 0.00% N/A N/A Cedar Marketplace 14638 Cedar Ave Apple Valley 34,050 2,400 7.10% N/A N/A East Valley Plaza 14050 Pilot Knob Rd Apple Valley 36,513 12,176 33.40% $2.00 $3.00 Granada Shopping Center 14800 Granada Ave Apple Valley 40,000 0 0.00% N/A N/A Time Square Center 7525 148th St W Apple Valley 98,002 1,600 1.60% $1.00 $3.35 Arden Plaza Retail Center 3527 Lexington Ave N Arden Hills 51,299 13,441 26.20% $3.08 $2.28 Shannon Square Marketplace 3673 Lexington Ave N Arden Hills 97,762 1,000 1.00% N/A N/A Big Lake Town Square 726 Martin Ave Big Lake 66,600 1,287 1.90% N/A N/A Blaine Town Center 12507 Central Ave NE Blaine 144,092 16,465 11.40% $2.95 $3.42 Blaine Town Square In-Line Retail 2331 108th Ln NE Blaine 30,000 0 0.00% N/A N/A Club West Plaza 10950 109th Ave NE Blaine 58,400 3,280 5.60% $4.59 $3.89 Kmart Plaza 8943 University Ave NE Blaine 119,655 0 0.00% N/A N/A Northcourt Commons 634 Co Rd 10 NE Blaine 129,554 11,230 8.70% $3.04 $4.29 Oak Park Plaza I 10731 University Ave NE Blaine 95,779 0 0.00% N/A N/A Plaza At Northgate 12415 Central Ave NE Blaine 52,000 0 0.00% N/A N/A Rainbow Village 405 87th Ln NE Blaine 131,812 2,500 1.90% $1.81 $3.26 Walgreens Building (w Northcourt Commons) 608 Hwy 10 Blaine 15,120 0 0.00% N/A N/A Bloomington Shoppes 8501 Lyndale Ave S Bloomington 42,142 4,315 10.20% $3.27 $3.98 Circuit City Plaza 4200 78th St W Bloomington 136,150 26,000 19.10% $1.78 $4.29 Clover Shopping Center 800 98th St W Bloomington 58,369 1,778 3.10% $3.67 $3.50 HOM Building 7800 Dupont Ave S Bloomington 60,000 0 0.00% N/A N/A Normandale Shopping Center 5200 84th St W Bloomington 70,176 4,188 6.00% $6.17 $3.39 Normandale Village 5101 98th St W Bloomington 135,108 12,146 9.00% $3.31 $2.81 Oxboro Plaza 9703 Lyndale Ave S Bloomington 40,000 4,520 11.30% $3.45 $4.36 Oxboro Square 401 98th St W Bloomington 95,592 0 0.00% N/A N/A Penn Lake Shopping Center 8915 Penn Ave S Bloomington 45,465 2,840 6.30% $1.00 $2.50 Southport Center 3701 Old Shakopee Rd Bloomington 39,934 1,283 3.20% $1.80 $3.45 The Shoppes of Lyndale Green 84th St & Lyndale Ave Bloomington 83,500 0 0.00% N/A N/A Town & Country Shopping Center 7812 Portland Ave S Bloomington 41,539 12,811 30.80% $3.11 $2.56 Village Square Shopping Center 7817 Portland Ave S Bloomington 56,330 2,564 4.60% N/A N/A Brookdale Corner 5717 Xerxes Ave N Brooklyn Center 115,357 9,043 7.80% $4.19 $3.29 Humboldt Square Center 6800 Humboldt Ave N Brooklyn Center 40,523 0 0.00% N/A N/A Rainbow Garden 6300 Brooklyn Blvd Brooklyn Center 102,250 7,500 7.30% $3.25 $3.25 Shingle Creek Center 6000 Shingle Creek Pkwy Brooklyn Center 145,414 3,480 2.40% N/A N/A Slumberland Building 5930 Earle Brown Dr Brooklyn Center 120,000 0 0.00% N/A N/A Brookdale Crossing 2837 Brookdale Dr N Brooklyn Park 68,360 27,940 40.90% $1.42 $1.43 Cherokee Center 6232 Boone Ave N Brooklyn Park 52,939 0 0.00% N/A N/A Commons Shopping Center 8401 West Broadway Ave Brooklyn Park 50,632 1,610 3.20% $2.62 $3.35 Edinburgh Festival Center 8505 Edinburgh Centre Dr N Brooklyn Park 91,536 5,060 5.50% N/A N/A Goodwill Center 7324 Lakeland Ave N Brooklyn Park 42,644 0 0.00% N/A N/A Northwind Plaza 7944 Brooklyn Blvd Brooklyn Park 65,488 0 0.00% $3.10 $3.77 Park Commons 7120 Jolly Ln Brooklyn Park 35,000 0 0.00% N/A N/A Park Place Promenade - A Zane Ave & Hwy 610 Brooklyn Park 66,650 16,743 25.10% $4.59 $5.00 Park Place Promenade - B NW of Hwy 610 & Zane Ave Brooklyn Park 45,000 0 0.00% N/A N/A Park Square Shopping Center 8000 Brooklyn Blvd Brooklyn Park 137,095 8,779 6.40% N/A N/A Zanebrook Shopping Center 7600 Brooklyn Blvd Brooklyn Park 76,000 0 0.00% N/A N/A Aurora Village Shops 1451 Co Rd 42 W Burnsville 122,323 0 0.00% N/A N/A Burnhill Plaza 1230 Co Rd 42 W Burnsville 147,047 40,214 27.40% $7.91 N/A Burnhill Shoppers Corner 14101 Irving Ave S Burnsville 44,000 4,400 10.00% $2.22 $2.18 Burnside Plaza 14300 Burnhaven Dr Burnsville 83,000 20,741 25.00% $1.65 $1.86 Burnsville Auto Mall 500 Southcross Dr Burnsville 30,156 0 0.00% $4.11 $3.68 Burnsville Crossings 14240 Plymouth Ave Burnsville 91,015 7,800 8.60% $4.15 $2.25 Property Section - 33 Neighborhood Centers continued

PROPERTY NAME ADDRESS CITY TOTAL GLA DIRECT VACANT SF VACANCY % CAM TAX

Burnsville Plaza 3120 Hwy 13 W Burnsville 43,455 12,187 28.10% $1.76 $2.44 Byerly’s Burnsville Centre 401 Co Rd 42 E Burnsville 71,190 0 0.00% N/A N/A Cobblestone Court Shopping Center 14150 Nicollet Ave S Burnsville 128,500 10,340 8.10% N/A N/A Colonial Ridge 13706 Nicollet Ave S Burnsville 36,000 0 0.00% N/A N/A McAndrews Shopping Center 14001 Grand Ave S Burnsville 32,389 0 0.00% N/A N/A Nicollet Plaza 250 Travelers Trl E Burnsville 105,572 2,071 2.00% $4.97 $3.84 Skyline Plaza 2000 Co Rd 42 W Burnsville 30,826 1,100 3.60% $3.94 $3.73 Summit Oaks Square 14601 Co Rd 11 Burnsville 32,800 3,840 11.70% $3.95 $3.79 Town & Country Square 1900 Hwy 13 E Burnsville 100,000 5,500 5.50% N/A N/A Valley Ridge Shopping Center 1909 Burnsville Pkwy W Burnsville 88,595 21,454 24.20% $2.46 $0.98 Champlin Marketplace Hwy 169 & 114th Ave Champlin 103,384 3,309 3.20% N/A N/A Champlin Plaza 12325 Champlin Dr Champlin 81,844 2,793 3.40% $2.82 $2.68 Market Square 7836 Market Blvd Chanhassen 106,000 0 0.00% N/A N/A Market Street Station 600 Market St Chanhassen 40,000 13,065 32.70% $4.50 $4.39 West Village Center 800 78th St W Chanhassen 145,388 3,352 2.30% $7.74 N/A Brick Yard Shopping Center 800 Yellow Brick Rd Chaska 48,000 0 0.00% N/A N/A Apache Center Building 2201 37th Ave NE Columbia Heights 49,949 0 0.00% N/A N/A Central Plaza Shopping Center 4300 Central Ave NE Columbia Heights 111,019 34,660 31.20% $2.02 $1.96 Central Value Center 4300 Central Ave NE Columbia Heights 123,350 19,651 15.90% $1.59 $1.92 Columbia Heights Center 4011 Central Ave NE Columbia Heights 94,476 0 0.00% N/A N/A Columbia Square 4110 Central Ave NE Columbia Heights 32,294 4,704 14.60% $1.73 $1.28 Coon Rapids Marketplace 3815 Coon Rapids Blvd Coon Rapids 41,300 2,200 5.30% N/A N/A Coon Rapids Square 3005 Coon Rapids Blvd Coon Rapids 47,347 0 0.00% N/A N/A Foley Plaza 9900 Foley Blvd Coon Rapids 37,032 2,175 5.90% $3.21 $3.48 Northdale Center 11430 Ilex St NE Coon Rapids 130,000 15,219 11.70% $1.48 $0.93 Round Lake Shoppes 3349 Coon Rapids Blvd Coon Rapids 42,091 7,514 17.90% $3.91 $1.94 Shoppes at Riverdale Commons II 12465 Riverdale Blvd NW Coon Rapids 86,197 0 0.00% N/A N/A Cottage Grove Plaza 8711 E Point Douglas Rd S Cottage Grove 142,306 1,168 0.80% $4.58 $3.85 G Will Center 8118 Hadley Ave S Cottage Grove 54,944 8,800 16.00% $1.86 $1.78 Crystal Gallery Mall 5508 West Broadway Ave Crystal 84,142 9,821 11.70% $5.14 $3.22 Crystal Town Center 5608 West Broadway Ave Crystal 58,176 13,000 22.40% $2.91 $3.62 Delano Crossings Shopping Center 1400 Babcock Blvd E Delano 76,577 1,513 2.00% $2.17 $2.67 Cedar Cliff Shopping Center 2127 Cliff Dr Eagan 38,200 0 0.00% $3.36 $3.56 Diffley Square - Retail Diffley Eagan 30,015 4,013 13.40% N/A N/A The Crossings in Eagan 1964 Rahncliff Ct Eagan 39,409 12,072 30.60% N/A N/A Thomas Lake Center 1565 Cliff Rd Eagan 42,051 3,120 7.40% $3.42 $3.00 Town Centre Shoppes 3420 Denmark Ave Eagan 43,411 2,578 5.90% $3.80 $3.60 Yankee Square Shopping Center 1428 Yankee Doodle Rd Eagan 55,000 0 0.00% N/A N/A Anderson Lakes Center 8743 Columbine Rd Eden Prairie 35,834 0 0.00% N/A N/A Frank’s Center 8010 Glen Ln Eden Prairie 66,511 0 0.00% $1.00 $3.37 Lariat Center I 8421 Joiner Way Eden Prairie 22,830 0 0.00% $2.89 $5.27 Lariat Center II 8240 Commonwealth Dr Eden Prairie 28,684 3,570 12.50% $3.27 $4.79 Menard Plaza - Eden Prairie 12496 Plaza Dr Eden Prairie 123,182 0 0.00% N/A N/A Prairie Court Center 16352 Wagner Way Eden Prairie 30,900 0 0.00% N/A N/A Prairie Village Shopping Center 16490 78th St W Eden Prairie 75,654 0 0.00% $3.71 $4.25 Prairieview Center 928 Prairie Center Dr Eden Prairie 114,852 12,215 10.60% $2.83 $3.73 Preserve Village Shopping Center 9605 Anderson Lakes Pkwy Eden Prairie 78,330 5,780 7.40% $2.50 $3.50 Shady Oak Center - Retail 6399 City West Pkwy Eden Prairie 33,271 0 0.00% N/A N/A Southwest Metro Transit Building 13500 Technology Dr Eden Prairie 60,000 0 0.00% N/A N/A Tower Square 574 Prairie Center Dr Eden Prairie 70,690 0 0.00% N/A N/A 50th & France Building 3924 50th St W Edina 31,864 0 0.00% N/A N/A Brandon Square Mall 3501 70th St W Edina 48,213 7,200 14.90% $3.38 $3.37 Edina 5-0 Shops 3928 50th St W Edina 130,000 0 0.00% N/A N/A Jerry’s Edina 5033 Vernon Ave S Edina 82,632 0 0.00% N/A N/A Leisure Lane Shops 7101 France Ave S Edina 53,000 17,383 32.80% $4.30 $6.71 Yorkdale Shoppes 6755 York Ave S Edina 113,235 4,768 4.20% $2.81 $4.57 Yorktown 3301 Hazelton Rd S Edina 100,213 8,357 8.30% $2.90 $6.60 34 Property Section - Neighborhood Centers continued

PROPERTY NAME ADDRESS CITY TOTAL GLA DIRECT VACANT SF VACANCY % CAM TAX

Elk Ridge Center 19600 Evans St NW Elk River 40,000 7,500 18.80% $2.02 $3.07 Elk River Mall 550 Freeport Ave NW Elk River 140,000 0 0.00% N/A N/A Hwy 7 & 41 Crossing Center 2401 Hwy 7 Excelsior 33,888 0 0.00% N/A N/A Falcon Crossing 1535 Larpenteur Ave W Falcon Heights 33,670 0 0.00% N/A N/A Forest Lake Marketplace 2009–2013 West Broadway Ave Forest Lake 93,853 0 0.00% N/A N/A Northland Mall 1432 Lake St S Forest Lake 91,142 40,000 43.90% N/A N/A The Lake Shoppes 804 Lake St S Forest Lake 63,048 0 0.00% N/A N/A West Lake Plaza 119 12th St SW Forest Lake 101,000 0 0.00% N/A N/A Holly Center 6522 University Ave NE Fridley 72,625 0 0.00% N/A N/A Home Depot Building 5650 Main St NE Fridley 128,896 0 0.00% N/A N/A Menards Plaza 5207 Central Ave NE Fridley 86,255 0 0.00% N/A N/A Moon Plaza 6201 University Ave NE Fridley 50,000 0 0.00% N/A N/A Moore Lake Commons West 999 Moore Lake Dr E Fridley 65,000 0 0.00% N/A N/A Moore Lake Plaza 1202 Moore Lake Dr E Fridley 55,979 3,717 6.60% $2.57 $2.01 Golden Valley Commons 7600 Olson Memorial Hwy Golden Valley 47,000 0 0.00% N/A N/A Golden Valley Shopping Center 7860 Hwy 55 Golden Valley 120,000 0 0.00% N/A N/A Golden Valley Town Square 669 Winnetka Ave N Golden Valley 45,700 1,830 4.00% $6.16 $5.70 Spring Gate Shopping Center 5621 Duluth St Golden Valley 93,975 2,816 3.00% $3.15 $5.41 Crosstown Center 17565 Central Ave NE Ham Lake 71,251 0 0.00% N/A N/A Hastings Marketplace 1785 Market Blvd Hastings 92,060 1,440 1.60% N/A N/A Midtown Shopping Center 1100 Vermillion St Hastings 58,677 0 0.00% $1.55 $2.09 Westview Center 1355 Frontage Rd S Hastings 126,880 6,150 4.90% $2.25 $1.19 Victor Marketplace 14775 Victor Hugo Blvd Hugo 70,000 0 0.00% N/A N/A Arbor Pointe 9070 Buchanon Trl Inver Grove Heights 118,000 4,400 3.70% N/A N/A Arbor Pointe Commons 9015 Broderick Inver Grove Heights 90,000 3,315 3.70% $2.14 $3.18 Cahill Plaza 7810 Cahill Ave Inver Grove Heights 80,315 0 0.00% N/A N/A Salem Square Shopping Center 5300 Robert Trl S Inver Grove Heights 51,685 0 0.00% N/A N/A Village Square S & G 6566 Cahill Ave E Inver Grove Heights 70,892 0 0.00% N/A N/A Lakeland Shopping Center 304 Saint Croix Trl S Lakeland 36,956 14,036 38.00% $1.74 $1.67 Crossroads of Lakeville 17501 Cedar Ave Lakeville 141,172 6,512 4.60% $4.15 $3.90 Kenwood Center 17733 Kenwood Trl Lakeville 37,266 0 0.00% N/A N/A Lakeville Crossing 7662 160th St Lakeville 82,500 46,613 56.50% $2.35 $5.11 Southfork Shopping Center 17689 Kenwood Trl Lakeville 43,826 1,328 3.00% $3.59 $2.49 Northway Shopping Center 9100 Lake Dr Lexington 86,253 0 0.00% $1.68 $2.08 Diamond Jim’s Mall 757 Sibley Memorial Hwy Lilydale 40,030 0 0.00% N/A N/A Little Canada Mall 78 Minnesota Ave Little Canada 36,000 1,810 5.00% $1.92 $1.53 Market Place Shopping Center 2900 Rice St Little Canada 94,651 0 0.00% N/A N/A Long Lake Town Center 1865 Wayzata Blvd W Long Lake 33,000 0 0.00% N/A N/A Wedgewood Village I NE Mahtomedi 49,200 6,212 12.60% N/A $2.75 Arbor Lakes Main Street 7840 Elm Creek Maple Grove 42,722 1,700 4.00% N/A N/A Maple Grove Center 12700 Bass Lake Rd Maple Grove 68,660 0 0.00% N/A N/A Maple Grove Square 9525 Black Oaks Ln N Maple Grove 35,499 1,423 4.00% $3.23 $6.53 Rainbow Maple Grove 16401 Co Rd 30 Maple Grove 90,130 7,500 8.30% N/A N/A Rice Lake Plaza 13700 83rd Way N Maple Grove 35,815 0 0.00% $6.84 $4.53 The Shops at Wedgwood I-494 & Bass Lake Rd Maple Grove 60,000 1,694 2.80% N/A N/A Crown Plaza 1728 Rice St Maplewood 68,732 0 0.00% N/A N/A Mapleridge Shopping Center 2515 White Bear Ave Maplewood 114,192 0 0.00% $2.72 $3.75 Maplewood Commons 1900 Co Rd D E Maplewood 52,000 0 0.00% N/A N/A Maplewood East Shopping Center 2950 White Bear Ave Maplewood 32,998 1,890 5.70% $3.84 $3.88 Maplewood Square 1870 Beam Ave Maplewood 31,075 3,173 10.20% $2.84 $3.78 Maplewood Square 3035 White Bear Ave Maplewood 45,623 12,142 26.60% $2.80 $3.50 Maplewood Town Center 1845 Co Rd D E Maplewood 108,787 4,150 3.80% $2.93 $3.28 Plaza 3000 3000 White Bear Ave Maplewood 133,000 7,543 5.70% N/A N/A Mendota Plaza 750 Hwy 110 Mendota Heights 55,254 18,120 32.80% $2.25 $1.88 Broadway Shopping Center 621 Broadway Ave W Minneapolis 70,000 0 0.00% N/A N/A Calhoun Commons 3040 Excelsior Blvd Minneapolis 66,150 0 0.00% N/A N/A Calhoun Square 3001 Hennepin Ave S Minneapolis 153,500 40,000 26.10% N/A $5.55 Property Section - 35 Neighborhood Centers continued

PROPERTY NAME ADDRESS CITY TOTAL GLA DIRECT VACANT SF VACANCY % CAM TAX

Calhoun Village 3200 Lake St W Minneapolis 85,000 0 0.00% N/A N/A Franklin Circle Shopping Center 1201 Franklin Ave E Minneapolis 53,259 1,756 3.30% $2.24 $1.90 Highland Plaza Shopping Center 3001 Nicollet Ave Minneapolis 45,703 0 0.00% N/A N/A Hi-Lake Center 2106 Lake St E Minneapolis 107,776 6,421 6.00% $2.38 $2.39 Midtown Exchange Lake St & 10th Ave Minneapolis 50,000 0 0.00% N/A N/A Nokomis Center 4010 Bloomington Ave S Minneapolis 31,529 22,306 70.80% $1.72 $2.04 Parkway Plaza 4701 Hiawatha Ave Minneapolis 37,528 1,054 2.80% $3.27 $3.87 Rainbow Shopping Center 2919 26th Ave S Minneapolis 73,288 0 0.00% N/A N/A The Pinehurst Building 4999 France Ave S Minneapolis 41,385 0 0.00% $8.53 $7.71 University Village 2501 University Ave SE Minneapolis 40,000 0 0.00% N/A N/A West River Commons 4648 Lake St E Minneapolis 30,000 0 0.00% N/A N/A Bonaventure Mall 1601 Plymouth Rd S Minnetonka 83,798 0 0.00% N/A N/A Circuit City Plaza 1001 Plymouth Rd Minnetonka 66,000 0 0.00% N/A N/A Country Village Shopping Center 11304 Hwy 7 Minnetonka 110,583 2,575 2.30% $2.32 $3.22 Glen Lake Center 14625 Excelsior Blvd Minnetonka 31,187 0 0.00% N/A N/A Ridge Square North 12977–13059 Ridgedale Dr Minnetonka 81,202 0 0.00% N/A N/A Ridge Square South 12901 Ridgedale Dr Minnetonka 42,590 0 0.00% N/A N/A Ridgedale Festival 14200 Wayzata Blvd Minnetonka 129,951 3,000 2.30% N/A N/A Ridgewood 13601 Ridgedale Dr Minnetonka 30,000 0 0.00% N/A N/A Sportmart Plaza Shopping Center 12300 Wayzata Blvd Minnetonka 66,465 9,500 14.30% $6.94 N/A Sundial Shopping Center 5757 Sanibel Dr Minnetonka 30,000 2,600 8.70% $1.45 $3.75 Commerce Place 2200 Commerce Blvd Mound 40,358 20,775 51.50% $3.34 $3.45 Mound Marketplace 2125 Commerce Blvd Mound 67,000 7,044 10.50% $2.09 $3.98 Shoreline Plaza 2324 Wilshire Blvd Mound 33,966 0 0.00% N/A N/A Mounds View Square 2577 Hwy 10 Mounds View 107,523 9,401 8.70% $1.68 $2.08 Silver View Plaza 2546 Hwy 10 Mounds View 35,160 19,967 56.80% $2.54 $2.38 Rice Creek Shopping Center 2020 Silver Lake Rd New Brighton 70,000 0 0.00% N/A N/A Kmart Plaza 4300 Xylon Ave N New Hope 115,492 0 0.00% N/A N/A Midland Shopping Center 2703 Winnetka Ave New Hope 70,377 9,940 14.10% $4.14 $1.59 New Hope City Center 4203 Winnetka Ave N New Hope 77,466 0 0.00% N/A N/A Winnetka Commons Shopping Center 3520 Winnetka Ave N New Hope 42,415 5,300 12.50% N/A N/A Winnetka Shopping Center 4301 Winnetka Ave N New Hope 95,592 0 0.00% N/A N/A North Oaks Village Center 1 385 Village Center Dr North Oaks 24,102 0 0.00% N/A N/A North Oaks Village Center 2 111 Village Center Dr North Oaks 15,859 6,491 40.90% $4.89 $5.30 McKnight 36 Plaza 2080 11th Ave E North Saint Paul 46,500 2,280 4.90% $2.50 $2.40 Oak Park Ponds 5800 Neal Ave N Oak Park Heights 114,199 0 0.00% N/A N/A MarketPlace West 9175 Quaday Ave NE Otsego 31,067 1,818 5.90% $3.75 $4.08 Cottonwood Plaza 3900 Vinewood Ln N Plymouth 47,903 0 0.00% N/A N/A Four Seasons Mall 4100 Lancaster Ln N Plymouth 101,265 26,052 25.70% $2.93 $2.23 Plymouth Collection Shopping Center 4130 Berkshire Ln N Plymouth 45,915 5,100 11.10% N/A N/A Plymouth Marketplace 3455 Vicksburg Ln N Plymouth 88,000 1,116 1.30% $3.88 $6.83 Plymouth Plaza 1405 Co Rd 101 N Plymouth 72,560 3,412 4.70% $1.95 $3.68 Plymouth Shopping Center 11309 Hwy 55 Plymouth 32,080 0 0.00% N/A N/A Plymouth Station Shopping Center 16725 Co Rd 24 Plymouth 130,000 2,248 1.70% $9.62 N/A Plymouth Town Center 3500 Vicksburg Ln N Plymouth 146,207 0 0.00% N/A N/A RockRidge Center 4445 Nathan Ln N Plymouth 128,000 6,252 4.90% $4.03 $2.95 Waterford Plaza 10100 6th Ave N Plymouth 121,287 3,210 2.70% $2.81 $2.90 Southlake Village 16760 Toronto Ave SE Prior Lake 77,797 0 0.00% N/A N/A Hub Shopping Center 2 66th St W Richfield 132,111 5,989 4.50% $3.03 $3.86 Hub West 140 66th W Richfield 78,302 0 0.00% N/A N/A Kensington Park 77th St Richfield 35,000 0 0.00% $5.40 $6.78 Market Plaza 700 66th St W Richfield 50,000 0 0.00% N/A N/A Penn-66 Shopping Center 6528 Penn Ave S Richfield 35,512 0 0.00% $2.50 $3.11 Richfield Shoppes 6601 Nicollet Ave S Richfield 84,215 9,352 11.10% $2.70 $3.95 Southdale Square 2900 66th St W Richfield 115,647 19,970 17.30% $3.18 $6.25 Robbinsdale Town Center 4080 West Broadway Ave Robbinsdale 89,730 0 0.00% N/A N/A Robin Center 4048 Lakeland Ave N Robbinsdale 100,468 14,030 14.00% N/A $3.50 36 Property Section - Neighborhood Centers continued

PROPERTY NAME ADDRESS CITY TOTAL GLA DIRECT VACANT SF VACANCY % CAM TAX

Terrace Center 5301 West Broadway Ave Robbinsdale 136,925 16,520 12.10% $2.68 $1.45 Rockford Mall 8910 Walnut St Rockford 43,000 8,974 20.90% $2.68 $1.68 101 Marketplace 14160 James Rd Rogers 33,516 0 0.00% N/A N/A 20870 Rogers Dr 20870 Rogers Dr NW Rogers 46,000 0 0.00% N/A N/A Northdale Plaza 14000 Northdale Blvd Rogers 46,000 8,784 19.10% N/A N/A Rogers City Centre 13024 Main St Rogers 47,052 0 0.00% N/A N/A Rosemount Crossing 14995 Robert Trl S Rosemount 51,200 4,462 8.70% $8.70 $4.71 Rosemount Market Square 3400 150th St W Rosemount 48,139 6,142 12.80% $2.03 $1.62 Rosemount Village 3784 150th St W Rosemount 90,418 3,000 3.30% $3.72 $4.09 Fairdale Shoppes 2375 Fairview Ave N Roseville 49,717 0 0.00% N/A N/A Hamline Shopping Center 2819 Hamline Ave N Roseville 67,561 0 0.00% N/A N/A Lexington Plaza 1700 Lexington Ave N Roseville 92,351 18,493 20.00% N/A N/A McCarron Hills Shopping Center 1685 Rice St Roseville 30,023 0 0.00% N/A N/A Rosedale Marketplace 2401 Fairview Ave N Roseville 147,398 4,830 3.30% $3.12 $4.60 Rosedale Square North 2701 Lincoln Dr Roseville 42,000 4,200 10.00% $4.50 N/A Roseville Center 1121 Larpenteur Ave W Roseville 74,000 0 0.00% N/A N/A Rosewood Shopping Center 2181 Snelling Ave N Roseville 30,131 5,000 16.60% $2.64 $4.42 Schneiderman’s Plaza 1955 Co Rd B2 Roseville 80,000 0 0.00% N/A N/A Saint Anthony Shopping Center 2900 Pentagon Dr Saint Anthony 89,501 12,201 13.60% $1.86 $1.66 Saint Francis City Center Saint Francis Saint Francis 120,000 0 0.00% N/A N/A Excelsior & Grand 4901 Excelsior Blvd Saint Louis Park 85,000 0 0.00% N/A N/A Knollwood Village 8906 Hwy 7 Saint Louis Park 137,420 32,026 23.30% N/A N/A Miracle Mile Shopping Center 5009 Excelsior Blvd Saint Louis Park 122,400 0 0.00% N/A N/A Park Village 5200 Excelsior Blvd Saint Louis Park 37,913 0 0.00% N/A N/A Texa-Tonka Shopping Center 8000 Minnetonka Blvd Saint Louis Park 54,159 0 0.00% N/A N/A Westwood Shopping Center 7119 Cedar Lake Rd Saint Louis Park 55,000 1,458 2.70% $3.84 $2.79 Avon Corner 791 Grand Ave Saint Paul 17,186 0 0.00% N/A N/A Ford Cleveland Center 758 Cleveland Ave S Saint Paul 40,000 0 0.00% N/A N/A Grand Place 870 Grand Ave Saint Paul 38,240 15,000 39.20% N/A N/A Highland Crossing 2078 Ford Pkwy Saint Paul 44,115 0 0.00% N/A N/A Highland Shopping Center 2004 Ford Pkwy Saint Paul 56,675 1,800 3.20% N/A N/A Highland Village Center 2148 Ford Pkwy Saint Paul 54,085 0 0.00% N/A N/A Hillcrest Shopping Center 1610 White Bear Ave N Saint Paul 113,534 49,801 43.90% $0.50 $2.75 Milton Mall 917 Grand Ave Saint Paul 19,228 0 0.00% N/A N/A Parkway Center 1641 Rice St Saint Paul 45,345 0 0.00% N/A N/A Sibley Plaza Shopping Center 2395 7th St W Saint Paul 93,282 5,920 6.40% $3.11 $3.47 Suburban Square 1664 Suburban Ave Saint Paul 39,381 10,438 26.50% $3.10 $3.43 Unidale Mall 544 University Ave W Saint Paul 73,746 0 0.00% $3.00 $2.95 Victoria Crossing South Mall 850 Grand Ave Saint Paul 17,913 0 0.00% N/A N/A Victoria Crossing West Mall 867 Grand Ave Saint Paul 21,147 0 0.00% N/A N/A O’Connell Square 5715 Egan Dr Savage 52,254 3,364 6.40% $3.97 $5.00 Savage Town Square 14075 Hwy 13 Savage 83,600 1,114 1.30% $4.04 $5.53 Southcross Shoppes 4022 Co Rd 42 Savage 34,766 4,554 13.10% $2.98 $3.42 Rainbow - Shakopee Shakopee 104,163 0 0.00% N/A N/A Shakopee Crossroads Center 1106 Vierling Dr E Shakopee 140,741 4,915 3.50% $2.03 $3.44 Shoreview Center 3475 Rice St N Shoreview 30,000 0 0.00% N/A N/A Shoreview Mall 3537 Lexington Ave Shoreview 70,306 0 0.00% N/A N/A Shorewood Village Center 23600 Hwy 7 Shorewood 72,250 4,094 5.70% $2.67 $2.69 Southview Shopping Center 1205 Southview Blvd South Saint Paul 74,420 0 0.00% N/A N/A University Center 8151 University Ave NE Spring Lake Park 55,785 21,210 38.00% $2.37 $2.84 Historic Grand Garage 324 Main St S Stillwater 30,000 1,590 5.30% $5.85 $2.10 Valley Ridge Plaza 1240 Frontage Rd Stillwater 83,601 6,820 8.20% $4.79 $2.15 Waconia Marketplace 801 Marketplace Dr Waconia 75,051 5,000 6.70% $1.50 $1.00 Colonial Square Shopping Center 1125 Wayzata Blvd Wayzata 87,280 2,000 2.30% $2.66 $6.98 Wayzata Bay Shopping Center 831 Lake St E Wayzata 127,110 0 0.00% N/A N/A Wayzata Marquee Place 641 Lake St E Wayzata 86,000 0 0.00% $8.47 $11.05 Wayzata Village Shoppes 812 Lake St E Wayzata 43,127 1,900 4.40% $3.21 $5.68 Property Section - 37 Neighborhood Centers continued

PROPERTY NAME ADDRESS CITY TOTAL GLA DIRECT VACANT SF VACANCY % CAM TAX

Doddway Shopping Center 360 Bernard St W West Saint Paul 38,138 0 0.00% $3.23 $2.20 Robert Square Shopping Center 1660 Robert St S West Saint Paul 32,000 0 0.00% N/A N/A South Robert Plaza 2000 Robert St S West Saint Paul 34,202 7,943 23.20% $2.27 $2.96 Southview Square Shopping Center 1907 Robert St S West Saint Paul 99,922 6,530 6.50% $1.30 $2.00 Birch Lake Shopping Center 1350 Hwy 96 E White Bear Lake 34,809 0 0.00% N/A N/A Century Hills Shopping Center 2670 Co Rd E E White Bear Lake 54,165 3,815 7.00% $5.68 N/A Kmart 3201 White Bear Ave N White Bear Lake 117,401 0 0.00% N/A N/A White Bear Hills Shopping Center 2671 Co Rd E E White Bear Lake 73,095 1,170 1.60% $2.13 $3.89 White Bear Shopping Center 4391 Lake Ave S White Bear Lake 110,000 0 0.00% N/A N/A Wildwood Shopping Center 909 Wildwood Rd White Bear Lake 52,140 7,125 13.70% $2.33 $2.33 City Centre Plaza 8300 City Centre Dr Woodbury 45,000 0 0.00% N/A N/A Eagle Valley Commons Shopping Center 1000 Valley Creek Dr Woodbury 45,000 0 0.00% N/A N/A Lightfaire Center 8160 Coller Way Woodbury 38,000 29,442 77.50% $3.25 $1.25 Northern Commons 1480 Weir Dr Woodbury 32,000 3,500 10.90% $2.71 $3.53 Shoppes of Woodbury Village (w Woodbury Village) 7455 Currell Blvd Woodbury 23,000 3,056 13.30% $4.43 $7.08 Slumberland/Golf Galaxy 9780 Hudson Rd Woodbury 48,000 0 0.00% N/A N/A Valley Creek Mall 1740 Weir Dr Woodbury 84,720 8,503 10.00% $4.10 $2.14 Woodbury Commons 10150 Hudson Rd Woodbury 118,000 28,092 23.80% $2.36 $3.95 Woodbury Village Green 1475 Queens Dr Woodbury 84,899 0 0.00% N/A N/A

Prairieview Center Brighton Village 38 Property Section - Minneapolis CBD

MINNEAPOLIS CBD MINNEAPOLIS CBD Number of Properties:12 otel development was the Nate’s Clothing will move out of the Total GLA: 1,291,746 square feet real estate trend in downtown building that was their home for Percent of Total GLA: 2.1% this past year. The 214-room over 20 years to another location Real Estate Tax Median: $3.59 H Westin Hotel opened in mid-2007. outside of downtown. Kuhlman & Real Estate Tax Average: $3.69 This was followed by the Ivy Hotel & Company closed as Pacifier CAM Median: $7.75 Residences, a Starwood product, opened in Gaviidae Common, and CAM Average: $10.87 which opened in February and Williams-Sonoma and Badiner Average Vacancy Rate: contains136 rooms. The 230-room W Jewelers both closed this past year 2008 – 16.1% 2007 – 17.5% Minneapolis opened in the Foshay in the IDS building. JB Hudson 2006 – 18.0% 2005 – 18.0% Tower in August. It features a sky bar opened in the former Polo Ralph 2004 – 16.0% called Prohibition and Manny’s Lauren space, Target Commercial 2003 – 13.9% 2002 – 10.9% restaurant, which relocated from Interiors backfilled the former Crate 2001 – 11.6% the Hyatt. The 155-room Aloft Hotel & Barrel space, and Old Chicago 2000 – 15.1% 1999 – 11.7% at 900 Washington Avenue South closed on First Avenue. has opened near the Guthrie. The The Twins ballpark is under Hotel Minneapolis (Hilton construction, with completion slated Doubletree) is complete in the for 2010. In addition to this major Midland Bank Building and features development, there are several 222 rooms. In conjunction with The other cultural projects in the Hotel Minneapolis is Restaurant Max. planning stages that will greatly There is also a 210-room Hilton Hotel development impact the area. The Minnesota Garden Inn at 1125 Fourth Street Shubert Performing Arts and was the real estate near the Convention Center. Upon Education Center is planned for the trend in downtown completion of these projects and 1910-built theater that was moved including the Westin Hotel, there will this past year. from Block e to 516 Hennepin be approximately 1,100 new hotel Avenue. The 900-seat venue is rooms added to the Central Business Meanwhile, the anticipated to serve as the home for District. condo market many local dance performance Meanwhile, the condo market companies. Additionally, Orchestra remained soft, remained soft, which affected many Hall is planning an expansion of its which affected retailers. Condo projects with street- facility. Finally, the county is studying many retailers. level retail spaces on the fringe of options for development of a the business district remained largely Minneapolis Planetarium at 300 vacant. Nicollet Mall atop the Central Library. Some notable new restaurants opened, including BANK in the Westin There are also additional office Hotel, Nick and Eddie Restaurant on buildings proposed for downtown. Harmon Place, Amazing Thailand on However, new developments likely Hennepin Avenue South, Black will not occur until vacancy again Bamboo on South Seventh Street, approaches single digits. Saffron Restaurant and Lounge on Despite the loss of some retailers North Third Street, Musashi on Sixth & over the past year, the Central Hennepin, and Otho in the Skyscape. Business District is anticipated to Other retailers have either entered enjoy continued stability and vitality downtown or decided to close their due to continued economic and doors. Longtime downtown retailer, cultural investment in the area. Property Section - 39 Minneapolis CBD continued

PROPERTY NAME ADDRESS CITY TOTAL GLA DIRECT VACANT SF VACANCY % CAM TAX

Block e 600 Hennepin Ave Minneapolis 213,000 0 0.00% N/A N/A Crystal Court 80 8th St S Minneapolis 165,000 7,673 4.70% N/A N/A Gaviidae Common 651 Nicollet Mall Minneapolis 254,530 3,734 1.50% $19.15 $2.64 Gaviidae Common II 505 Nicollet Mall Minneapolis 187,948 21,123 11.20% $19.72 $4.88 Highland Bank Court 811 LaSalle Ave Minneapolis 42,000 22,860 54.40% N/A N/A Investors Building 733 Marquette Ave S Minneapolis 46,029 9,289 20.20% $5.70 $1.50 Midwest Plaza 801 Nicollet Mall Minneapolis 46,958 11,270 24.00% $8.52 $3.33 Minneapolis City Center 40 7th St S Minneapolis 170,981 116,769 68.30% $17.93 $2.92 Retek on the Mall 900 Nicollet Mall Minneapolis 34,000 3,695 10.90% $3.07 $4.05 Schmitt Music Building 88 S 10th St Minneapolis 35,500 0 0.00% N/A N/A US Bancorp Center 800 Nicollet Mall Minneapolis 47,800 3,937 8.20% $5.85 $6.38 US Bank Plaza 200 6th St S Minneapolis 48,000 7,000 14.60% $6.98 $3.84

Block e jb hudson 40 Property Section - Saint Paul CBD

Downtown Saint SAINT PAUL CBD Paul holds the lthough the high office- With over 70,000 square feet of highest vacancy vacancy rate and very little office and retail space available for rates of any local Aretail activity still taint a discounted rental rate and short- downtown Saint Paul, there could term lease opportunities, this was submarket, making be a silver lining after all. As the the start of what the city needed to it more challenging Republican National Convention attract those businesses and to to bring business to was in town in September, it was keep them in downtown for years the area. Lack of believed new life could be brought to come. II Vastro Boutique, a high- new businesses to the downtown area. It’s said to end woman’s clothing store which be the lack of “vision” that the city is located at 50th & France will be means no new of Saint Paul has for development in one of the first retailers to take retailers, which the downtown area, whereas the advantage of what the city is means no new city says it’s the lack of funds that offering. The national media took residents. are available to offer to the advantage of the offering and developers who choose to develop leased temporary office space. here. Or it could just be the current Local restaurants had the option of market conditions are to blame. staying open past 2 a.m. but most Many projects have come and opted out, saying that it wouldn’t gone in the past years because of generate more revenue staying the difficulties of going through the open later hours. city’s process or due to the lack of Pop! is one of the Pop! is one of the new restaurants tenants that keep these projects new restaurants that that opened in Saint Paul this past from getting off the ground. The year and with the convention in opened in Saint Farmer’s Market Flats project has town, the city was hoping more Paul this past year been tied up in litigation that keeps restaurateurs would be more likely it from moving forward. Opus’ new and with the to test the waters in the downtown development along the riverfront, convention in town, area. which will consist of a new office the city was hoping tower, retail, condos and/or a hotel A major economic driver for the more restaurateurs still needs to land a major tenant to city is the area hospitals. Six out of would be more get the project underway. The the 11 east metro hospitals are likely to test the Penfield condominium project, located in downtown Saint Paul, which was going to be the first with expansion plans either on the waters in the residential high-rise built in horizon or underway. Regions downtown area. downtown in over 20 years, is Hospital’s new plan to double in size another casualty of the condo and expand the Heart Center is market meltdown. Downtown Saint currently under construction. The Paul holds the highest vacancy project is expected to be rates of any local submarket, completed in 2009. Children’s making it more challenging to bring Hospital is underway with its $300 business to the area. Lack of new million expansion plan for both its businesses means no new retailers, Saint Paul and Minneapolis which means no new residents. campuses. Saint Joseph’s Hospital, the largest in the HealthEast system, The city has taken the Republican has plans for an $8.5 million National Convention as an redevelopment. opportunity to revive downtown. Introduction to Outstate Properties 41

OVERVIEW The outstate market section includes highlights of Bemidji, Brainerd/Baxter, Duluth, Mankato, North Branch/Cambridge, Rochester, Saint Cloud and, new this year, Hibbing. With populations significantly lower than those of the Twin Cities metro area, the outstate cities nevertheless continue to show growth. For your easy reference, this section shows the highlights of what is new in these cities. Please refer to the map below for the locations of these cities in relation to the Twin Cities metro area.

REGIONAL MARKET CITIES

SAINT 42 Outstate Section

BEMIDJI BEMIDJI Population:  City – 12,422 A number of new businesses have opened in strip malls throughout the city in the past three to six months: Erbert & Gerberts Subs & Clubs, Leer Average Household Title, Snap Fitness, and CitiFinancial. Income: $40,616  Bonanza restaurant closed after a 20-year run in the market. The building and land are being sold and developed into an up-scale Median Owner- restaurant. Occupied Housing Value:  Arby’s opened a new free-standing store on Paul Bunyan Drive $68,726 Northwest in early 2008. And, Burger King purchased the former Midway Motel and is building a new store about six blocks south of their existing lakeside location.  First National Bank moved from downtown into their new “main” bank in February 2008.  Menards has delayed its early spring start for construction on their new full-sized store and lumber yard to be located on West Highway 2. No new date for starting construction is available at this time.

BRAINERD/BAXTER BRAINERD/BAXTER Population:  Brainerd – 9,781 Baxter is the downtown for the lakes region. The area is a regional Baxter – 7,031 commercial destination for nearly 100,000 year-round residents and 250,000 seasonal residents. It is forecasted to double its population by Average Household 2030. Income: Brainerd – $44,848  The Central Lakes Crossing project anchored by Home Depot and Baxter – $61,348 Wal-Mart Supercenter has completed the next phase, with the opening of a new JCPenney in August 2008. Median Owner- Occupied Housing  Growth continues north of Baxter along the 371 Corridor. Denny Value: Hecker has built two new separate dealerships for Toyota and Brainerd – $77,896 Baxter – $120,016 Hyundai.  Several new medical specialty clinics have recently opened, furthering the region’s presence as a hub for medical services.  FitQuest Fitness is relocating and expanding their Baxter operation into the 48,000-square-foot former Reed’s Sporting Goods Store.  Ziegler Caterpillar is building their 21st store in Brainerd.  Nisswa, just north of Baxter, reports a number of new businesses and the current development of two retail centers. Outstate Section - continued 43

DULUTH DULUTH  Population: Overall, 2008 has been relatively quiet for new retail in Duluth. While City – 84,391 retailers remain interested in the Duluth market, they face many challenges to entry such as: topographic and geotechnical Average Household challenges, lack of available land, as well as rigorous municipal Income: $50,606 processes and requirements.  The major retail corridor along Highway 53 remains stable, with no Median Owner- Occupied Housing retailers exiting but no new large retailers entering. Value:  A&L Properties recently completed a mixed-use redevelopment called $85,557 the Wieland Block on East Superior Street in downtown Duluth that includes first-floor retail space.  Cold Fusion, a concept featuring smoothies and health shakes, has opened a total of five stores throughout the Duluth area. Average store size is 1,200 square feet.

MANKATO Mankato  Population: Highway 14, which passes through Mankato from New Ulm through City – 28,566 Rochester, is undergoing massive improvements and expansion to a four-lane highway. Average Household Income:  The intersection of Victory Drive at Highway 14 will be reconstructed as $52,258 a controlled intersection. Median Owner-  There is a continued shift of national retailers towards River Hills Mall or Occupied Housing “to the hill” as the locals say; however, small-shop retail growth has Value: slowed as compared to the previous 18 months. $100,809  Several Big Box retailers are rumored to be in exploratory stages at the southeast quadrant of Highway 22 & Highway 14, near the recently opened Menards and Home Depot.  Major new retail deals include a Heinze Toyota dealership, Lowe’s, Brunswick Zone, Ace Hardware Store, several new banks, a Hilton Hotel, Holiday Inn & Express, and a new Walgreens in neighboring North Mankato. 44 Outstate Section - continued

Hibbing HIBBING Population:  City – 16,148 Located at the center of the Iron Range along Highway 169, Hibbing has seen steady growth over recent years. Hibbing’s growth is Average Household expected to continue in the coming years as businesses react to the Income: $6 billion of new mining and mineral processing projects anticipated in $49,553 the region over the next seven years. Median Owner-  Some of these initial projects would include the $1.6 billion Minnesota Occupied Housing Value: Steel Industries project in Nashwauk, Mesabi Nugget, Polymet, and the $63,027 expansion of Keewatin Taconite and Hibbing Taconite.  Irongate Plaza completed an exterior remodeling project, signage and 15 new exterior entrances, upgrading approximately half of their 280,000-square-foot facility located on Highway 169. The Irongate Plaza has numerous prime storefront locations currently available.  Oppidan Investment Company has added two strip malls at the Irongate Business Park site, with six to eight storefronts in each location. Some of the nationally recognized names that have located in these malls include Caribou Coffee, Radio Shack, Dollar Tree, Fantastic Sams, Cost Cutters, and Movie Gallery, along with a number of local retailers.  Lowe’s added a 120,000-square-foot Home Improvement Center in the Irongate Business Park site.  Walgreens completed a new corner location on Highway 169 & 37th Street.  L&M Supply completed a substantial expansion, almost doubling their previous floor space, in a new location off of Highway 169 & 37th Street.  Irongate Plaza announced that a new Peebles Store will locate in their newly remodeled plaza by the end of 2008.  The Wal-Mart Supercenter is proceeding with a $1.8 million facelift at its Irongate Business Park site.  The city of Hibbing is assisting a couple of Big Box stores, a hotel, and several restaurants with their site selection needs.  The city of Hibbing has eight Tax-Increment Financing Districts in place to assist developers with infrastructure costs. Outstate Section - continued 45

NORTH BRANCH/CAMBRIDGE North Branch/Cambridge  Solomon Real Estate Group broke ground on a Shopko- and County Population: Market-anchored center on the northwest quadrant of I-35W & North Branch – 9,981 Highway 95 in North Branch. The Shopko will be open in October 2008, Cambridge – 6,833 and the County Market will be open in February 2009. A Holiday Average Household Stationstore is under construction in one of the out-lots and Income: announced side-shop tenants are: Dunn Bros, Papa Murphy’s and North Branch – $68,261 Fantastic Sams. Cambridge – $63,713

 In Cambridge, Opus Northwest has announced two anchors, Lowe’s Median Owner- and Kohl’s, to anchor their Spirit River Crossing Development in Occupied Housing Cambridge, just east of downtown Cambridge on Highway 95. As part Value: of the deal, Cambridge purchased $3.75 million of farmland to North Branch – $125,250 Cambridge – $103,542 relocate a city park and baseball fields that formerly occupied the site. Grading is expected to begin in the fall of 2008.

ROCHESTER Rochester  Recently named “Best Small City” in America by Money magazine. Population: City – 88,748  Shoppes on Maine, a 600,000-square-foot retail development, includes SuperTarget, Lowe’s, Dick’s Sporting Goods and Wehrenberg Theatres. Average Household Income: Scheduled to open shortly are PetSmart, Maurices, and Best Buy, in $73,662 addition to 20,000 square feet of small-shop retail space and several pad sites. Median Owner- Occupied Housing  Highway 63 (aka “South Broadway”) between 40th and 48th streets is Value: experiencing exciting multi-sector growth, driven by the Shoppes on $123,468 Maine, with over 1.5 million square feet of development proposed and/or underway.  HOM Furniture has opened an 80,000-square-foot store in the Miracle Mile Shopping Center.  Several new restaurants will open downtown—Sushi Itto, Chesters Kitchen & Bar, and 300 First.  Walgreens will open its first Rochester location at South Broadway & 14th Street.  Rochester’s population surpassed the 100,000 mark in 2007.  Rochester BioBusiness Center, a 150,000-square-foot office and laboratory complex is under construction downtown and is expected to be completed by 2009. 46 Outstate Section - continued

Saint Cloud SAINT CLOUD Population:  City – 62,820 The Saint Cloud retail area consists of the cities of Waite Park, Sauk Rapids and Sartell and serves a large trade area, especially to the Average Household north, with their regional mall, Crossroads Center. Most retailers have Income: located on the west side of Saint Cloud and in Waite Park along $59,984 Division Street, Highway 15, and Highway 23. Median Owner-  Retail activity in Saint Cloud has mirrored the rest of the state: smaller, Occupied Housing Value: tenant-driven deals have occurred, while larger developments have $101,521 not moved forward and many land parcels have been slow to move.  United Properties’ 10-acre project: Plaza 15 is just north of Highway 23 & Division Street. Two hotels, Homewood Suites and Hampton Inn. are under construction on a five-acre parcel, while two pads remain for sale or lease.  Walgreens is under construction on the northwest corner of Division Street & Waite Avenue in Waite Park.  Kia purchased two acres on Highway 23 & 10th Avenue in Waite Park.  Saint Cloud’s new public library is set to open this fall.  HOM Furniture backfilled Circuit City on the northeast corner of Division Street & Highway 15.  Many parcels still remain for sale along Division Street in Saint Cloud and Waite Park and have had little retailer interest.  Waite Park sent out a Request for Proposal (RFP) for redevelopment of a small neighborhood on the northwest corner of Crossroads Center. Their concept plan called for a better transition between the mall and the adjacent neighborhood. Retailer Profiles 47

2nd Wind Exercise Equipment, Inc. Best Buy Company, Inc. 1345 Colorado Avenue South 7601 Penn Avenue South Saint Louis Park, MN 55416 Richfield, MN 55423 Telephone: 952-544-5249 Telephone: 952-947-2000 www.2ndwindexercise.com www.bestbuy.com

Category: Fitness/Education Center Category: Consumer Electronics Number of Open Units: 24 Number of Open Units: 870 Best Buy stores - 822 in Size: 5,000–6,000 square feet the U.S., 47 in Canada, 1 in China Type of Real Estate Preferred: Strip Centers Size: 20,000 square feet Type of Real Estate Preferred: Freestanding; Out- Anytime Fitness Parcel or Endcap; Power Center 12181 Margo Avenue South Buca, Inc. Hastings, MN 55033 1300 Nicollet Mall, Suite 3043 Telephone: 800-704-5004 www.anytimefitness.com Minneapolis, MN 55403 Telephone: 612-821-2428 Category: Fitness www.bucadibeppo.com Number of Open Units: 1,000 Size: 1,500–4,000 square feet Category: Restaurant (Italian) Type of Real Estate Preferred: Strip Center Number of Open Units: 80 Preferred Co-Tenants: Coffee, Walgreens, Home Size: 7,500–8,000 square feet Depot, Grocery anchored Type of Real Estate Preferred: Downtown/Streetfront; Freestanding; Pad Aveda Environmental Lifestyle Store Aveda Corp. Buffalo Wild Wings, Inc. 4000 Pheasant Ridge Drive 1600 Utica Avenue South, Suite 700 Blaine, MN 55449 Minneapolis, MN 55416 Telephone: 952-593-9943 Telephone: 800-283-3224 www.buffalowildwings.com www.aveda.com

Category: Restaurant Category: Beauty/Health Products/Services Number of Open Units: 247 Number of Open Units: 203 Size: 5,000–6,000 square feet Size: 800–1,200 square feet Type of Real Estate Preferred: Power Center; Type of Real Estate Preferred: Lifestyle Center Downtown/Streetfront; Regional Mall 48 Retailer Profiles - continued

Buffets, Inc. Dunn Bros 1460 Buffet Way 111 Third Avenue South, Suite 220 Eagan, MN 55121 Minneapolis, MN 55401 Telephone: 651-994-8608 Telephone: 612-334-9746 www.buffet.com www.dunnbros.com

Category: Restaurant Category: Specialty/Beverage Number of Open Units: 650 Number of Open Units: 98 Size: 9,500–11,500 square feet Size: 1,600–2,000 square feet Type of Real Estate Preferred: Big Box; Power Type of Real Estate Preferred: Freestanding/Pad; Anchored Centers Regional Mall; Neighborhood Shopping Center;, Additional Comments: Buffets Inc. concepts Strip Center include Home Town Buffet, Old Country Buffet, Ryan’s Grill Buffet & Bakery, Fire Mountain Grill International Dairy Queen 7505 Metro Boulevard Caribou Coffee Company, Inc. Edina, MN 55439 3900 Breeze Avenue Telephone: 952-830-0200 Brooklyn Center, MN 55429 www.dairyqueen.com Telephone: 763-592-2200 www.cariboucoffee.com Category: Fast Food Restaurant Size: DQ/Orange Julius: 600–800 square feet Category: Specialty/Beverage (Malls); 1,300 square feet (Lifestyle Centers); Number of Open Units: 480 Grill & Chill: 2,500 square feet Size: 1,500–2,000 square feet (shopping center); Type of Real Estate Preferred: Freestanding/Pad; 200–400 square feet (kiosk) Lifestyle Center; Regional Mall Type of Real Estate Preferred: Freestanding/Pad; Additional Comments: Dairy Queen, Orange Regional Mall; Shopping Center; Strip Center Julius, Dairy Queen Grill & Chill

Christopher & Banks Corporation Famous Dave’s 2400 Xenium Lane North 12701 Whitewater Drive, Suite 200 Plymouth, MN 55441 Minnetonka, MN 55343 Telephone: 763-551-5000 Telephone: 952-294-1300 www.christopherandbanks.com www.famousdaves.com

Category: Women’s Apparel and Accessories Category: Restaurant Number of Open Units: 790 stores in 45 states; 526 Number of Open Units: 154 Christopher & Banks; 226 C.J. Banks; 38 Acorn Size: 4,000–6,000 square feet Size: 3,000–3,500 square feet Type of Real Estate Preferred: Pad Site; Type of Real Estate Preferred: Power Center; Freestanding Regional Mall Preferred Co-Tenants: Shoes, Other Apparel Users Retailer Profiles - continued 49

Gander Mountain, Inc. Green Mill Restaurants 180 East Fifth Street, Suite 1300 3900 Northwoods Drive #215 Saint Paul, MN 55101 Arden Hills, MN 55112 Telephone: 651-325-4300 Telephone: 651-203-3100 www.gandermountain.com www.greenmill.com

Category: Sporting Goods Category: Restaurant Number of Open Units: 105 Number of Open Units: 30 Size: 60,000–65,000 square feet Size: 6,000 square feet Type of Real Estate Preferred: Freestanding Type of Real Estate Preferred: Freestanding; Pad Site; Endcap Granite City 5402 Parkdale Drive, Suite 101 Haagen-Dazs Shoppes Co., Inc. Saint Louis Park, MN 55416 200 South Sixth Street Telephone: 952-215-0660 Minneapolis, MN 55402 www.gcfb.net Telephone: 612-330-4873 www.haagen-dazs.com Category: Restaurant Number of Open Units: 26 Category: Specialty Food Size: 8,500 square feet Number of Open Units: 245 Type of Real Estate Preferred: Freestanding; Pad Size: 200 square feet (kiosk)–2,000 square feet Site Type of Real Estate Preferred: Downtown/Streetfront; Regional Mall; Great Clips, Inc. Entertainment Center 7700 France Avenue South, Suite 425 Leeann Chin Inc. Minneapolis, MN 55435 3600 American Boulevard West, Suite 418 Telephone: 952-893-9088 www.greatclips.com Bloomington, MN 55431 Telephone: 952-820-1248 Category: Hair Salon www.leeannchin.com Size: 800–1,200 square feet Type of Real Estate Preferred: Shopping Center; Category: Restaurant (Asian) Strip Center Number of Open Units: 35 Preferred Co-Tenants: Grocery Anchored or Size: 2,400–3,000 square feet (Leeann Chin); National Discount anchored 3,000–3,500 square feet (Chin’s Asia Fresh) Type of Real Estate Preferred: Shopping Center; Endcap; Inline; Freestanding; Pad Site 50 Retailer Profiles - continued

Life Time Fitness, Inc. Parasole Restaurant Holdings, Inc. 6442 City West Parkway 5032 France Avenue South Eden Prairie, MN 55344 Edina, MN 55410 Telephone: 952-947-0000 Telephone: 612-822-0016 www.lifetimefitness.com www.parasole.com

Category: Fitness/Education Center Category: Restaurant Number of Open Units: 65 centers in 15 states; 23 Number of Open Units: 9 in Minnesota Size: 5,000–9,000 square feet Size: 100,000–150,000 square feet plus outside Type of Real Estate Preferred: Urban Areas acreage for additional features Additional Comments: Parasole Restaurant Type of Real Estate Preferred: Freestanding–10 Holdings, Inc. concepts include Manny’s, Chino Acres Latino, Figlio, Good Earth, Muffuletta, Salut, Pittsburgh Blue Maurices Inc. The Dress Barn, Inc. Red Wing Shoe Co. Inc. 105 West Superior Street 314 Main Street Duluth, MN 55802 Red Wing, MN 55066 Telephone: 218-727-8431 Telephone: 651-388-8211 www.maurices.com www.redwingshoe.com

Category: Apparel & Accessories Category: Shoe Number of Open Units: 548 Number of Open Units: 430 Size: 3,500–4,500 square feet Size: 1,800 square feet; 2,800–3,000 square feet Type of Real Estate Preferred: Shopping Center Type of Real Estate Preferred: Freestanding; Pad Site; Shopping Center; Lifestyle Center Northern Tool & Equipment 2800 Southcross Drive West Redstone American Grill Burnsville, MN 55306 294 Grove Lane, Suite 113 Telephone: 952-894-9510 Wayzata, MN 55391 www.northerntool.com Telephone: 952-404-3333 www.redstonegrill.com Category: Hardware/Home Improvement Number of Open Units: 62 Category: Restaurant Size: 17,000–20,000 square feet Number of Open Units: 6 Type of Real Estate Preferred: Freestanding Size: 9,000 square feet Locations Type of Real Estate Preferred: Freestanding; Pad Site Retailer Profiles - continued 51

Regis Corporation Snap Fitness 7201 Metro Boulevard 2025 Coulter Boulevard Minneapolis, MN 55439 Chanhassen, MN 55317 Telephone: 952-947-7777 Telephone: 952-474-5422 www.regiscorp.com www.snapfitness.com www.regissalons.com Category: Fitness Category: Hair Salon Number of Open Units: 1,500 Number of Open Units: 11,700 Hairstyling Salons Size: 1,500–4,500 square feet and Beauty Schools Type of Real Estate Preferred: Inline; Endcap; Size: Range: 500–5,000 square feet; 1,200 square Neighborhood Centers; Strip Centers feet average Type of Real Estate Preferred: Lifestyle Center; SuperValu, Inc. Regional Mall 11840 Valley View Road Eden Prairie, MN 55344 Select Comfort Corporation Telephone: 952-828-4000 6105 Trenton Lane North www.supervalu.com Minneapolis, MN 55441 Telephone: 763-551-7160 Category: Grocery/Supermarket www.selectcomfort.com Number of Open Units: Operates 2,478 retail stores; Supplies 2,200 additional stores Category: Mattress/Bedding Size: Varies Number of Open Units: 400 Additional Comments: SuperValu Concepts: Size: 1,200 square feet (Malls); 2,000 square feet Acme, Albertsons, Bigg’s, Bristol Farms, Cub (Lifestyle Center) Foods, Farm Fresh Food & Pharmacy, Type of Real Estate Preferred: Regional Mall; Hornbacher’s, Jewel-OSCO, Lucky, Save-A-Lot, Lifestyle Center Shaw’s Star Market, Shop N Save, Shoppers Food & Pharmacy, Sunflower Market, OSCO Pharmacy, Sav-On Pharmacy, SuperValu Slumberland Furniture Pharmacy 3060 Centerville Road Little Canada, MN 55117 Telephone: 651-482-7500 www.slumberland.com

Category: Furniture Number of Open Units: 109 Size: 15,000–35,000 square feet Type of Real Estate Preferred: Power Centers; Freestanding locations 52 Retailer Profiles - continued

Target Corporation 1000 Nicollet Mall Minneapolis, MN 55403 Telephone: 612-304-6073 www.targetcorp.com www.target.com

Category: General Merchandise Discount Stores Number of Open Units: 1,502 Target stores and 182 SuperTarget stores Size: 125,000 square feet Type of Real Estate Preferred: Freestanding; Power Center; Regional Mall Demographics: 25,000 – Population; $58,000 – Median Income; Focused on middle- and upper- income consumers Additional Comments: Incorporated in Minnesota in 1902

Wilsons the Leather Experts, Inc. 7401 Boone Avenue North Brooklyn Park, MN 55428 Telephone: 763-391-4000 www.wilsonsleather.com

Category: Apparel and Accessories Number of Open Units: 417 in 45 states - 287 mall stores, 116 outlet stores, and 14 airport locations Size: 2,000 square feet (Malls); 3,300 square feet (Outlet/Lifestyle Centers) Type of Real Estate Preferred: Manufacturer Outlet Center; Regional Mall MSCA 2008 Leadership 53

OFFICERS COMMITTEE CO-CHAIRS

President Awards Bruce Carlson, United Properties Dan Parks, Westwood Professional Services, Inc. Steve Johnson, Solomon Real Estate Group 1st Vice President Community Enhancement Cindy MacDonald, Kraus-Anderson Companies Nikki Aden, Target Corporation Jennie Zafft, Cousins Properties, Inc. 2nd Vice President Stephen Eggert, Target Corporation Golf Brad Kaplan, NorthMarq Treasurer Paul Sevenich, Kraus-Anderson Companies Peter Austin, NAI Welsh Legislative Howard Paster, Paster Enterprises Secretary Rob Stolpestad, Exeter Realty Company Peter Berrie, Faegre & Benson LLP Membership Mark Norman, Park Midwest Commercial Real Estate Jeff Horstman, Paster Enterprises DIRECTORS Newsletter Deb Carlson, Cushman & Wakefield of Minnesota, Inc. Jack Amdal, KKE Architects, Inc. Andy McDermott, Shea, Inc. Eric Bjelland, NorthMarq Program Deb Carlson, Cushman & Wakefield of Paula Mueller, Northtown Mall/Glimcher Properties Jeff Wurst, Chesapeake Companies Minnesota, Inc. Retail Report Peter Dugan, CB Richard Ellis Jen Helm, NorthMarq John Gelderman, Opus Northwest LLC Drew Johnson, United Properties Technology Nancy Litwin, General Growth Properties Sean Cullen, Re-Cor, LLC Tom Madsen, Benson-Orth Associates, Inc. Jim Mayland, Colliers Turley Martin Tucker Sponsorship Immediate Past President Ned Rukavina, NorthMarq Jay Scott, Solomon Real Estate Group Stephen Eggert, Target Corporation STAFF Executive Director - Karla Keller Torp (P) (952) 888-3490 (C) (952) 292-2414 [email protected]

Associate Director - Stacey Bonine (P) (952) 888-3491 (C) (952) 292-2416 [email protected]

Executive Assistant – Jillian Coleman (P) (952) 345-0452 [email protected]

8120 Penn Avenue South, Suite 464 Bloomington, MN 55431 (F) (952) 888-0000 54 Appendix

ALPHABETICAL PROPERTY LISTING BY CITY MNCAR ID PROPERTY NAME ADDRESS CITY ZIP TYPE TOTAL GLA DIRECT VACANT SF HI RATE LO RATE CAM 589711 Albertville Crossing 5600 La Centre Ave Albertville 55301 Neighborhood 104,708 14,030 $18.00 $16.00 $1.51 438208 Outlets at Albertville 6415 Labeaux Ave NE Albertville 55301 Outlet 430,000 0 N/A N/A N/A 182144 Andover Downtown Center 13735 Round Lake Blvd Andover 55304-3650 Neighborhood 125,250 0 N/A N/A N/A 171808 Andover Station 2218 Bunker Lake Blvd NW Andover 55304 Neighborhood 185,038 12,100 $20.00 $18.00 $2.85 171795 Meadow Creek I 3401 Round Lake Blvd Anoka 55303-5003 Neighborhood 21,057 4,020 $20.00 $18.00 $3.89 171796 Meadow Creek II 3507 Round Lake Blvd Anoka 55303-5001 Neighborhood 15,040 0 N/A N/A N/A 492957 Meadow Creek III Round Lake Blvd Anoka 55303 Neighborhood 6,000 0 N/A N/A N/A 182133 Apple Valley Square 15125 Cedar Ave W Apple Valley 55124-7102 Community 184,841 10,442 $26.00 $22.00 $3.14 172305 Cedar Marketplace 14638 Cedar Ave W Apple Valley 55124 Neighborhood 34,050 2,400 N/A N/A N/A 762232 Cobblestone Lake NE of 157th St & Pilot Knob Rd Apple Valley 55124 Community 175,000 0 N/A N/A $2.75 182112 East Valley Plaza 14050 Pilot Knob Rd Apple Valley 55124 Neighborhood 36,513 12,176 $16.00 $14.00 $2.00 172369 Fischer Market Place 14880 Florence Trl Apple Valley 55124 Regional 563,000 3,239 $21.00 $21.00 $4.58 178317 Granada Shopping Center 14800 Granada Ave Apple Valley 55124-5515 Neighborhood 40,000 0 N/A N/A N/A 186253 Southport Centre 15050 Cedar Ave S Apple Valley 55124-7047 Regional 430,000 0 N/A N/A N/A 182130 Time Square Center 7525 148th St W Apple Valley 55124 Neighborhood 98,002 1,600 $15.00 $12.00 $1.00 182277 Arden Plaza Retail Center 3527 Lexington Ave N Arden Hills 55126 Neighborhood 51,299 13,441 $14.00 $14.00 $3.08 180870 Shannon Square Marketplace 3673 Lexington Ave N Arden Hills 55126-2981 Neighborhood 97,762 1,000 N/A N/A N/A 490233 Big Lake Town Square 726 Martin Ave Big Lake 55309 Neighborhood 66,600 1,287 N/A N/A N/A 182154 Blaine Town Center 12507 Central Ave NE Blaine 55434-4861 Neighborhood 144,092 16,465 $16.00 $14.00 $2.95 472997 Blaine Town Square In-Line Retail 2331 108th Ln NE Blaine 55448 Neighborhood 30,000 0 N/A N/A N/A 299166 Club West Plaza 10950 109th Ave NE Blaine 55448 Neighborhood 58,400 3,280 $20.00 $18.00 $4.59 175512 Kmart Plaza 8943 University Ave NE Blaine 55434-8000 Neighborhood 119,655 0 N/A N/A N/A 427091 National Market Center 10311 Baltimore St NE Blaine 55449 Community 281,850 0 N/A N/A N/A 186342 Northcourt Commons 634 Co Rd 10 NE Blaine 55434-2329 Neighborhood 129,554 11,230 $18.00 $16.00 $3.04 182160 Northtown Mall 104 Northtown Dr NE Blaine 55434-1035 Regional 1,100,000 158,311 N/A N/A $10.84 182185 Oak Park Plaza I 10731 University Ave NE Blaine 55434-8031 Neighborhood 95,779 0 N/A N/A N/A 533967 Plaza At Northgate 12415 Central Ave NE Blaine 55434-3921 Neighborhood 52,000 0 N/A N/A N/A 182270 Rainbow Village 405 87th Ln NE Blaine 55434-1024 Neighborhood 131,812 2,500 $20.00 $16.00 $1.81 185889 The Village of Blaine - Retail 4345 Pheasant Ridge Dr Blaine 55434-1847 Regional 490,200 2,520 $24.00 $21.00 $2.92 284098 Victory Village 1500 109th Ave NE Blaine 55449 Community 195,625 1,368 $24.50 $22.50 $3.26

185751 Walgreens Building (w Northcourt Commons) 608 Hwy 10 Blaine 55434-2329 Neighborhood 15,120 0 N/A N/A N/A 182164 Bloomington Shoppes 8501 Lyndale Ave S Bloomington 55420-2237 Neighborhood 42,142 4,315 $18.00 $18.00 $3.27 182365 Circuit City Plaza 4200 78th St W Bloomington 55435-5404 Neighborhood 136,150 26,000 $22.00 $22.00 $1.78 182310 Clover Shopping Center 800 98th St W Bloomington 55420 Neighborhood 58,369 1,778 $15.00 $15.00 $3.67 491457 HOM Building 7800 Dupont Ave S Bloomington 55420-1043 Neighborhood 60,000 0 N/A N/A N/A 182298 Mall of America 60 Broadway E Bloomington 55425-1876 Regional 2,798,000 140,000 N/A N/A $28.15 182255 Normandale Shopping Center 5200 84th St W Bloomington 55437-1308 Neighborhood 70,176 4,188 $23.00 $12.00 $6.17 182344 Normandale Village 5101 98th St W Bloomington 55437-2040 Neighborhood 135,108 12,146 N/A N/A $3.31 171463 Oxboro Plaza 9703 Lyndale Ave S Bloomington 55420 Neighborhood 40,000 4,520 $15.00 $15.00 $3.45 171787 Oxboro Square 401 98th St W Bloomington 55420 Neighborhood 95,592 0 N/A N/A N/A 182229 Penn Lake Shopping Center 8915 Penn Ave S Bloomington 55431-2024 Neighborhood 45,465 2,840 $14.00 $12.00 $1.00 182209 Southport Center 3701 Old Shakopee Rd Bloomington 55431 Neighborhood 39,934 1,283 $19.50 $19.50 $1.80 182268 Southtown Shopping Center 7801 Southtown Dr Bloomington 55431-1312 Regional 526,592 6,300 $30.00 $20.00 $4.71 464777 Southtown Target 2555 79th St W Bloomington 55431 Community 226,058 0 N/A N/A N/A 488723 The Shoppes of Lyndale Green 84th St & Lyndale Ave Bloomington 55420 Neighborhood 83,500 0 N/A N/A N/A 182269 Town & Country Shopping Center 7812 Portland Ave S Bloomington 55420-1313 Neighborhood 41,539 12,811 N/A N/A $3.11 182210 Valley West Shopping Center 10520 France Ave S Bloomington 55431 Community 219,359 24,919 $15.00 $8.50 $4.24 185448 Village Square Shopping Center 7817 Portland Ave S Bloomington 55420 Neighborhood 56,330 2,564 $16.00 $16.00 N/A 182293 Brookdale Corner 5717 Xerxes Ave N Brooklyn Center 55429-2806 Neighborhood 115,357 9,043 $23.10 $14.00 $4.19 182333 Brookdale Shopping Center 1100 Brookdale Mall Brooklyn Center 55430-2802 Regional 984,114 0 N/A N/A N/A 172010 Brookdale Square 5900 Shingle Creek Pkwy Brooklyn Center 55430-2300 Community 185,883 214,000 $9.00 $5.00 $2.53 186278 Humboldt Square Center 6800 Humboldt Ave N Brooklyn Center 55430-1536 Neighborhood 40,523 0 N/A N/A N/A 172751 Rainbow Garden 6300 Brooklyn Blvd Brooklyn Center 55429-2600 Neighborhood 102,250 7,500 $14.50 $14.50 $3.25 182394 Shingle Creek Center 6000 Shingle Creek Pkwy Brooklyn Center 55430-2316 Neighborhood 145,414 3,480 N/A N/A N/A 179250 Slumberland Building 5930 Earle Brown Dr Brooklyn Center 55430-2504 Neighborhood 120,000 0 N/A N/A N/A 171368 Brookdale Crossing 2837 Brookdale Dr N Brooklyn Park 55444 Neighborhood 68,360 27,940 $13.00 $10.00 $1.42 177395 Cherokee Center 6232 Boone Ave N Brooklyn Park 55428-2729 Neighborhood 52,939 0 N/A N/A N/A Appendix - continued 55

TAX LEASE TENANTS YR BUILT YR RENO BROKER COMPANY BROKER NAME PHONE $2.72 Net Coborn’s, Majors Sports Café 2002 NAI Welsh Sara Martin (952) 897-7700 N/A Net Old Navy, Gap, Brooks Brothers, Lane Bryant, Banana Republic 2000 2003 Simon Property Group N/A N/A N/A Net County Market, Frattallone’s Hardware 1985 Asset Realty Sandi Peterson N/A $2.70 Net Festival Foods, Target Greatland, Northgate Liquor 2002 NorthMarq Bradley Kaplan (952) 346-4601 $4.40 Net Subway, Fantastic Sams 1984 H.J. Development, Inc Chirs Moe (952) 476-9400 N/A Net Metro Dental, Caribou Coffee, Simonson’s Salon & Day Spa 1988 H.J. Development, Inc Chris Moe (952) 476-9400 N/A Net Once Upon a Child, USA Karate N/A H.J. Development, Inc Chris Moe (952) 476-9400 $4.32 Net Rainbow Foods, Burlington Coat Factory, Jo-Ann Fabrics 1986 1994 NorthMarq David Daly (952) 346-4601 N/A Net Applebee’s, Archiver’s, Buffalo Wild Wings, FedEx Kinko’s, Carpet Plus 1999 N/A N/A N/A $4.00 Net SuperTarget 2007 NAI Welsh Terese Reiling (952) 897-7738 $3.00 Net Oasis Market, New Horizon, Walgreens 1988 Christianson & Company Laura Gill (952) 393-1212 $8.51 Net Menards, Bed Bath & Beyond, Kohl’s, Michaels, Sam’s Club, Barnes & Noble, Staples 2002 Capital Growth Madison Marquette Paul Guidera N/A N/A Net Song Long, J. Middlines, Inc., Westwood Sports, Valley Cleaners 1974 Granada Shopping Center Partners, LP Sybil Wilensky N/A N/A Net SuperTarget, Cub Foods, Walgreens, Best Buy 1990 1993 Centro Properties Group Patrick Borgman (612) 284-7080 $3.35 Net Apple Valley Liquors, Warners’ Stellian, TCF, Big Dollar, Napa 1968 NAI Welsh Bob Minks (952) 897-7700 $2.28 Net Arden Pharmacy, Frattallone’s Ace Hardware 1974 Wellington Management, Inc. David Schwebel (651) 292-9844 N/A Net Cub Foods, Caribou Coffee, Subway, Great Clips 1986 Inland Real Estate Corporation Rick Plessner (651) 738-7777 N/A Net Coburns, Caribou Coffee, Great Clips, Trails Grill & Sports Bar, Money Tree, Totally Tan N/A Inland Real Estate Corporation Rick Plessner (651) 738-7777 $3.42 Net Snyders, Cub Foods 1978 2001 Kraus-Anderson Realty Paul Sevenich (952) 881-8166 N/A Net CVS/pharmacy, Anchor Bank, Subway, Starbucks 2005 NAI Welsh Amy Carlson (952) 837-3026 $3.89 Net Majors Sports Cafe, Von Hanson’s Meats, Bella, Mansetti’s 2004 Gaughan Companies Leonard Gandel (651) 464-5700 N/A Net Kmart, Chuck E. Cheese 1971 N/A N/A N/A N/A Net Menards, Kohl’s, Chipotle, Caribou Coffee, Arby’s 2004 Continental Development Dick Haluptzok (763) 757-7568 $4.29 Net OfficeMax, Barnes & Noble 1989 Kraus-Anderson Realty Doug Seward (952) 881-8166 $4.25 Net Best Buy, Steve & Barry’s University Sportswear, Burlington Coat Factory, Home Depot, LA Fitness 1972 1992 Glimcher Properties Paula Mueller (763) 786-9705 N/A Net Ace Hardware, Snyders 1959 Castle Custom Consultants Tom Castle N/A N/A Net Walgreens, Gold’s Gym, Foss Swim School 2004 N/A Tom Coultier (952) 903-2525 $3.26 Net Rainbow Foods, Dollar Tree, Marshalls 1990 Suntide Commercial Realty Jodi Walfoort (651) 603-0321 $5.32 Net Home Depot, Wal-Mart, Cub Foods, Michaels 2001 NorthMarq Tricia Pitchford (952) 346-4601 $5.38 Net SuperTarget, TCF Bank, Hollywood Video, Chili’s 2003 NorthMarq Ronn Thomas (952) 346-4601 N/A Net Walgreens 2000 N/A N/A N/A $3.98 Net Blockbuster Video, West Marine, Sawatdee Thai, Papa Murphy’s 1985 Park Midwest Commercial RE Doug Sailor (763) 847-6600 $4.29 Net Circuit City, Office Depot, Michaels, Cost Plus World Market 1994 NAI Welsh John Johannson (952) 897-7700 $3.50 Net K&G Fashion Superstore, New China Buffet, Original Mattress Factory, Starbucks 1956 1987 Kraus-Anderson Realty Jim Stimmler (952) 881-8166 N/A Net HOM Furniture, Golf Galaxy 1962 N/A N/A N/A $15.79 Net Bloomingdales, Macy’s, Nordstrom, IKEA, Sears 1992 2003 Mall of America Holly Rome (952) 883-8830 $3.39 Net Max Salon & Spa, Darque Tan, Life Time Fitness, H&R Block, Jimmy John’s 1972 Kraus-Anderson Realty Jim Stimmler (952) 881-8166 $2.81 Net Snyders, Lunds, Haskell’s, US Bank, Famous Dave’s, Perkins 1973 1989 NAI Welsh Sara Martin (952) 897-7700 $4.36 Net FedEx Kinko’s, Subway, Scott Lewis School of Beauty, Leeann Chin 1977 NorthMarq Tricia Pitchford (952) 346-4601 N/A Net Blockbuster Video, Cold Stone Creamery, Radio Shack, MGM Liquor 1986 NorthMarq Tricia Pitchford (952) 346-4601 $2.50 Net United Liquors, Mr. Movies, Fresh & Natural Foods 1965 NAI Welsh Bob Minks (952) 897-7700 $3.45 Net MGM Wine & Spirits, Dairy Queen, Curves for Women, Pet Supplies Plus 1956 Suntide Commercial Realty Timothy Igo (651) 603-0321 $3.29 Net Kohl’s, Herberger’s, Hancock Fabric, Applebee’s, Bed Bath & Beyond 1959 1996 Kraus-Anderson Realty Doug Seward (952) 881-8166 N/A Net Target, Rainbow Foods N/A N/A N/A N/A N/A Net Cub Foods 2005 NorthMarq Brad Kaplan (952) 346-4601 $2.56 Net Otto’s Liquor, TBS Mart, Subway 1951 NorthMarq Ronn Thomas (952) 346-4601 $2.48 Net Cub Foods, Marshalls, Do It Best Hardware, Cellers, Movie Gallery 1977 Kraus-Anderson Realty Jim Stimmler (952) 881-8166 N/A Net Pilgrim Cleaners, Nail Today, Walgreens, Family Dollar 1956 Cushman & Wakefield of Minnesota, Inc. Robert Youngquist (952) 465-3300 $3.29 Net Cub Foods, Leeann Chin 2000 NAI Welsh Janet Olson (952) 897-7700 N/A Net Macy’s, Sears, Steve & Barry’s University Sportswear 1962 Cambridge Commercial Realty Tom Martin (952) 933-0042 $82.00 Net PepBoys 1981 Centro Properties Group Patrick Borgman (612) 284-7080 N/A Net Main Street Video, Brooks Superette 1974 1988 Ouellette Enterprises, LLP Jean Ouellette N/A $3.25 Net Hollywood Video, Arc’s Value Village 1997 Commercial Properties Services, Inc. Christopher Howard (612) 334-8940 N/A Net Target, Panera Bread, UPS, GameStop 1987 Inland Real Estate Corporation Rick Plessner (651) 738-7777 N/A Net Slumberland, Dollar Tree, Big Lots 1971 N/A N/A N/A $1.43 Net Tax Service, Elks Lodge N/A Applegate, Inc. TJ Wilson (651) 430-1888 N/A Net Bill’s Superette, G Will Liquors 1980 Rademacher Companies Jim Kast (763) 536-9600 56 Appendix - continued

ALPHABETICAL PROPERTY LISTING BY CITY MNCAR ID PROPERTY NAME ADDRESS CITY ZIP TYPE TOTAL GLA DIRECT VACANT SF HI RATE LO RATE CAM 182550 Commons Shopping Center 8401 West Broadway Ave Brooklyn Park 55445-2266 Neighborhood 50,632 1,610 N/A N/A $2.62 171955 Edinburgh Festival Center 8505 Edinburgh Centre Dr N Brooklyn Park 55443 Neighborhood 91,536 5,060 N/A N/A N/A 179162 Goodwill Center 7324 Lakeland Ave N Brooklyn Park 55428 Neighborhood 42,644 0 N/A N/A N/A 182426 Northwind Plaza 7944 Brooklyn Blvd Brooklyn Park 55445-2722 Neighborhood 65,488 0 $18.00 $18.00 $3.10 182443 Park Commons 7120 Jolly Ln Brooklyn Park 55429 Neighborhood 35,000 0 N/A N/A N/A 177389 Park Place Centre 6701 Boone Ave N Brooklyn Park 55428-1948 Community 200,000 0 N/A N/A N/A 609018 Park Place Promenade - A Zane Ave & Hwy 610 Brooklyn Park 55445 Neighborhood 66,650 16,743 $25.00 $23.00 $4.59 740319 Park Place Promenade - B NW of Hwy 610 & Zane Ave Brooklyn Park 55445 Neighborhood 45,000 0 N/A N/A N/A 182449 Park Square Shopping Center 8000 Brooklyn Blvd Brooklyn Park 55445-2407 Neighborhood 137,095 8,779 N/A N/A N/A 182439 Starlite Shopping Center 7555 West Broadway Ave Brooklyn Park 55428-1287 Community 300,000 0 N/A N/A N/A 177507 Zanebrook Shopping Center 7600 Brooklyn Blvd Brooklyn Park 55443-3103 Neighborhood 76,000 0 N/A N/A N/A 182458 Aurora Village Shops 1451 Co Rd 42 W Burnsville 55337-6213 Neighborhood 122,323 0 N/A N/A N/A 182509 Burnhaven Shopping Center 850 Co Rd 42 W Burnsville 55337-4426 Community 208,860 0 N/A N/A N/A 182594 Burnhill Plaza 1230 Co Rd 42 W Burnsville 55337-4431 Neighborhood 147,047 40,214 $20.00 $13.00 $7.91 184452 Burnhill Shoppers Corner 14101 Irving Ave S Burnsville 55337 Neighborhood 44,000 4,400 $13.00 $9.00 $2.22 472498 Burnside Plaza 14300 Burnhaven Dr Burnsville 55306 Neighborhood 83,000 20,741 N/A N/A $1.65 182495 Burnsville Auto Mall 500 Southcross Dr Burnsville 55306 Neighborhood 30,156 0 $13.00 $13.00 $4.11 186205 Burnsville Center 14301 Burnhaven Dr Burnsville 55306-4927 Regional 1,056,000 21,331 N/A N/A N/A 182540 Burnsville Crossings 14240 Plymouth Ave Burnsville 55337 Neighborhood 91,015 7,800 $14.00 $8.00 $4.15 182470 Burnsville Marketplace 13901 Aldrich Ave S Burnsville 55337-6216 Community 260,140 0 N/A N/A N/A 172660 Burnsville Plaza 3120 Hwy 13 W Burnsville 55337-1709 Neighborhood 43,455 12,187 $11.00 $10.25 $1.76 182530 Byerly’s Burnsville Centre 401 Co Rd 42 E Burnsville 55337 Neighborhood 71,190 0 N/A N/A N/A 182525 Cobblestone Court Shopping Center 14150 Nicollet Ave S Burnsville 55337-5726 Neighborhood 128,500 10,340 $18.00 $14.00 N/A 182537 Colonial Ridge 13706 Nicollet Ave S Burnsville 55337-4003 Neighborhood 36,000 0 N/A N/A N/A 182388 McAndrews Shopping Center 14001 Grand Ave S Burnsville 55337-5701 Neighborhood 32,389 0 N/A N/A N/A 513676 Nicollet Plaza 250 Travelers Trl E Burnsville 55337 Neighborhood 105,572 2,071 $24.00 $20.00 $4.97 182510 Skyline Plaza 2000 Co Rd 42 W Burnsville 55337-4526 Neighborhood 30,826 1,100 $18.00 $18.00 $3.94 182454 Summit Oaks Square 14601 Co Rd 11 Burnsville 55337 Neighborhood 32,800 3,840 $18.00 $15.00 $3.95 182539 Town & Country Square 1900 Hwy 13 E Burnsville 55337-1302 Neighborhood 100,000 5,500 N/A N/A N/A 182489 Valley Ridge Shopping Center 1909 Burnsville Pkwy W Burnsville 55337-4233 Neighborhood 88,595 21,454 $10.00 $7.00 $2.46 172403 Champlin Marketplace Hwy 169 & 114th Ave Champlin 55316 Neighborhood 103,384 3,309 N/A N/A N/A 182572 Champlin Plaza 12325 Champlin Dr Champlin 55316-1907 Neighborhood 81,844 2,793 $14.00 $12.00 $2.82 182571 Market Square 7836 Market Blvd Chanhassen 55317 Neighborhood 106,000 0 N/A N/A N/A 174058 Market Street Station 600 Market St Chanhassen 55317 Neighborhood 40,000 13,065 $26.00 $18.00 $4.50 171399 West Village Center 800 78th St W Chanhassen 55317 Neighborhood 145,388 3,352 $13.50 $13.50 $7.74 182536 Brick Yard Shopping Center 800 Yellow Brick Rd Chaska 55318 Neighborhood 48,000 0 N/A N/A N/A 182535 Chaska Commons 200 Pioneer Trl Chaska 55318 Community 321,704 15,053 $20.00 $20.00 $3.25 182553 Apache Center Building 2201 37th Ave NE Columbia Heights 55421-4110 Neighborhood 49,949 0 N/A N/A N/A 186135 Central Plaza Shopping Center 4300 Central Ave NE Columbia Heights 55421-2924 Neighborhood 111,019 34,660 $13.00 $13.00 $2.02 182644 Central Value Center 4300 Central Ave NE Columbia Heights 55421-2924 Neighborhood 123,350 19,651 $7.25 $1.00 $1.59 182641 Columbia Heights Center 4011 Central Ave NE Columbia Heights 55421 Neighborhood 94,476 0 N/A N/A N/A 182642 Columbia Square 4110 Central Ave NE Columbia Heights 55421-2962 Neighborhood 32,294 4,704 $15.00 $13.00 $1.73 182528 Coon Rapids Family Center Mall 2975 Coon Rapids Blvd NW Coon Rapids 55433-3430 Community 220,000 0 N/A N/A N/A 679787 Coon Rapids Marketplace 3815 Coon Rapids Blvd Coon Rapids 55433 Neighborhood 41,300 2,200 $22.00 $20.00 N/A 182548 Coon Rapids Square 3005 Coon Rapids Blvd Coon Rapids 55433-3432 Neighborhood 47,347 0 N/A N/A N/A 178178 Foley Plaza 9900 Foley Blvd Coon Rapids 55433 Neighborhood 37,032 2,175 $4.00 $4.00 $3.21 182544 Northdale Center 11430 Ilex St NE Coon Rapids 55433 Neighborhood 130,000 15,219 $12.00 $8.00 $1.48 173472 Northtown Village Shopping Center 10 Coon Rapids Blvd E Coon Rapids 55433-5809 Community 175,000 0 N/A N/A N/A 172508 Riverdale Commons 3300 124th Ave NW Coon Rapids 55433 Community 518,033 35,038 N/A N/A N/A 589750 Riverdale Crossing 12900 Riverdale Dr NW Coon Rapids 55448 Community 315,760 6,807 $24.00 $20.00 $3.92 438010 Riverdale Village 12785 Riverdale Blvd NW Coon Rapids 55448 Regional 950,148 15,715 N/A N/A N/A 171533 Round Lake Shoppes 3349 Coon Rapids Blvd Coon Rapids 55433 Neighborhood 42,091 7,514 $14.00 $8.00 $3.91 666672 Shoppes at Riverdale Commons II 12465 Riverdale Blvd NW Coon Rapids 55448 Neighborhood 86,197 0 N/A N/A N/A 182637 Springbrook Mall 77 85th Ave NW Coon Rapids 55433 Community 185,301 19,000 $16.00 $10.00 $1.96 182603 Village Ten Shopping Center 2034 Northdale Blvd NW Coon Rapids 55433-3003 Community 200,619 3,345 N/A N/A N/A 438200 Cottage Grove Plaza 8711 E Point Douglas Rd S Cottage Grove 55016 Neighborhood 142,306 1,168 $18.00 $18.00 $4.58 171950 Cottage Grove Plaza 7282 E Point Douglas Rd S Cottage Grove 55016 Community 174,376 114,096 N/A N/A N/A Appendix - continued 57

TAX LEASE TENANTS YR BUILT YR RENO BROKER COMPANY BROKER NAME PHONE $3.35 Net Sherwin-Williams, Minuteman Press 1982 Colliers (MN) - Minneapolis Lee Tuchfarber (612) 341-4444 N/A Net Festival Foods, Caribou Coffee, Dairy Queen, Snyders 1998 Inland Real Estate Corporation Rick Plessner (651) 738-7777 N/A Net Kapland Brothers, Goodwill 1971 NAI Welsh Terese Reiling (952) 897-7700 $3.77 Net Life Time Fitness, MGM Liquor Warehouse 1984 Wellington Management David Schwebel (651) 292-9844 N/A Net Chipotle, Caribou Coffee 1993 Doran Companies N/A (952) 288-2000 N/A Net Home Depot, National Tire Warehouse 1996 N/A N/A N/A $5.00 Net Cub Foods, Jimmy John’s, M&I Bank, Caribou Coffee, Sammy’s Pizza 2007 H.J. Development, Inc. Chris Moe (952) 476-9400

N/A Net LA Fitness 2008 Coldwell Banker Commercial Griffin Companies John Tramm (612) 904-7816 N/A Net Rainbow Foods, Arby’s, Dollar Tree, Subway 1986 Inland Real Estate Corporation Rick Plessner (651) 738-7777 N/A Net Target Greatland, Cub Foods 1982 Phillip Smith Co. Phillip Smith (952) 471-922 N/A Net Nash Finch, Lane’s True Value 1965 NAI Welsh Bryan Beltrand, CCIM (952) 897-7700 N/A Net Starbucks, Blockbuster Video, Partyland, Bruegger’s, Olive Garden, Pier One Imports, LA Fitness 1991 Aurora Investments Luigi Bernardi (952) 831-5002 N/A Net SuperTarget, Linens ‘n Things, Slumberland 1978 2001 CB Richard Ellis David Kirkland (952) 924-4600 N/A Net The Tile Shop, Princess Jewelers, Sports Authority, TCF Bank 1980 CSM Corporation Justin Wing (612) 395-7000 $2.18 Net Primetime Sports Bar, Weight Watchers, Martial Arts 1985 Suntide Commercial Realty Timothy Igo (651) 603-0321 $1.86 Net 1st Sewing, Unique Thriftstore, Ken Gorg Golf, Brille Ortho, Tae Kwon Do, Metro Dental 1979 NAI Welsh Terese Reiling (952) 897-7700 $3.68 Net Firestone, Enterprise, Abra Auto Glass, TSI Transmission, Amoco 1987 Midwest Management, Inc. Gregory Hayes (763) 544-6666 N/A Net Macy’s, JCPenney, Sears, Steve & Barry’s University Sportswear, Dick’s Sporting Goods 1977 2001 CBL & Associates Properties, Inc. Jim Smaida (423) 553-8726 $2.25 Net PetSmart, Tuesday Morning, Schneiderman’s Outlet, Chianti Grill 1989 Inland Real Estate Corporation Rick Plessner (651) 738-7777 N/A Net Toys ‘R’ Us, DSW ShoeWarehouse, Michaels, Talbots Outlet, OfficeMax 1991 Park Midwest Commercial RE Jamie Cohen (763) 847-6600 $2.44 Net Tools Plus More, Diamond Vogel 1973 SpaceNet Equities, LLC Andrew Ward (952) 746-9600 N/A Net Byerly’s, Erik’s Bike Shop, Pilgrim Cleaners, Nail & Hair Design, Great Clips, U.S. Health & Nutrition 1988 Inland Real Estate Corporation Rick Plessner (651) 738-7777 N/A Net Cole’s Salon, Old Country Buffet, Northwestern Bookstore, HomeGoods 1980 Schafer Richardson, Inc. Cynthia Hable, CCIM (612) 371-3000 N/A Net Domino’s, Farmers Insurance, Snap Fitness, Burnsville Animal Clinic 1960 Kraus Anderson Ken Vinje (952) 881-8166 N/A Net Second Wind Exercise, Music Go Round, Cal Spas, GameStop 1987 Landmark Partners Joe Antonucci, CCIM (952) 837-9170 $3.84 Net Cub Foods, Darque Tan, Milio’s 2005 H.J. Development, Inc. Chris Moe (952) 476-9400 $3.73 Net Sherwin-Williams, Outback Steakhouse, Rockler Woodworker Store 1988 Kraus-Anderson Realty Jim Stimmler (952) 881-8166 $3.79 Net H&R Block, Starbucks, Davanni’s, Running Room, American Family Insurance, Plato’s Closet 1987 Suntide Commercial Realty Timothy Igo (651) 603-0321 N/A Net Family Dollar, Car Quest, Shooters Billiards, Hardware Hank, Mill End Fabrics, Jimmy John’s 1973 Grootwassink Real Estate Robert Grootwassink (952) 944-1665 $0.98 Net Hagen Antique Furniture, Q-Sharks Billiards, Super Mercado 1977 Kraus-Anderson Realty Jim Stimmler (952) 881-8166 N/A Net Walgreens, Cub Foods, MGM Liqour, Cleaners One, Great Clips, Style Nails, Wendy’s 1998 NorthMarq Brad Kaplan (952) 346-4601 $2.68 Net Snyders, Northland School of Dance, Champlin Foot and Ankle Clinic, Elite Nails, Rapid Wireless 1979 Kraus-Anderson Realty Doug Seward (952) 881-8166 N/A Net Cub Foods, Wendy’s, Einstein Bagels, Wells Fargo, Frankie’s Pizza, MGM, Radio Shack N/A Lotus Realty Vernelle Clayton (952) 934-4538 $4.39 Net Spalon Montage, Americana Bank, CJ’s Coffee & Wine Bar 2005 Kraus-Anderson Realty Betty Ewans (952) 948-9423 N/A Net Byerly’s, TCF Bank, Original Mattress Factory, Kids’ Hair, The Hair District, Caribou Coffee 2000 Cushman & Wakefield Jennifer Colianni (952) 465-3300 N/A Net Snyders, Country Market, Heritage Books & Gifts, Edward Jones, Farmers Insurance, Cost Cutters 1986 Security Development Company, Inc. Bruce Lundgren (952) 941-0660 $3.87 Net Rainbow Foods, Great Clips, Home Depot, Papa John’s Pizza, Clean-N-Press, GNC, Quiznos 1997 2005 NorthMarq Tedd Schuster (952) 346-4601 N/A Net Ace Hardware, Top Valu Liquor 1967 Consolidated Investment Properties, Inc. Robert Rappaport (952) 931-2543 $1.96 Net xs Drug Stores, GameStop 1968 Paster Enterprises Richard Jahnke (651) 646-7901 $1.92 Net Rainbow Foods, Dollar Tree 1968 Centro Properties Group Patrick Borgman (612) 284-7080 N/A Net Star Bar & Grill, NAPA Auto Parts 1978 Grootwassink Real Estate Robert Grootwassink (952) 944-1665 $1.28 Net Checks Cashed, Great Nails 1988 Suntide Commercial Realty Nancy Murdakes Brown (651) 603-0321 N/A Net Goodyear Tire, Minnesota Fabrics 1964 1973 Trach Properties Ron Trach (612) 926-7621 N/A Net N/A 2007 Town Lake Real Estate Tamara Medina (651) 735-2877 N/A Net Walgreens, Hollywood Video, Old Country Buffet 1987 Cushman & Wakefield of Minnesota, Inc. Jim Rock (952) 465-3300 $3.48 Net Sammy’s Pizza, Fantastic Sams, Tobacco Concepts, Rapids Liquors, York Contracting 2003 Gaughan Companies Leonard Gandel (651) 464-5700 $0.93 Net Jenson Foods 1960 Wolf Pack Properties Patrick Fischer (612) 781-3184 N/A Net Office Depot, Michaels, Hancock Fabrics, Bed Bath & Beyond 1995 Robert Muir Company Kim Meyer (952) 857-2800 N/A Net Target, Home Depot, Michaels, Rainbow Foods, OfficeMax, Arby’s 1998 Inland Real Estate Corporation Rick Plessner (651) 738-7777 $3.80 Net Cub Foods, Wal-Mart 1990 2005 H.J. Development, Inc. Chris Moe (952) 476-9400 N/A Net Sears, JCPenney, Kohl’s, Best Buy, Costco, Linens ‘n Things 2000 Developers Diversified Realty Corporation Bill Cikalo (216) 755-5839 $1.94 Net EZ Own, Subway 1985 Gaughan Companies Leonard Gandel (651) 464-5700 N/A Net Panera Bread, Hollywood Video, Green Mill 1999 Park Midwest Commercial RE Jesseka Doherty (763) 847-6600 $2.84 Net Target Greatland 1979 2002 Kraus-Anderson Realty Paul Sevenich (952) 881-8166 N/A Net Cub Foods, Life Time Fitness, Dollar Tree 1970 2002 Inland Real Estate Corporation Rick Plessner (651) 738-7777 $3.85 Net Target 1991 NAI Welsh Sara Martin (952) 897-7700

N/A Net Rainbow Foods 1980 2003 Coldwell Banker Commercial Griffin Companies John Tramm (612) 904-7816 58 Appendix - continued

ALPHABETICAL PROPERTY LISTING BY CITY MNCAR ID PROPERTY NAME ADDRESS CITY ZIP TYPE TOTAL GLA DIRECT VACANT SF HI RATE LO RATE CAM 186310 G Will Center 8118 Hadley Ave S Cottage Grove 55016-2665 Neighborhood 54,944 8,800 $16.00 $12.00 $1.86 182672 Crystal Gallery Mall 5508 West Broadway Ave Crystal 55428-3508 Neighborhood 84,142 9,821 $16.00 $12.00 $5.14 182673 Crystal Shopping Center 99 Willow Bend Crystal 55428-3965 Community 220,931 20,346 $21.00 $15.00 $2.86 172505 Crystal Town Center 5608 West Broadway Ave Crystal 55428 Neighborhood 58,176 13,000 $14.00 $10.00 $2.91 171839 Delano Crossings Shopping Center 1400 Babcock Blvd E Delano 55328 Neighborhood 76,577 1,513 $16.00 $16.00 $2.17 179786 Cedar Cliff Shopping Center 2127 Cliff Dr Eagan 55122-2345 Neighborhood 38,200 0 $18.00 $18.00 $3.36 182583 Cliff Lake Centre 1900 Cliff Lake Rd Eagan 55122-2400 Community 262,897 6,311 N/A N/A N/A 182564 Diffley Square - Retail Diffley Eagan 55123 Neighborhood 30,015 4,013 $18.00 $18.00 N/A

184478 Eagan Promenade (w Eagan Promenade I) 1259 Promenade Pl Eagan 55121-2293 Community 350,000 20,000 $25.00 $25.00 $7.50 182614 Eagan Town Centre 1276 Town Centre Dr Eagan 55123 Community 153,339 15,442 $22.00 $22.00 $2.74 182623 The Crossings in Eagan 1964 Rahncliff Ct Eagan 55122 Neighborhood 39,409 12,072 $16.00 $14.00 N/A

438022 The Shoppes at Promenade (w Eagan Promenade) 3324 Promenade Ave Eagan 55121 Community 30,000 0 N/A N/A N/A 173342 Thomas Lake Center 1565 Cliff Rd Eagan 55122 Neighborhood 42,051 3,120 $18.00 $17.00 $3.42 182581 Town Centre Shoppes 3420 Denmark Ave Eagan 55123-1064 Neighborhood 43,411 2,578 $20.00 $20.00 $3.80 182763 Yankee Square Shopping Center 1428 Yankee Doodle Rd Eagan 55121 Neighborhood 55,000 0 N/A N/A N/A 172468 Anderson Lakes Center 8743 Columbine Rd Eden Prairie 55344 Neighborhood 35,834 0 N/A N/A N/A 182708 Eden Prairie Center 8251 Flying Cloud Dr Eden Prairie 55344 Regional 1,151,000 23,000 N/A N/A N/A 599688 Fountain Place Shopping Center Hwy 212 Eden Prairie 55344 Community 200,000 0 N/A N/A N/A 181668 Frank’s Center 8010 Glen Ln Eden Prairie 55344-5354 Neighborhood 66,511 0 $14.00 $14.00 $1.00 182709 Lariat Center I 8421 Joiner Way Eden Prairie 55344-7636 Neighborhood 22,830 0 $22.00 $20.00 $2.89 173273 Lariat Center II 8240 Commonwealth Dr Eden Prairie 55344-5365 Neighborhood 28,684 3,570 $22.00 $18.00 $3.27 182691 Menard Plaza - Eden Prairie 12496 Plaza Dr Eden Prairie 55344-3630 Neighborhood 123,182 0 N/A N/A N/A 182802 Prairie Court Center 16352 Wagner Way Eden Prairie 55344-5753 Neighborhood 30,900 0 N/A N/A N/A 182705 Prairie Village Shopping Center 16490 78th St W Eden Prairie 55346-4302 Neighborhood 75,654 0 $25.00 $25.00 $3.71 182700 Prairieview Center 928 Prairie Center Dr Eden Prairie 55344-7304 Neighborhood 114,852 12,215 $24.00 $16.00 $2.83 182659 Preserve Village Shopping Center 9605 Anderson Lakes Pkwy Eden Prairie 55344-4155 Neighborhood 78,330 5,780 $22.00 $18.00 $2.50 182752 Shady Oak Center - Retail 6399 City West Pkwy Eden Prairie 55344-3246 Neighborhood 33,271 0 $24.00 $24.00 N/A 183981 Southwest Metro Transit Building 13500 Technology Dr Eden Prairie 55344 Neighborhood 60,000 0 N/A N/A N/A 172164 Tower Square 574 Prairie Center Dr Eden Prairie 55344 Neighborhood 70,690 0 N/A N/A N/A 183066 50th & France Building 3924 50th St W Edina 55424 Neighborhood 31,864 0 N/A N/A N/A 182806 Brandon Square Mall 3501 70th St W Edina 55435-4217 Neighborhood 48,213 7,200 $22.00 $22.00 $3.38 171526 Centennial Lakes Plaza 7423 France Ave S Edina 55435 Community 196,880 7,441 N/A N/A N/A 182085 Edina 5-0 Shops 3928 50th St W Edina 55424 Neighborhood 130,000 0 N/A N/A N/A 182832 Galleria Shops 3200 Galleria Edina 55435-4269 Regional 445,437 0 N/A N/A N/A 171376 Jerry’s Edina 5033 Vernon Ave S Edina 55436 Neighborhood 82,632 0 N/A N/A N/A 182854 Leisure Lane Shops 7101 France Ave S Edina 55435-4221 Neighborhood 53,000 17,383 $32.00 $27.00 $4.30 182817 Southdale Shopping Center 6601 France Ave S Edina 55435-1809 Regional 1,821,000 230,000 N/A N/A $14.21 182931 Yorkdale Shoppes 6755 York Ave S Edina 55435 Neighborhood 113,235 4,768 $30.00 $20.00 $2.81 182808 Yorktown 3301 Hazelton Rd S Edina 55435-4450 Neighborhood 100,213 8,357 $27.00 $25.00 $2.90 182082 Elk Park Center 19112 Freeport St NW Elk River 55330 Community 335,246 9,535 $14.50 $12.50 $1.95 533257 Elk Ridge Center 19600 Evans St NW Elk River 55330 Neighborhood 40,000 7,500 $23.00 $23.00 $2.02 171372 Elk River Centre 18011 Zane St NW Elk River 55330 Community 255,000 0 N/A N/A N/A 171373 Elk River Mall 550 Freeport Ave NW Elk River 55330 Neighborhood 140,000 0 N/A N/A N/A 182573 Hwy 7 & 41 Crossing Center 2401 Hwy 7 Excelsior 55331 Neighborhood 33,888 0 N/A N/A N/A 184153 Falcon Crossing 1535 Larpenteur Ave W Falcon Heights 55113-6316 Neighborhood 33,670 0 N/A N/A N/A 491586 Forest Lake Marketplace 2009-2013 West Broadway Ave Forest Lake 55025 Neighborhood 93,853 0 N/A N/A N/A 182908 Northland Mall 1432 Lake St S Forest Lake 55025 Neighborhood 91,142 40,000 N/A N/A N/A 182989 The Lake Shoppes 804 Lake St S Forest Lake 55025-2614 Neighborhood 63,048 0 N/A N/A N/A 186260 West Lake Plaza 119 12th St SW Forest Lake 55025-1483 Neighborhood 101,000 0 N/A N/A N/A 467368 Cub Foods/Gander Mountain Building 246 57th Ave NE Fridley 55432 Community 168,054 0 N/A N/A N/A 182960 Holly Center 6522 University Ave NE Fridley 55432-4330 Neighborhood 72,625 0 N/A N/A N/A 171896 Home Depot Building 5650 Main St NE Fridley 55432-5435 Neighborhood 128,896 0 N/A N/A N/A 182971 Menards Plaza 5207 Central Ave NE Fridley 55421-1828 Neighborhood 86,255 0 N/A N/A N/A 186177 Moon Plaza 6201 University Ave NE Fridley 55432-4944 Neighborhood 50,000 0 N/A N/A N/A 437993 Moore Lake Commons West 999 Moore Lake Dr E Fridley 55432 Neighborhood 65,000 0 N/A N/A N/A 182961 Moore Lake Plaza 1202 Moore Lake Dr E Fridley 55432-5134 Neighborhood 55,979 3,717 $10.00 $10.00 $2.57 186009 Golden Valley Commons 7600 Olson Memorial Hwy Golden Valley 55427 Neighborhood 47,000 0 N/A N/A N/A Appendix - continued 59

TAX LEASE TENANTS YR BUILT YR RENO BROKER COMPANY BROKER NAME PHONE $1.78 Net G Will Liquor Store 1984 NorthMarq Tricia Pitchford (952) 346-4601 $3.22 Net Hollywood Video, Buffalo Wild Wings, Old Country Buffet 1985 Park Midwest Commercial RE Doug Sailor (763) 847-6600 $3.25 Net Target, Marshalls, Michaels 1954 2004 Paster Enterprises Richard Jahnke (651) 646-7901 $3.62 Net Fieldhouse, Office Depot, Chipotle 1998 Paster Enterprises Richard Jahnke (651) 646-7901 $2.67 Net Coborn’s Grocery, CVS/pharmacy 2001 NorthMarq Bradley Kaplan (952) 346-4601 $3.56 Net Bruegger’s, Caribou Coffee 1985 Schafer Richardson, Inc. Cynthia Hable, CCIM (612) 371-3000 N/A Net Target, Cub Foods 1989 Inland Real Estate Corporation Rick Plessner (651) 738-7777 N/A Net Blackhawk Liquors, Star Tribune 1986 NAI Welsh Zachary Stensland (952) 897-7700 N/A Net Byerly’s, Barnes & Noble, OfficeMax, Bed Bath & Beyond, PetSmart, Michaels, Old Navy 1996 Developers Diversified Realty Corporation David Dieterle N/A $3.83 Net Rainbow Foods, Old Chicago, Office Depot 1986 NorthMarq Ronn Thomas (952) 346-4601 N/A Net United States Postal Service, Now Care Medical 1989 Cushman & Wakefield of Minnesota, Inc. Jennifer Colianni (952) 465-3300 N/A Net New China Buffet, Quiznos, Chipotle, Trade Secret, GameStop 1997 Developers Diversified Realty Corporation Bil Cikalo (216) 755-5839

$3.00 Net Ace Hardware, Fashion Exchange, Subway 1988 Christianson & Company Commercial RE Services Laura Gill (952) 393-1212 $3.60 Net Premier Cleaners, Walgreens, Grand India Restaurant 1989 MFC Properties Corporation Bruce Miller, CCIM (651) 452-3303 N/A Net Z-Teca Mexican Grill, Italian Pie Shoppe 1975 MFC Properties Corporation Bruce Miller, CCIM (651) 452-3303 N/A Net EP Nails, Pediatric Dentistry 1988 N/A N/A N/A N/A Net Kohl’s, Sears, Von Maur, Scheel’s All Sports, Target, Barnes & Noble, AMC Theaters 1976 2001 General Growth Management Nancy Litwin (612) 525-1200 N/A Net Michaels, Sports Authority, HomeGoods, Famous Footwear, Kozi, Pei Wei 2005 NorthMarq Tedd Schuster (952) 346-4601 $3.37 Net Petco, Dollar Tree, Champps 1988 NorthMarq Stefanie Meyer (952) 346-4601 $5.27 Net Applebee’s, Plato’s Closet, Weight Watchers, Jimmy John’s 1989 NorthMarq Jen Helm (952) 346-4601 $4.79 Net Green Mill, Sherwin-Williams, GameStop, Citi Financial 1989 NorthMarq Jen Helm (952) 346-4601 N/A Net Menards, Hirshfield’s 1984 Menard, Inc. Jamie Radabaugh (715) 876-2224 N/A Net Timber Lodge Steakhouse, Pizza Hut, Super Suppers, China Wok 1990 L A Donnay Kris Knox (763) 531-0601 $4.25 Net Kowalski’s 1976 1988 CB Richard Ellis Andy McConville (952) 924-4600 $3.73 Net Rainbow Foods, Starbucks, Scot Lewis Beauty Schools, Baker’s Square 1986 NorthMarq Ronn Thomas (952) 346-4601 $3.50 Net Jerry’s Foods, Bruegger’s, Starbucks, Snips Hair, Nails & Spa 1980 D.E. Winter & Associates, Inc. Darcy Winter (612) 868-4807

N/A Net Pepper’s Grill 1985 Christianson & Company Commercial RE Services Nancy Flicek (952) 393-1212 N/A Net Southwest Metro Transit Hub, Noodles & Co., Chipotle, Canyon Grill, Ruby Tuesday 2003 N/A Cheryl Bolden (952) 934-4135 N/A Net Starbucks, Pier One Imports, Party City 1989 First Allied N/A (800) 421-5327 N/A Net Sur La Table, Cos Bar, R.F. Moeller 1977 2006 NorthMarq Stefanie Meyer (952) 346-4601 $3.37 Net Warners’ Stellian, Original Pancake House, Catherine’s 1970 Park Midwest Commercial RE Jamie Cohen (763) 847-6600 N/A Net OfficeMax, Old Navy, Storables, Ultimate Electronics 1989 NAI Welsh Terese Reiling (952) 897-7700 N/A Net Talbots, Lunds, Hot Mama, D’Amico & Sons, Dana’s N/A Lunds Jennifer Kent N/A N/A Net Gabberts Furniture, Barnes & Noble, Williams Sonoma, Crate & Barrel, Pottery Barn 1973 1992 Gabbert & Beck Jill Noack (952) 915-8480 N/A Net Jerry’s Foods, Olson’s Pharmacy 1962 D.E. Winter & Associates, Inc. Darcy Winter (612) 868-4807 $6.71 Net Ethan Allen, Bruegger’s, Caribou Coffee 1972 NorthMarq Jen Helm (952) 346-4601 $12.31 Net Macy’s, JCPenney, AMC Theatres, California Pizza Kitchen, PF Chang’s China Bistro 1956 1971 Simon Property Group N/A N/A $4.57 Net Cub Foods, Northwestern Book Store, Chipotle, Caribou Coffee 1975 2005 NAI Welsh Janet Olson (952) 897-7700 $6.60 Net FedEx Kinko’s, Lane Bryant, Jo-Ann Fabrics, Hirshfield’s 1974 2002 NorthMarq Ned Rukavina (952) 346-4601 $2.15 Net Cub Foods, Target 1995 Centro Properties Group Patrick Borgman (612) 284-7080 $3.07 Net Aldi Foods, New Horizon, US Bank, Pearl Vision N/A Hempel Ashley Moen (763) 383-1100 N/A Net Home Depot, SuperWal-Mart N/A NorthMarq Tedd Schuster (952) 346-4601 N/A Net Marcus Theaters N/A N/A N/A N/A N/A Net SuperAmerica, Jerry’s Floor Store 1990 PBK Investments Tim Cross (952) 857-2590 N/A Net Chinatown, J’s Liquor 1985 N/A N/A N/A N/A Net Cub Foods, GNC, Great Clips N/A Inland Real Estate Corporation Rick Plessner (651) 738-7777 N/A Net City Looks, Cost Cutters 1978 Azure Properties, Inc. Thomas Schuette (651) 484-1721 N/A Net Country Market 1980 Grootwassink Real Estate Robert Grootwassink (952) 944-1665 N/A Net Rainbow Foods, Great Clips 1988 IRET Tony Oxborough (952) 828-9000 N/A Net Cub Foods N/A Tri-Land Terry Alexa (708) 531-8210 N/A Net Old Country Buffet 1957 1985 Cushman & Wakefield of Minnesota, Inc. Deborah Carlson (952) 465-3300 N/A Net Home Depot, PetSmart 1997 N/A N/A N/A N/A Net Metro Therapy, Curves for Women, Menards 1985 Menard, Inc. Jamie Radabaugh (715) 876-2224 N/A Net Cozy Cafe, No Spoon Outlet 1965 N/A N/A N/A N/A Net Subway, Tiffany Nails 1965 1988 N/A N/A N/A $2.01 Net American Family, Joe D’Maggio’s Sports Bar, Federal Credit Union 1989 Grand Comm RE Becky Cederstrom (952) 445-5360 N/A Net Hollywood Video, Noodles & Co., Leeann Chin, Subway, Papa John’s Pizza 1996 Suntide Commercial Realty Nancy Murdakes Brown (651) 603-0321 60 Appendix - continued

ALPHABETICAL PROPERTY LISTING BY CITY MNCAR ID PROPERTY NAME ADDRESS CITY ZIP TYPE TOTAL GLA DIRECT VACANT SF HI RATE LO RATE CAM 183026 Golden Valley Shopping Center 7860 Hwy 55 Golden Valley 55427 Neighborhood 120,000 0 N/A N/A N/A 171689 Golden Valley Town Square 669 Winnetka Ave N Golden Valley 55427 Neighborhood 45,700 1,830 $20.00 $20.00 $6.16 183037 Spring Gate Shopping Center 5621 Duluth St Golden Valley 55422-4054 Neighborhood 93,975 2,816 $18.50 $18.00 $3.15 470448 Crosstown Center 17565 Central Ave NE Ham Lake 55304 Neighborhood 71,251 0 N/A N/A N/A 350781 Hastings Marketplace 1785 Market Blvd Hastings 55033 Neighborhood 92,060 1,440 $21.00 $21.00 N/A 183084 Midtown Shopping Center 1100 Vermillion St Hastings 55033-2847 Neighborhood 58,677 0 N/A N/A $1.55 182994 Westview Center 1355 Frontage Rd S Hastings 55033 Neighborhood 126,880 6,150 $10.00 $10.00 $2.25 593654 Victor Marketplace 14775 Victor Hugo Blvd Hugo 55044 Neighborhood 70,000 0 $21.00 $18.00 N/A 535425 Arbor Pointe 9070 Buchanon Trl Inver Grove Heights 55076 Neighborhood 118,000 4,400 $19.00 $14.00 N/A 185740 Arbor Pointe Commons 9015 Broderick Inver Grove Heights 55076 Neighborhood 90,000 3,315 $22.00 $20.00 $2.14 182234 Cahill Plaza 7810 Cahill Ave Inver Grove Heights 55076 Neighborhood 80,315 0 N/A N/A N/A 173046 Salem Square Shopping Center 5300 Robert Trl S Inver Grove Heights 55077 Neighborhood 51,685 0 N/A N/A N/A 183041 Southridge Shopping Center 1386 Mendota Rd Inver Grove Heights 55077-1128 Community 250,000 0 N/A N/A N/A 183069 Village Square S & G 6566 Cahill Ave E Inver Grove Heights 55076-2021 Neighborhood 70,892 0 N/A N/A N/A 183113 Lakeland Shopping Center 304 Saint Croix Trl S Lakeland 55043 Neighborhood 36,956 14,036 $10.00 $10.00 $1.74 475500 Argonne Village Kenwood Trl Lakeville 55044 Regional 145,000 10,551 $30.00 $20.00 $2.50 461601 Crossroads of Lakeville 17501 Cedar Ave Lakeville 55044 Neighborhood 141,172 6,512 $24.00 $22.00 $4.15 183125 Kenwood Center 17733 Kenwood Trl Lakeville 55044 Neighborhood 37,266 0 N/A N/A N/A 198856 Lakeville Crossing 7662 160th St Lakeville 55044 Neighborhood 82,500 46,613 $28.00 $12.00 $2.35 183126 Southfork Shopping Center 17689 Kenwood Trl Lakeville 55044-9455 Neighborhood 43,826 1,328 $20.00 $16.00 $3.59 429695 TimberCrest at Lakeville - Retail 18275 Kenrick Lakeville 55044 Community 300,000 6,368 $24.50 $24.50 $2.21 182565 Northway Shopping Center 9100 Lake Dr Lexington 55014-3933 Neighborhood 86,253 0 $18.00 $10.00 $1.68 184556 Diamond Jim’s Mall 757 Sibley Memorial Hwy Lilydale 55118-1709 Neighborhood 40,030 0 N/A N/A N/A 184866 Lino Lakes Town Center 749 Apollo Dr Lino Lakes 55014 Community 296,344 3,600 $23.00 $23.00 $4.58 183015 Little Canada Mall 78 Minnesota Ave Little Canada 55117-1736 Neighborhood 36,000 1,810 $7.50 $7.50 $1.92 176721 Market Place Shopping Center 2900 Rice St Little Canada 55117 Neighborhood 94,651 0 N/A N/A N/A 183009 Long Lake Town Center 1865 Wayzata Blvd W Long Lake 55356-9671 Neighborhood 33,000 0 N/A N/A N/A 540650 Wedgewood Village I 120 & 244 Mahtomedi 55115 Neighborhood 49,200 6,212 $20.00 $20.00 N/A 171362 Arbor Lakes - Phase I & II Arbor Lakes Pkwy & Main St Maple Grove 55311 Regional 593,015 0 N/A N/A N/A 171562 Arbor Lakes Main Street 7840 Elm Creek Maple Grove 55369 Neighborhood 42,722 1,700 N/A N/A N/A 183058 Grove Square Center 13541 Grove Dr Maple Grove 55311-4405 Community 180,084 10,869 $30.00 $22.00 $4.03 442953 Maple Grove Center 12700 Bass Lake Rd Maple Grove 55369 Neighborhood 68,660 0 N/A N/A N/A 171379 Maple Grove Crossing 8150 Wedgewood Ln N Maple Grove 55369 Community 365,000 0 N/A N/A N/A 583602 Maple Grove Square 9525 Black Oaks Ln N Maple Grove 55311-1229 Neighborhood 35,499 1,423 $25.08 $25.08 $3.23 172563 Rainbow Maple Grove 16401 Co Rd 30 Maple Grove 55311 Neighborhood 90,130 7,500 N/A N/A N/A 173853 Rice Lake Plaza 13700 83rd Way N Maple Grove 55369-7015 Neighborhood 35,815 0 $15.00 $11.00 $6.84 463240 Shoppes at Arbor Lakes 12101 Elm Creek Blvd N Maple Grove 55369 Regional 400,000 15,000 $36.00 $26.00 N/A 534614 The Fountains of Arbor Lakes Fountains Dr Maple Grove 55369 Community 800,000 13,721 $30.00 $30.00 $3.75 608484 The Grove I-94 & Hwy 610 Maple Grove 55369 Community 550,000 61,439 $30.00 $16.00 $2.93 539559 The Shops at Wedgwood I-494 & Bass Lake Rd Maple Grove 55311 Neighborhood 60,000 1,694 N/A N/A N/A 183056 Birch Run Station 1715 Beam Ave Maplewood 55109-1128 Community 292,614 6,526 $23.00 $14.00 $1.15 183052 Crown Plaza 1728 Rice St Maplewood 55113 Neighborhood 68,732 0 N/A N/A N/A 172071 Mapleridge Shopping Center 2515 White Bear Ave N Maplewood 55109-5134 Neighborhood 114,192 0 $24.00 $14.00 $2.72 183127 Maplewood Commons 1900 Co Rd D E Maplewood 55109-5325 Neighborhood 52,000 0 N/A N/A N/A 183199 Maplewood East Shopping Center 2950 White Bear Ave N Maplewood 55109-1310 Neighborhood 32,998 1,890 $16.00 $16.00 $3.84 183049 Maplewood Mall 3001 White Bear Ave N Maplewood 55109-1215 Regional 930,000 30,000 N/A N/A $14.00 438181 Maplewood Retail Center 2390 White Bear Ave N Maplewood 55109 Community 245,000 0 N/A N/A N/A 183088 Maplewood Square 3035 White Bear Ave N Maplewood 55109-1316 Neighborhood 45,623 12,142 $17.00 $15.00 $2.80 186115 Maplewood Square 1870 Beam Ave Maplewood 55109-1162 Neighborhood 31,075 3,173 $20.00 $20.00 $2.84 183191 Maplewood Town Center 1845 Co Rd D E Maplewood 55109-1700 Neighborhood 108,787 4,150 $24.00 $18.00 $2.93 171456 Plaza 3000 3000 White Bear Ave Maplewood 55109 Neighborhood 133,000 7,543 $16.00 $14.00 N/A 999991 Clydesdale Marketplace Hwy 55 & Co Hwy 101 Medina 55446 Community 200,000 0 N/A N/A N/A 183185 Mendota Plaza 750 Hwy 110 Mendota Heights 55118-1582 Neighborhood 55,254 18,120 $28.00 $10.00 $2.25 435430 Block e 600 Hennepin Ave Minneapolis 55403 CBD 213,000 0 N/A N/A N/A 171367 Broadway Shopping Center 621 Broadway Ave W Minneapolis 55411 Neighborhood 70,000 0 N/A N/A N/A 172326 Calhoun Commons 3040 Excelsior Blvd Minneapolis 55416-4662 Neighborhood 66,150 0 N/A N/A N/A 183295 Calhoun Square 3001 Hennepin Ave S Minneapolis 55408-2615 Neighborhood 153,500 40,000 N/A N/A N/A Appendix - continued 61

TAX LEASE TENANTS YR BUILT YR RENO BROKER COMPANY BROKER NAME PHONE N/A Net Champion Auto, Caribou Coffee, Shuler Shoes, Godfather’s Pizza 1954 Urban Anthology Jeff Herman (612) 924-6486 $5.70 Net Davanni’s, Dunn Bros, H&R Block 2001 Suntide Commercial Realty Nancy Murdakes Brown (651) 603-0321 $5.41 Net Byerly’s, Walgreens 1960 NorthMarq Brad Kaplan (952) 346-4601 N/A Net 21st Century Bank, Soderquist’s Market N/A N/A N/A N/A N/A Net Cub Foods, Panera Bread, Caribou Coffee 2003 Cambridge Commercial Realty Peter Grones (952) 933-0042 $2.09 Net Midtown Foods, Thrifty White Drug 1962 1989 Park Midwest Commercial RE Doug Sailor (763) 847-6600 $1.19 Net Big Lots, Clancy’s Main Street Drug 1977 1992 Park Midwest Commercial RE Jesseka Doherty (763) 847-6600 N/A Net Festival Foods, Dunn Bros, Great Clips 2007 St. Croix Real Estate Mary McNellis (651) 426-5560 N/A Net Ruby Tuesday’s, Wakota Federal Credit Union, Anytime Fitness, Walgreens N/A Upland RE Group Brian Merz (612) 332-6600 $3.18 Net Rainbow Foods, Cost Cutters, Subway 2000 NorthMarq Jen Helm (952) 346-4601 N/A Net Cub Foods, MGM Liquor 1996 Cushman & Wakefield of Minnesota, Inc. Deborah Carlson (952) 465-3300 N/A Net Home Valu, Salem Spirit Liquors 1987 Christianson & Company Laura Gill (952) 393-1212 N/A Net Home Depot, OfficeMax 1986 Fine Associates Phillip Smith (952) 471-922 N/A Net Aldi Foods, O’Charley’s, Snyders 1973 Gator Investments Jim Goldsmith N/A $1.67 Net USPS, Washington Library, Borderline Video 1960 Park Midwest Commercial RE Jesseka Doherty (763) 847-6600 $4.50 Net Rainbow Foods, FedEx Kinko’s, Starbucks, Jimmy John’s 2005 NorthMarq Peter Armbrust (952) 346-4601 $3.90 Net Cub Foods, Community First Bank 2004 H.J. Development, Inc Chris Moe (952) 476-9400 N/A Net Kenwood Dental, One Mean Bean 1989 NAI Welsh Chad Anvary (952) 897-7700 $5.11 Net Edina Realty, Trade Secret, Walgreens, SuperAmerica 2002 Paster Enterprises Jeff Horstmann (651) 646-7901 $2.49 Net Green Mill Restaurant 1985 Cerron Commercial Properties Roz Peterson (952) 469-9444 $6.07 Net SuperTarget, Marshalls, Hollywood Video, Applebee’s, Best Buy, OfficeMax 2002 NorthMarq Ronn Thomas (952) 346-4601 $2.08 Net Festival Foods, Family Dollar 1950 1992 Paster Enterprises Richard Jahnke (651) 646-7901 N/A Net Generations, The Bluffs of Mendota, Moose Country 1963 2007 JBL Companies Tom Burgess (651) 686-0212 $5.22 Net SuperTarget, Kohl’s 2002 NAI Welsh Terese Reiling (952) 897-7700 $1.53 Net Hub Hobby Center, Maatz Paint 1982 Marco Property Management Marion Newman (651) 484-5506 N/A Net The Salvation Army Family Store, Dollar Tree 1975 Grootwassink Real Estate Robert Grootwassink (952) 944-1665 N/A Net Snyders, Hennepin County Library 1987 Marco Property Management Irv Margolis (651) 484-5506 $2.75 Net Aldi Foods, Snyders, MT Liquors, Fantastic Sams 2006 Capital Growth Real Estate John Chirhart (651) 222-3366 N/A Net Byerly’s, Babies R Us, Jo-Ann Fabrics, Sports Authority N/A Kimco Scott Tucker (847) 299-1136 N/A Net Panera Bread, Chipotle, Cold Stone Creamery, Buca, Leeann Chin, Claddaugh’s Irish Pub 2001 Kimco Scott Tucker (847) 299-1136 $3.44 Net JCPenney, Walgreens 1985 2003 Sidcor Real Estate Dale Dobroth (847) 283-9200 N/A Net Culver’s, Snyders 1979 NorthMarq Peter Armbrust (952) 346-4601 N/A Net Barnes & Noble, Kohl’s, Bed Bath & Beyond, Gander Mountain 1995 Developers Diversified Realty Corporation Bil Cikalo (216) 755-5839 $6.53 Net Goodwill, Sprint/Nextel, SuperCuts N/A Park Midwest Commercial RE Doug Sailor (763) 847-6600 N/A Net Rainbow Foods 1998 Inland Real Estate Corporation Rick Plessner (651) 738-7777 $4.53 Net Viking Discount Blinds, Frankie’s Pizza 1988 H.J. Development, Inc Chris Moe (952) 476-9400 N/A Net Cost Plus World Market, Trader Joe’s, PF Chang’s China Bistro, Biaggi’s, Ultimate Electronics 2003 Cousins Properties, Inc. Tiffany Cox (205) 824-2930 $4.00 Net Lowe’s, Costco, Dick’s Sporting Goods, REI, Dave & Busters, Benihana 2007 NorthMarq Tricia Pitchford (952) 346-4601 $4.12 Net Home Depot, SuperTarget 2007 NAI Welsh Terese Reiling (952) 897-7700 N/A Net Original Pancake House, CVS/pharmacy, Fairview Pharmacy, Dunn Bros 2006 TOLD Development Company Trent Mayberry (952) 278-0112 $3.34 Net Burlington Coat Factory, Marshalls, Jo-Ann Fabrics, OfficeMax 1989 NorthMarq Tricia Pitchford (952) 346-4601 N/A Net Cost Cutters, Burger King 1990 Garfield Clark & Associates Robert Colwell (612) 333-6688 $3.75 Net Rainbow Foods, Walgreens 1986 CB Richard Ellis Andy McConville (952) 924-4600 N/A Net Party City, Proex 1989 NAI Welsh Terese Reiling (952) 897-7700 $3.88 Net MGM Liquor, Color Tile 1982 Suntide Commercial Realty Nancy Murdakes Brown (651) 603-0321 $11.00 Net Macy’s, Kohl’s, JCPenney, Barnes & Noble, Aéropostale, American Eagle Outfitters 1974 1996 N/A Laurie VanDalen (651) 770-3863 N/A Net Cub Foods, Home Depot, PetSmart 1996 N/A N/A N/A $3.50 Net Stride Rite Shoes, Formal Affair, The Bird, Oreck Floor Care, Nutrition Warehouse 1975 Suntide Commercial Realty Nancy Murdakes Brown (651) 603-0321 $3.78 Net CDI, Hirshfield’s 1985 NAI Welsh Zachary Stensland (952) 897-7700 $3.28 Net Mattress Giant, Carpet King, Best Buy 1986 1998 H.J. Development, Inc. Chris Moe (952) 476-9400 N/A Net Pet Food Warehouse, Old Country Buffet, Tuesday Morning, Factory Card Outlet 1975 Suntide Commercial Realty Nancy Murdakes Brown (651) 603-0321 N/A Net Target, OfficeMax 2006 NAI Welsh Amy Carlson (952) 837-3026 $1.88 Net Subway, Tuesday Morning 1971 1994 Paster Enterprises Richard Jahnke (651) 646-7901 N/A Net Hard Rock Café, Hooters, AMC Theatres, Gameworks 2002 McCaffrey Interests Kris Brandt (612) 332-4330 N/A Net Subway, Walgreens N/A N/A N/A N/A N/A Net Noodles & Co., Chipotle 1999 Doran Companies N/A (952) 288-2000 $5.55 Net Figlio’s, Kitchen Window, Famous Dave’s 1906 1930 Capital Growth Madison Marquette Todd Karlan N/A 62 Appendix - continued

ALPHABETICAL PROPERTY LISTING BY CITY MNCAR ID PROPERTY NAME ADDRESS CITY ZIP TYPE TOTAL GLA DIRECT VACANT SF HI RATE LO RATE CAM 183477 Calhoun Village 3200 Lake St W Minneapolis 55416-4512 Neighborhood 85,000 0 $30.00 $24.00 N/A 183540 Crystal Court 80 8th St S Minneapolis 55402 CBD 165,000 7,673 N/A N/A N/A 184788 Franklin Circle Shopping Center 1201 Franklin Ave E Minneapolis 55404 Neighborhood 53,259 1,756 $4.50 $4.50 $2.24 183377 Gaviidae Common 651 Nicollet Mall Minneapolis 55402-1604 CBD 254,530 3,734 $45.00 $15.00 $19.15 183376 Gaviidae Common II 505 Nicollet Mall Minneapolis 55402-1604 CBD 187,948 21,123 $65.00 $15.00 $19.72 171931 Highland Bank Court 811 LaSalle Ave Minneapolis 55402 CBD 42,000 22,860 $12.00 $5.00 N/A 173370 Highland Plaza Shopping Center 3001 Nicollet Ave Minneapolis 55408-3129 Neighborhood 45,703 0 N/A N/A N/A 183218 Hi-Lake Center 2106 Lake St E Minneapolis 55407-1931 Neighborhood 107,776 6,421 $14.00 $12.00 $2.38 183417 Investors Building 733 Marquette Ave S Minneapolis 55402-2302 CBD 46,029 9,289 $10.00 $8.00 $5.70 999994 Midtown Exchange Lake St & 10th Ave Minneapolis 55407 Neighborhood 50,000 0 N/A N/A N/A 183379 Midwest Plaza 801 Nicollet Mall Minneapolis 55402-2500 CBD 46,958 11,270 $15.00 $12.00 $8.52 183409 Minneapolis City Center 40 7th St S Minneapolis 55402-1601 CBD 170,981 116,769 $55.00 $5.00 $17.93 183272 Minnehaha Mall 2500 Lake St E Minneapolis 55406-1909 Community 252,938 0 N/A N/A N/A 180011 Nokomis Center 4010 Bloomington Ave S Minneapolis 55407-3331 Neighborhood 31,529 22,306 $12.00 $10.00 $1.72 183386 Parkway Plaza 4701 Hiawatha Ave Minneapolis 55406-3928 Neighborhood 37,528 1,054 $16.00 $16.00 $3.27 183366 Rainbow Shopping Center 2919 26th Ave S Minneapolis 55406 Neighborhood 73,288 0 N/A N/A N/A 186068 Retek on the Mall 900 Nicollet Mall Minneapolis 55402 CBD 34,000 3,695 $35.00 $20.00 $3.07 442200 Schmitt Music Building 88 10th St S Minneapolis 55402 CBD 35,500 0 N/A N/A N/A 171361 The Pinehurst Building 4999 France Ave S Minneapolis 55410 Neighborhood 41,385 0 $26.00 $26.00 $8.53 172081 The Quarry 1500 New Brighton Blvd Minneapolis 55413 Community 281,648 2,000 N/A N/A N/A 179437 US Bancorp Center 800 Nicollet Mall Minneapolis 55402-2502 CBD 47,800 3,937 $26.00 $20.00 $5.85 171780 University Village 2501 University Ave SE Minneapolis 55414 Neighborhood 40,000 0 N/A N/A N/A 183405 US Bank Plaza 200 6th St S Minneapolis 55402-1406 CBD 48,000 7,000 $19.00 $2.00 $6.98 475048 West River Commons 4648 Lake St E Minneapolis 55406 Neighborhood 30,000 0 N/A N/A N/A 183595 7-Hi Shopping Center 4900 Co Rd 101 Minnetonka 55345 Community 211,187 1,765 $26.00 $26.00 $3.37 183729 Bonaventure Mall 1601 Plymouth Rd S Minnetonka 55305 Neighborhood 83,798 0 N/A N/A N/A 183583 Circuit City Plaza 1001 Plymouth Rd S Minnetonka 55305-1056 Neighborhood 66,000 0 N/A N/A N/A 173275 Country Village Shopping Center 11304 Hwy 7 Minnetonka 55305 Neighborhood 110,583 2,575 $24.00 $18.00 $2.32 183596 Glen Lake Center 14625 Excelsior Blvd Minnetonka 55345-6605 Neighborhood 31,187 0 N/A N/A N/A 183560 Ridge Square North 12977–13059 Ridgedale Dr Minnetonka 55305 Neighborhood 81,202 0 N/A N/A N/A 174533 Ridge Square South 12901 Ridgedale Dr Minnetonka 55305-1806 Neighborhood 42,590 0 N/A N/A N/A 183517 Ridgedale Festival 14200 Wayzata Blvd Minnetonka 55305-1746 Neighborhood 129,951 3,000 N/A N/A N/A 183633 Ridgedale Shopping Center 12401 Wayzata Blvd Minnetonka 55305-1925 Regional 1,044,000 50,000 N/A N/A N/A 183561 Ridgehaven Mall 13081 Ridgedale Dr Minnetonka 55305-1853 Community 237,805 0 N/A N/A N/A 183625 Ridgewood 13601 Ridgedale Dr Minnetonka 55305 Neighborhood 30,000 0 N/A N/A N/A 183630 Sportmart Plaza Shopping Center 12300 Wayzata Blvd Minnetonka 55305 Neighborhood 66,465 9,500 $20.00 $20.00 $6.94 179409 Sundial Shopping Center 5757 Sanibel Dr Minnetonka 55343 Neighborhood 30,000 2,600 $19.00 $15.00 $1.45 186099 West Ridge Market 11210 Wayzata Blvd Minnetonka 55305 Community 257,300 7,810 $26.00 $21.00 $10.93 183590 Westwind Plaza 4703 Co Rd 101 Minnetonka 55345 Community 282,732 0 $15.50 $14.50 $2.55 599564 Union Crossings I-94 & County Road 18 Monticello 55362 Community 400,000 9,500 $25.00 $13.00 $0.48 183684 Commerce Place 2200 Commerce Blvd Mound 55364 Neighborhood 40,358 20,775 $14.00 $8.00 $3.34 852822 Mound Marketplace 2125 Commerce Blvd Mound 55364 Neighborhood 67,000 7,044 N/A N/A $2.09 184587 Shoreline Plaza 2324 Wilshire Blvd Mound 55364 Neighborhood 33,966 0 N/A N/A N/A 183667 Mounds View Square 2577 Hwy 10 Mounds View 55112 Neighborhood 107,523 9,401 $15.00 $13.00 $1.68 183687 Silver View Plaza 2546 Hwy 10 Mounds View 55112-4032 Neighborhood 35,160 19,967 $10.00 $8.00 $2.54 183663 Rice Creek Shopping Center 2020 Silver Lake Rd New Brighton 55112-5301 Neighborhood 70,000 0 N/A N/A N/A 174983 Kmart Plaza 4300 Xylon Ave N New Hope 55428-4842 Neighborhood 115,492 0 N/A N/A N/A 183701 Midland Shopping Center 2703 Winnetka Ave N New Hope 55427-2830 Neighborhood 70,377 9,940 $14.00 $12.00 $4.14 183712 New Hope City Center 4203 Winnetka Ave N New Hope 55428-4924 Neighborhood 77,466 0 N/A N/A N/A 171981 Winnetka Commons Shopping Center 3520 Winnetka Ave N New Hope 55427-2022 Neighborhood 42,415 5,300 N/A N/A N/A 183718 Winnetka Shopping Center 4301 Winnetka Ave N New Hope 55428-4926 Neighborhood 95,592 0 N/A N/A N/A 183782 North Oaks Village Center 1 385 Village Center Dr North Oaks 55127-3016 Neighborhood 24,102 0 N/A N/A N/A 172111 North Oaks Village Center 2 111 Village Center Dr North Oaks 55127-3007 Neighborhood 15,859 6,491 $18.00 $18.00 $4.89 171891 McKnight 36 Plaza 2080 11th Ave E North Saint Paul 55109-5112 Neighborhood 46,500 2,280 $14.00 $14.00 $2.50 999993 Oak Park Commons Hwy 36 & Nova Scotia Ave Oak Park Heights 55082 Community 195,000 0 N/A N/A N/A 362367 Oak Park Ponds 5800 Neal Ave N Oak Park Heights 55082 Neighborhood 114,199 0 N/A N/A N/A 183680 Bergen Plaza Shopping Center 7017 10th St N Oakdale 55128-5943 Community 271,283 23,574 N/A N/A N/A Appendix - continued 63

TAX LEASE TENANTS YR BUILT YR RENO BROKER COMPANY BROKER NAME PHONE N/A Net Applebee’s, Walgreens 1988 1988 Cushman & Wakefield of Minnesota, Inc. Brad Pfaff (952) 465-3301 N/A Net Cosi, Potbelly Sandwich Works, Starbucks, Godiva Chocolate, FedEx Kinko’s, Banana Republic 1972 NAI Welsh Kris Schisel (952) 897-7715 $1.90 Net Snyders 1982 1999 NAI Welsh Eric Batiza (612) 746-4179 $2.64 Net Saks Off Fifth, Cole Haan 1989 1995 Brookfield Properties Liz Picking (612) 372-1500 $4.88 Net Neiman Marcus, Franklin Covey, Aveda 1991 Brookfield Properties Liz Picking (612) 372-1500 N/A Net Marriott Residence Inn, Highland Bank 1968 2000 Cushman & Wakefield of Minnesota, Inc. Jim Rock (952) 465-3300 N/A Net OfficeMax, Video Update 1988 1988 Stonewood Properties, Inc. Tom Roberts (952) 884-6003 $2.39 Net True Value, Savers 1960 1965 Wellington Management, Inc. Judd Fenlon (651) 292-9844 $1.50 Net Wells Fargo, Eschelon 1926 1989 Equity Commercial Services Charles Howard (612) 343-420 N/A Net Midtown Global Market 1924 2004 NAI Welsh Amy Senn (952) 897-7700 $3.33 Net Barnes & Noble, Panera Bread 1970 1996 NorthMarq Stefanie Meyer (952) 346-4601 $2.92 Net Marshalls, Brooks Brothers, Fogo de Chão, Office Depot 1982 Brookfield Properties Liz Picking (612) 372-1500 N/A Net Target, Cub Foods 1977 Grootwassink Real Estate Robert Grootwassink (952) 944-1665 $2.04 Net Mega Tan, Mega Wash 1960 1960 Metes & Bounds Dunkin Susee (612) 861-8526 $3.87 Net Blockbuster Video, Subway 1989 1989 Suntide Commercial Realty Nancy Murdakes Brown (651) 603-0321 N/A Net Rainbow Foods, Proex 1985 Bergeron & Associates Dan Bergeron N/A $4.05 Net Target, Quiznos, Salad Creations 2001 NorthMarq Stefanie Meyer (952) 346-4601 N/A Net Schmitt Music Center 1909 Cambridge Commercial Realty Richard Grones (952) 933-0042 $7.71 Net Piper Jaffray, Caribou Coffee, Birkenstock, Anthropologie 2001 Pinehurst Properties, Inc. Laura Steffes (612) 929-0010 N/A Net Old Navy, Rainbow Foods, OfficeMax, The Home Depot, Target 1997 1997 Inland Real Estate Corporation Rick Plessner (651) 738-7777 $6.38 Net D’ Brians, Caribou Coffee, Jamba Juice, US Bank 2000 Cushman & Wakefield of Minnesota, Inc. Jennifer Colianni (952) 465-3300 N/A Net OfficeMax, PDQ 1999 Ackerberg Group, The Michael Finkelstein (952) 924-2100 $3.84 Net Kelly, Atlas Restaurant, Bachman’s, Caribou Coffee, Burger King, Baja Sol, Bixby’s 1981 Hines Bruce Koehler (612) 338-8250 N/A Net Dunn Bros, Papa Murphy’s 2003 Coldwell Banker Burnet Michael Murphy (612) 920-5605 $4.76 Net SuperTarget, Old Chicago, Blockbuster Video 1993 1993 NorthMarq Peter Armbrust (952) 346-4601 N/A Net Champps, Borders Book Shop, Jo-Ann Fabrics, Baccio, Linens ‘n Things 1978 1992 CSM Corporation Justin Wing (612) 395-7000 N/A Net Circuit City, Office Depot 1994 NAI Welsh John Johannson (952) 897-7700 $3.22 Net Lunds, Pier One Imports, Hancock Fabrics, U.S. Liqour, Hobby Town 1969 1992 CB Richard Ellis Andy McConville (952) 924-4600 N/A Net Snyders, Tonka Cycle & Ski, Glenrose Floral 1958 1992 Kramer Brother Martina Leighton N/A N/A Net UPS Store, Northwest Bookstore, Wonderer’s Chinese Cuisine 1981 Ridge Square Partners Elliot Wolfson (763) 509-9999 N/A Net Boston Market, Oreck Vacuums, Party City, Ulitmate Electronics, Subway 1980 Ridge Square Partners Elliot Wolfson (763) 509-9999 N/A Net OfficeMax, Golfsmith, Schmitt Music, Men’s Wearhouse, Toys ‘R’ Us 1990 Kimco Scott Tucker (847) 299-1136 N/A Net Sears, JCPenney, Big Bowl, Macy’s 1974 2002 Ridgedale Shopping Center N/A (952) 541-4864 N/A Net Barnes & Noble, Byerly’s, Famous Footwear, Ulta, Proex 1982 NorthMarq Ronn Thomas (952) 346-4601 N/A Net FedEx Kinko’s, Petco 1983 Marco Property Management Kurt Augustine (651) 484-5506 N/A Net Sports Authority, Ultimate Electronics 1993 CSM Corporation Scott Tubman (612) 395-7000 $3.75 Net Lily Salon, Scoreboard Restaurant 1987 Cambridge Commercial Real Estate Peter Grones (952) 933-0042 N/A Net Dick’s Sporting Goods, Staples, Bed, Bath & Beyond 1996 CSM Corporation Justin Wing (612) 395-7000 $4.50 Net Northern Tool, Walgreens 1986 Centro Properties Group Patrick Borgman (612) 284-7080 N/A Net SuperTarget, Home Depot 2007 NAI Welsh Terese Reiling (952) 897-7700 $3.45 Net Thrifty White Drug, Ridgeview Mound Clinic 1986 Schafer Richardson, Inc. Cynthia Hable, CCIM (612) 371-3000 $3.98 Net Caribou Coffee, Carbone’s, Jubilee Foods, Harbor Wine & Spirits N/A NAI Welsh Zach Stensland (952) 897-7700 N/A Net Norwest Bank, MGM Liquor 1970 N/A N/A N/A $2.08 Net Mario’s Movies and Games, Thing ‘A‘ Ma Jigs, Budget Liquors, Aldi Foods 1975 1993 Paster Enterprises Richard Jahnke (651) 646-7901 $2.38 Net Calvin Academy, Addie Lane Florist 1987 Kraus-Anderson Realty Jim Stimmler (952) 881-8166 N/A Net Snyders, Liquor Barrel 1973 N/A N/A N/A N/A Net Kmart 1971 Grubb & Ellis/Northco RE Srvs (MN) Noah Larson (952) 820-1687 $1.59 Net Snyders, Arc Value Villiage, New Hope Cinema Grill 1961 Kraus-Anderson Realty Doug Seward (952) 881-8166 N/A Net Life Time Fitness, BlockBuster Video, Applebee’s 1965 CB Richard Ellis Tim Bloom (952) 924-4621 N/A Net Tires Plus, Frattallone’s Ace Hardware, Bruegger’s 1986 Inland Real Estate Corporation Rick Plessner (651) 738-7777 N/A Net Unique Thrift Store, Spa A Salon 1970 1999 DNK Management David Kloeber (651) 733-8077 N/A Net Panino’s Restaurant, Von Hanson’s Meat Market, Caribou Coffee, Bruegger’s 1973 Colliers Turley Martin Tucker Molly Townsend (612) 347-9313 $5.30 Net Kelsey’s Wild Bird Store, Cellars 1995 Colliers Turley Martin Tucker Molly Townsend (612) 347-9313 $2.40 Net State of Minnesota Workforce Center, Brewbaker’s Restaurant 1976 Suntide Commercial Realty Jodi Walfoort (651) 603-0321 N/A Net Lowe’s, Buffalo Wild Wings, FedEx Kinko’s 2006 NAI Welsh Kris Schisel (952) 897-7715 N/A Net Kowalski’s, Oaks Wine & Spirits, Regis Salon 1997 Lamar Joyce Minner (919) 542-8178 N/A Net Rainbow Foods, Burger King, Dollar Tree, Kmart 1989 Inland Real Estate Corporation Rick Plessner (651) 738-7777 64 Appendix - continued

ALPHABETICAL PROPERTY LISTING BY CITY MNCAR ID PROPERTY NAME ADDRESS CITY ZIP TYPE TOTAL GLA DIRECT VACANT SF HI RATE LO RATE CAM 183769 Oakdale Center - Retail 7166 10th St N Oakdale 55128 Community 180,000 0 N/A N/A N/A 490495 Oakdale Marketplace Hwy 5 & Ideal Ave Oakdale 55128 Community 125,000 0 $24.00 $22.00 N/A 804758 Oakdale Village Shopping Center 8301 3rd St NE Oakdale 55128 Community 189,882 5,000 $23.00 $14.50 $2.72 470787 MarketPlace West 9175 Quaday Ave NE Otsego 55330 Neighborhood 31,067 1,818 $14.00 $14.00 $3.75 178359 Cottonwood Plaza 3900 Vinewood Ln N Plymouth 55441-1155 Neighborhood 47,903 0 N/A N/A N/A 183849 Four Seasons Mall 4100 Lancaster Ln N Plymouth 55441-1733 Neighborhood 101,265 26,052 N/A N/A $2.93 171973 Plymouth Collection Shopping Center 4130 Berkshire Ln N Plymouth 55447-3813 Neighborhood 45,915 5,100 N/A N/A N/A 171785 Plymouth Marketplace 3455 Vicksburg Ln N Plymouth 55447 Neighborhood 88,000 1,116 $24.00 $20.00 $3.88 185958 Plymouth Plaza 1405 Co Rd 101 N Plymouth 55447-3053 Neighborhood 72,560 3,412 $20.00 $20.00 $1.95 173030 Plymouth Shopping Center 11309 Hwy 55 Plymouth 55441 Neighborhood 32,080 0 N/A N/A N/A 171471 Plymouth Station Shopping Center 16725 Co Rd 24 Plymouth 55447 Neighborhood 130,000 2,248 $24.00 $20.40 $9.62 476449 Plymouth Town Center 3500 Vicksburg Ln N Plymouth 55447 Neighborhood 146,207 0 N/A N/A N/A 183785 Rockford Road Plaza 4190 Vinewood Ln N Plymouth 55442-1735 Community 205,917 14,500 $28.00 $28.00 $2.16 608264 RockRidge Center 4445 Nathan Ln N Plymouth 55442 Neighborhood 128,000 6,252 $26.50 $25.00 $4.03 999995 The Shoppes at Plymouth Creek Hwy 55 & Vicksburg Ln Plymouth 55446 Community 250,000 0 N/A N/A N/A 183799 Waterford Plaza 10100 6th Ave N Plymouth 55441-6378 Neighborhood 121,287 3,210 $23.00 $18.00 $2.81 185954 Southlake Village 16760 Toronto Ave SE Prior Lake 55372-3974 Neighborhood 77,797 0 N/A N/A N/A 483595 NorthStar MarketPlace 7900 Sunwood Dr NW Ramsey 55303 Community 96,322 15,179 $18.00 $18.00 $1.87 725606 Cedar Point Commons NW of Cedar Ave/Hwy 77 & 66th St Richfield 55423 Community 350,000 7,600 $30.00 $30.00 $2.50 183788 Hub Shopping Center 2 66th St W Richfield 55423-2371 Neighborhood 132,111 5,989 $18.50 $4.00 $3.03 183930 Hub West 140 66th W Richfield 55423 Neighborhood 78,302 0 N/A N/A N/A 363686 Kensington Park 77th St W Richfield 55423 Neighborhood 35,000 0 N/A N/A $5.40 174442 Market Plaza 700 66th St W Richfield 55423-2203 Neighborhood 50,000 0 N/A N/A N/A 183925 Penn-66 Shopping Center 6528 Penn Ave S Richfield 55423-1143 Neighborhood 35,512 0 $23.00 $14.00 $2.50 183928 Richfield Shoppes 6601 Nicollet Ave S Richfield 55423-2463 Neighborhood 84,215 9,352 $16.00 $9.00 $2.70 183927 Shops at Lyndale Phase I 1000 78th St W Richfield 55423 Community 118,757 0 N/A N/A N/A 183926 Shops at Lyndale Phase II 700 78th St W Richfield 55423 Community 103,914 6,000 N/A N/A N/A 183787 Southdale Square 2900 66th St W Richfield 55423-1939 Neighborhood 115,647 19,970 $28.00 $15.00 $3.18 186046 Robbinsdale Town Center 4080 West Broadway Ave Robbinsdale 55422-5604 Neighborhood 89,730 0 N/A N/A N/A 183911 Robin Center 4048 Lakeland Ave N Robbinsdale 55422-2236 Neighborhood 100,468 14,030 $16.00 $11.50 N/A 183919 Terrace Center 5301 West Broadway Ave Robbinsdale 55428-2936 Neighborhood 136,925 16,520 $12.50 $11.75 $2.68 183838 Rockford Mall 8910 Walnut St Rockford 55373 Neighborhood 43,000 8,974 $7.00 $7.00 $2.68 540538 101 Marketplace 14160 James Rd Rogers 55374 Neighborhood 33,516 0 N/A N/A N/A 754989 20870 Rogers Dr 20870 Rogers Dr NW Rogers 55374 Neighborhood 46,000 0 N/A N/A N/A 464088 Northdale Plaza 14000 Northdale Blvd Rogers 55374 Neighborhood 46,000 8,784 N/A N/A N/A 530337 Rogers City Centre 13024 Main St Rogers 55374 Neighborhood 47,052 0 N/A N/A N/A 184865 Rogers Retail Centre 21615 Diamond Lake Rd S Rogers 55374-9157 Community 300,000 0 N/A N/A N/A 605810 Rosemount Crossing 14995 Robert Trl S Rosemount 55068 Neighborhood 51,200 4,462 N/A N/A $8.70 183902 Rosemount Market Square 3400 150th St W Rosemount 55068 Neighborhood 48,139 6,142 $10.00 $10.00 $2.03 172028 Rosemount Village 3784 150th St W Rosemount 55068 Neighborhood 90,418 3,000 $22.00 $22.00 $3.72 183991 Crossroads of Roseville 1655 Co Rd B2 W Roseville 55113-3008 Community 335,327 127,540 $28.00 $10.00 $1.91 179540 Fairdale Shoppes 2375 Fairview Ave N Roseville 55113-2724 Neighborhood 49,717 0 N/A N/A N/A 183908 Hamline Shopping Center 2819 Hamline Ave N Roseville 55113-1755 Neighborhood 67,561 0 N/A N/A N/A 183933 Har Mar Mall 2100 Snelling Ave N Roseville 55113-6000 Regional 431,110 48,000 N/A N/A N/A 183944 Lexington Plaza 1700 Lexington Ave N Roseville 55113-6522 Neighborhood 92,351 18,493 $12.00 $8.50 N/A 183938 McCarron Hills Shopping Center 1685 Rice St Roseville 55113-6802 Neighborhood 30,023 0 N/A N/A N/A 183973 Rosedale Commons 2480 Fairview Ave N Roseville 55113-2623 Community 183,000 11,366 $18.00 $7.00 $4.15 183967 Rosedale Marketplace 2401 Fairview Ave N Roseville 55113-2708 Neighborhood 147,398 4,830 $28.00 $20.00 $3.12 183960 Rosedale Shopping Center 10 Rosedale Center Roseville 55113-3003 Regional 1,139,000 30,000 $100.00 $25.00 $9.98 183875 Rosedale Square North 2701 Lincoln Dr Roseville 55113-1334 Neighborhood 42,000 4,200 $14.00 $10.00 $4.50 184086 Rosedale Square Shopping Center 1601 Co Rd C W Roseville 55113-1302 Community 158,700 8,800 $24.00 $24.00 $2.53 174739 Roseville Center 1121 Larpenteur Ave W Roseville 55113 Neighborhood 74,000 0 N/A N/A N/A 183946 Rosewood Shopping Center 2181 Snelling Ave N Roseville 55113-4201 Neighborhood 30,131 5,000 N/A N/A $2.64 183965 Schneiderman’s Plaza 1955 Co Rd B2 Roseville 55113-2723 Neighborhood 80,000 0 N/A N/A N/A 184025 Saint Anthony Shopping Center 2900 Pentagon Dr Saint Anthony 55418-3209 Neighborhood 89,501 12,201 $9.50 $7.00 $1.86 535192 Silver Lake Village 39 Silver Lake Rd Saint Anthony 55421 Community 381,000 18,833 $24.00 $16.00 $2.50 171567 Saint Francis City Center Saint Francis Blvd NW Saint Francis 55070 Neighborhood 120,000 0 N/A N/A N/A Appendix - continued 65

TAX LEASE TENANTS YR BUILT YR RENO BROKER COMPANY BROKER NAME PHONE N/A Net Minnesota School of Business, CSO, Leewards, Team Electronics 1984 NAI Welsh James Damiani (952) 897-7700 $6.50 Net SuperTarget, M&I Bank 2007 NorthMarq Ronn Thomas (952) 346-4601 $4.92 Net Best Buy, HomeGoods, Sports Authority, Red Lobster, Olive Garden, David’s Bridal 2006 Centro Properties Group Patrick Borgman (612) 284-7080 $4.08 Net Fantastic Sams, Sarpino’s, Healing Hands Chiropractic, Sun Life Tanning, Turbo Nails 2003 Hempel Ashley Moen (763) 383-1100 N/A Net MGM Liquor, Checker Auto, Boss Tanning, Domino’s 1989 Boulder Properties, Inc. George Daniels, CPM (952) 476-4036 $2.23 Net Woody’s Hardware 1978 NAI Welsh Terese Reiling (952) 897-7700 N/A Net Golf Galaxy, Party City, Conoco, Haskell’s 1998 Inland Real Estate Corporation Rick Plessner (651) 738-7777 $6.83 Net Lunds, Old Chicago, Ruby Tuesday, Buffalo Wild Wings, Chipotle 2000 Suntide Commercial Realty Nancy Murdakes Brown (651) 603-0321 $3.68 Net Snyders, Minnesota School of Business, Great Clips 1986 N/A N/A N/A N/A Net Latuff’s, Seattle Sutton’s, Insomniac Beads, Forster’s Meats & Deli 1950 N/A N/A N/A N/A Net Rainbow Foods, Starbucks, Joe Senser’s, Hollywood Video, Panera Bread 1999 Hans Hagen Homes Hans Hagen (763) 586-7200 N/A Net Applebee’s, Caribou Coffee 1997 Capital Growth Madison Marquette Paul Guidera N/A $4.00 Net SuperTarget, Rainbow Foods, T.J. Maxx, PetSmart, HomeGoods, Famous Footwear 1991 NorthMarq David Daly (952) 346-4601 $2.95 Net Cub Foods, Caribou Coffee, Subway, Q’Doba, Papa Murphy’s, Cici’s Pizza, Snap Fitness N/A Hempel Ashley Moen (763) 383-1100 N/A Net Lowe’s, Michaels, M&I Bank, Dunn Bros 2006 CSM Corporation Scott Tubman (612) 395-7000 $2.90 Net Rainbow Foods, Sherwin-Williams, Sid’s Liqour, Huntington Learning Center, Subway 1989 NorthMarq Tedd Schuster (952) 346-4601 N/A Net Quiznos, Fantastic Sams, TJ Hooligans 1975 1986 Suntide Commercial Realty Nancy Murdakes Brown (651) 603-0321 $2.97 Net Caribou Coffee, Coborn’s, Anytime Fitness, Subway, Great Clips, LA Nails 2006 Park Midwest Commercial RE Jesseka Doherty (763) 847-6600 $5.00 Net SuperTarget, Home Depot 2007 NAI Welsh Chris Simmons (952) 897-7760 $3.86 Net Marshalls, Michaels 1952 Centro Properties Group Patrick Borgman (612) 284-7080 N/A Net Rainbow Foods 1974 Centro Properties Group Patrick Borgman (612) 284-7080 $6.78 Net Potbelly Sandwich Works, Chipotle, Noodles & Co., Starbucks, Sprint PCS 2004 NAI Welsh Terese Reiling (952) 897-7700 N/A Net FedEx Kinko’s, Champps, Snyders, Petco 1986 N/A N/A N/A $3.11 Net ARC’s Value Village, Kinsmor Drug 1950 1993 Coldwell Banker Burnet William Wolfson (952) 473-3000 $3.95 Net Old Country Buffet, Hot Comics 1956 Park Midwest Commercial RE Doug Sailor (763) 847-6600 N/A Net Best Buy, PetSmart 1996 CSM Corporation Justin Wing (612) 395-7000 N/A Net Borders, Babies R Us 1996 CSM Corporation Justin Wing (612) 395-7000 $6.25 Net Pier One Imports, Patrick’s Bakery, Golfsmith 1961 2005 Capital Growth Madison Marquette Paul Guidera N/A N/A Net Walgreens, First USA Bank 1987 The Carrington Company Tom Krows N/A $3.50 Net Merwin Drugs, Sherwin-Williams 1955 1984 Grubb & Ellis/Northco RE Srvs (MN) Richard Ward (952) 820-160 $1.45 Net Rainbow Foods, Dots, Dollar Bill$, Blockbuster Video 1979 Centro Properties Group Patrick Borgman (612) 284-7080 $1.68 Net Dueber’s Dept Store, Club Acapulco 1974 NAI Welsh Rob Brass (952) 897-7700 N/A Net Pazazz Spa & Salon, Gallery of Homes 2001 101 Companies Dan Ross (763) 742-1666 N/A Net Best Buy 2006 Keller Williams Realty Integrity NW Cash Christian (763) 463-0237 N/A Net Partners in Pediatrics 2003 Tomas Management Traci Tomas N/A N/A Net Rogers Drug & Grocery, Northwest Family Physicians 1973 2005 Diehl and Partners Lisa Diehl (952) 285-5244 N/A Net SuperTarget, Kohl’s 2001 N/A N/A N/A $4.71 Net Aldi Foods, Starbucks 2005 Colliers (MN) - Minneapolis Molly Townsend (612) 341-4444 $1.62 Net Checker Auto Parts, Edward Jones 1994 Park Midwest Commercial RE Doug Sailor (763) 847-6600 $4.09 Net Cub Foods, Hallmark 2001 Kraus-Anderson Realty Doug Seward (952) 881-8166 $4.00 Net Kohl’s, Best Buy, Dick’s Sporting Goods 1980 1997 NorthMarq Tricia Pitchford (952) 346-4601 N/A Net Apartment Search, Verizon Wireless, Blick Art Materials, Archiver’s, Pier One Imports 1982 Marketplace Management Shelly Muelken (651) 639-0821 N/A Net China Restaurant, Aurelios Pizza 1956 1983 Ask Development, LLC Layne Hendel (612) 919-7383 N/A Net Marshalls, Barnes & Noble, HomeGoods, Michaels, Leeann Chin, Cub Foods 1960 1997 Emmes, Inc. Jennifer Johnson (651) 631-3949 N/A Net Keys Café, Pet Connection 1956 1986 The Wall Companies John Wall (612) 333-1663 N/A Net Setzer Pharmacy, Pawn America 1965 Kraus-Anderson Realty Elizabeth Ewens (952) 881-8166 $4.26 Net Linens ‘n Things, PetSmart, Old Country Buffet, Jo-Ann Fabrics 1986 Park Midwest Commercial RE Jamie Cohen (763) 847-6600 $4.60 Net Toys ‘R’ Us, OfficeMax, JCPenney Furniture, Dollar Tree, Men’s Wearhouse, Catherine’s, NW Air 1990 Park Midwest Commercial RE Jamie Cohen (763) 847-6600 $12.12 Net Macy’s, Herberger’s, AMC Theatres, Panera Bread, Ann Taylor LOFT, JCPenney, Williams Sonoma 1969 2001 Jones Lang LaSalle Mike Stetz (952) 857-2575 N/A Net Yada Systems 1989 Cave & Associates Barbara Ankrum (651) 482-9668 $5.41 Net Byerly’s, Walgreens, Hirshfield’s, Office Depot 1987 NAI Welsh Sara Martin (952) 897-7700 N/A Net Caribou Coffee, Checker Auto, Sherwin-Williams, Hancock Fabrics 1958 2000 Centro Properties Group Patrick Borgman (612) 284-7080 $4.42 Net Outback Steakhouse, FedEx Kinko’s, Casual Male, Kids’ Hair, Sprint 1984 NAI Welsh Sara Martin (952) 897-7700 N/A Net REI, Tuesday Morning, Schneiderman’s Furniture 1975 Roseville Properties Hugh Cullen (651) 633-6312 $1.66 Net Fitness Crossroad, Snyders 1949 Coldwell Banker Burnet William Wolfson (952) 473-3000 $6.83 Net Wal-Mart, Chipotle, Pei Wei, Cold Stone Creamery, Cub Foods 2005 NAI Welsh Amy Carlson (952) 897-7700 N/A Net County Market 2001 The Cambridge Group John Sheehan (952) 933-0042 66 Appendix - continued

ALPHABETICAL PROPERTY LISTING BY CITY MNCAR ID PROPERTY NAME ADDRESS CITY ZIP TYPE TOTAL GLA DIRECT VACANT SF HI RATE LO RATE CAM 171704 Excelsior & Grand 4901 Excelsior Blvd Saint Louis Park 55416 Neighborhood 85,000 0 N/A N/A N/A 185994 Knollwood Mall 8332 Hwy 7 Saint Louis Park 55426 Regional 435,945 0 N/A N/A N/A 172357 Knollwood Village 8906 Hwy 7 Saint Louis Park 55426 Neighborhood 137,420 32,026 N/A N/A N/A 184019 Miracle Mile Shopping Center 5009 Excelsior Blvd Saint Louis Park 55416-3013 Neighborhood 122,400 0 N/A N/A N/A 184470 Park Place Plaza I 1650 Park Pl Saint Louis Park 55416 Community 94,104 0 N/A N/A N/A 456639 Park Place Plaza II 5600 Cedar Lake Rd Saint Louis Park 55416 Community 302,000 0 N/A N/A N/A 185416 Park Village 5200 Excelsior Blvd Saint Louis Park 55416 Neighborhood 37,913 0 N/A N/A N/A 184052 Texa-Tonka Shopping Center 8000 Minnetonka Blvd Saint Louis Park 55426-3020 Neighborhood 54,159 0 N/A N/A N/A 184024 Westwood Shopping Center 7119 Cedar Lake Rd Saint Louis Park 55426-2712 Neighborhood 55,000 1,458 $16.00 $16.00 $3.84 176197 Avon Corner 791 Grand Ave Saint Paul 55105-3307 Neighborhood 17,186 0 N/A N/A N/A 179808 Ford Cleveland Center 758 Cleveland Ave S Saint Paul 55116-1347 Neighborhood 40,000 0 N/A N/A N/A 171531 Grand Place 870 Grand Ave Saint Paul 55105 Neighborhood 38,240 15,000 N/A N/A N/A 172337 Highland Crossing 2078 Ford Pkwy Saint Paul 55116 Neighborhood 44,115 0 N/A N/A N/A 185486 Highland Shopping Center 2004 Ford Pkwy Saint Paul 55116-5113 Neighborhood 56,675 1,800 N/A N/A N/A 185653 Highland Village Center 2148 Ford Pkwy Saint Paul 55116-1863 Neighborhood 54,085 0 N/A N/A N/A 357680 Hillcrest Shopping Center 1610 White Bear Ave N Saint Paul 55106 Neighborhood 113,534 49,801 $14.00 $8.00 $0.50 184342 Midway Center 1516 University Ave W Saint Paul 55104-2726 Community 331,300 0 N/A N/A N/A 177761 Midway Market Place 1400 University Ave W Saint Paul 55104 Regional 487,196 85,608 N/A N/A N/A 185773 Milton Mall 917 Grand Ave Saint Paul 55105 Neighborhood 19,228 0 N/A N/A N/A 181220 Parkway Center 1641 Rice St Saint Paul 55117-3755 Neighborhood 45,345 0 N/A N/A N/A 171708 Seeger Square Shopping Center 881 Arcade St Saint Paul 55106 Community 163,699 0 N/A N/A N/A 184380 Sibley Plaza Shopping Center 2395 7th St W Saint Paul 55116-2839 Neighborhood 93,282 5,920 $16.00 $16.00 $3.11 184351 Suburban Square 1664 Suburban Ave Saint Paul 55106-6619 Neighborhood 39,381 10,438 $16.50 $15.00 $3.10 184246 Sun Ray Shopping Center 2089 Hudson Rd Saint Paul 55119-4406 Community 261,485 3,815 $16.00 $8.00 $2.23 184335 Unidale Mall 544 University Ave W Saint Paul 55103-1937 Neighborhood 73,746 0 $11.00 $11.00 $3.00 176224 Victoria Crossing South Mall 850 Grand Ave Saint Paul 55105-2311 Neighborhood 17,913 0 N/A N/A N/A 184256 Victoria Crossing West Mall 867 Grand Ave Saint Paul 55105-3398 Neighborhood 21,147 0 N/A N/A N/A 172473 Marketplace at 42 14020 Hwy 13 Savage 55378 Community 150,000 7,247 $16.00 $15.00 $3.26 189075 O’Connell Square 5715 Egan Dr Savage 55378 Neighborhood 52,254 3,364 $24.00 $15.00 $3.97 212325 Savage Market Place 14333 Hwy 13 Savage 55378 Community 230,000 22,000 $17.00 $17.00 $1.48 221677 Savage Town Square 14075 Hwy 13 Savage 55378 Neighborhood 83,600 1,114 $22.00 $22.00 $4.04 183913 Southcross Shoppes 4022 Co Rd 42 Savage 55378 Neighborhood 34,766 4,554 $16.00 $9.00 $2.98 999992 Dean Lakes Phase I Hwy 169 & Co Rd 83 Shakopee 55379 Community 200,000 6,800 N/A N/A N/A 471034 Rainbow - Shakopee Shakopee 55379 Neighborhood 104,163 0 N/A N/A N/A 172474 Shakopee Crossroads Center 1106 Vierling Dr E Shakopee 55379 Neighborhood 140,741 4,915 $23.00 $20.00 $2.03 185977 Shakopee Town Square 1100 Shakopee Town Sq Shakopee 55379 Community 222,481 40,184 $10.00 $6.00 $3.04 172019 Shakopee Valley Marketplace 1529 17th Ave Shakopee 55379 Community 278,000 0 N/A N/A N/A 171354 Southbridge Crossing 8050 Old Carriage Ct N Shakopee 55379 Regional 515,175 7,668 $24.00 $18.00 $2.02 183958 Shoreview Center 3475 Rice St N Shoreview 55126-3037 Neighborhood 30,000 0 N/A N/A N/A 183992 Shoreview Mall 3537 Lexington Ave Shoreview 55126 Neighborhood 70,306 0 N/A N/A N/A 184123 Shorewood Village Center 23600 Hwy 7 Shorewood 55331 Neighborhood 72,250 4,094 $19.50 $18.00 $2.67 184016 Southview Shopping Center 1205 Southview Blvd South Saint Paul 55075-2246 Neighborhood 74,420 0 N/A N/A N/A 184045 University Center 8151 University Ave NE Spring Lake Park 55432-1865 Neighborhood 55,785 21,210 $13.00 $6.25 $2.37 184417 Historic Grand Garage 324 Main St S Stillwater 55082-5126 Neighborhood 30,000 1,590 $18.00 $10.00 $5.85 861289 Stillwater Marketplace 1801 Market Dr Stillwater 55082 Community 306,000 15,200 N/A N/A N/A 184426 Valley Ridge Plaza 1240 Frontage Rd Stillwater 55082 Neighborhood 83,601 6,820 $18.00 $18.00 $4.79 184424 Vadnais Square 905 Co Rd E E Vadnais Heights 55127 Community 258,400 0 N/A N/A N/A 476633 Waconia Marketplace 801 Marketplace Dr Waconia 55387 Neighborhood 75,051 5,000 $26.00 $18.00 $1.50 184489 Colonial Square Shopping Center 1125 Wayzata Blvd Wayzata 55391-1935 Neighborhood 87,280 2,000 $28.00 $28.00 $2.66 184495 Wayzata Bay Shopping Center 831 Lake St E Wayzata 55391-2857 Neighborhood 127,110 0 N/A N/A N/A 184406 Wayzata Marquee Place 641 Lake St E Wayzata 55391-1760 Neighborhood 86,000 0 $25.00 $25.00 $8.47 184494 Wayzata Village Shoppes 812 Lake St E Wayzata 55391-1803 Neighborhood 43,127 1,900 $22.00 $22.00 $3.21 184550 Doddway Shopping Center 360 Bernard St W West Saint Paul 55118-1137 Neighborhood 38,138 0 $12.00 $12.00 $3.23 184462 Robert Square Shopping Center 1660 Robert St S West Saint Paul 55118-3918 Neighborhood 32,000 0 N/A N/A N/A 184460 Signal Hills Shopping Center 47 Signal Hills West Saint Paul 55118-2306 Community 225,000 9,812 $20.00 $14.00 $3.01 184553 South Robert Plaza 2000 Robert St S West Saint Paul 55118-3923 Neighborhood 34,202 7,943 $12.00 $12.00 $2.27 173379 Southview Square Shopping Center 1907 Robert St S West Saint Paul 55118-3904 Neighborhood 99,922 6,530 $17.00 $14.00 $1.30 Appendix - continued 67

TAX LEASE TENANTS YR BUILT YR RENO BROKER COMPANY BROKER NAME PHONE N/A Net McCoy’s Restaurant, Starbucks, Pier One Imports, Trader Joe’s, Panera Bread 1947 2003 TOLD Development Company Trent Mayberry (952) 278-9000 N/A Net Kohl’s, Avenue, Dress Barn, Old Navy, DSW ShoeWarehouse, Cub Foods, Foss Swim School 1955 2001 General Growth Lori Talonen (952) 525-2652 N/A Net SuperTarget, Big Lots 1975 Gator Investments Jim Goldsmith N/A N/A Net Jerry’s Do It Best Hardware, Hoigaard’s 1951 1981 Miracle Mile Shopping Center Faye Luthe (952) 929-3423 N/A Net OfficeMax, Dairy Queen, Caribou Coffee, PetSmart 1996 Inland Real Estate Corporation Rick Plessner (651) 738-7777 N/A Net Costco, Home Depot 1996 Inland Real Estate Corporation Rick Plessner (651) 738-7777 N/A Net McDonald’s, Granite City Food & Brewery, Caribou Coffee, Bruegger’s, Boston Market 1994 Frauenshuh Sherry Hastings (651) 228-9456 N/A Net N/A 1950 Fine Management of MN Jeff Fine (612) 871-9181 $2.79 Net Edward Jones, Snyders 1962 Suntide Commercial Realty Nancy Murdakes Brown (651) 603-0321 N/A Net Restoration Hardware, Smith & Hawken 1935 N/A N/A N/A N/A Net Patina 1939 CB Richard Ellis Timothy Bloom (952) 924-4600 N/A Net Pottery Barn, J Crew 2001 Exeter Realty Company James Stolpestad (651) 690-1598 N/A Net Barnes & Noble, Chipotle, Starbucks 1994 Exeter Realty Company James Stolpestad (651) 690-1598 N/A Net Blockbuster Video, Leeann Chin, Famous Footwear 1955 CB Richard Ellis Josh Bloom (952) 924-4810 N/A Net Lunds, Bachman’s 1975 N/A N/A N/A $2.75 Net Big Dollar, St. Paul Credit Union, Checker Auto 1950 NAI Welsh Bob Minks (952) 897-7700 N/A Net Rainbow Foods, OfficeMax, Walgreens, Big Top Liquor, LA Fitness 1958 1992 R D Management Corporation Alan Mounty (212) 265-6600 N/A Net Herberger’s, Wal-Mart, Dollar Tree, Cub Foods, Borders Books 1920 1989 Developers Diversified Realty Corporation Bill Cikalo (216) 755-5839 N/A Net Amore Coffee, Birkenstock Footprints, Crocus Hill, Flower Market, Park Dental, Proex, Salut 1916 Exeter Realty Company James Stolpestad (651) 690-1598 N/A Net Unique Thrift Store, Lamplighter Lounge 1960 MEK Properties David Kloeber N/A N/A Net Papa Murphys, Subway 1987 Gilmcher Properties Rob Glimcher N/A $3.47 Net Cooper’s Super Valu, Champps 1955 1991 Paster Enterprises Richard Jahnke (651) 646-7901 $3.43 Net Target, LensCrafters 1988 Suntide Commercial Realty Nancy Murdakes Brown (651) 603-0321 $2.77 Net Cub Foods, Michaels, T.J. Maxx 1958 1993 Centro Properties Group Patrick Borgman (612) 284-7080 $2.95 Net Disabled American Veterans Thrift Store, Foodsmart 1978 Commercial Properties Services, Inc. Christopher Howard (612) 334-8940 N/A Net Café Latte, Alex’s Bonfire, Just Grand 1925 Exeter Realty Company James Stolpestad (651) 690-1598 N/A Net Bead Monkey, Bread & Chocolate, Garden of Eden 1925 Exeter Realty Company James Stolpestad (651) 690-1598 $3.73 Net Rainbow Foods, Walgreens 1999 Centro Properties Group Patrick Borgman (612) 284-7080 $5.00 Net Aldi Foods, Dunn Bros, Pilgrim Cleaners 2002 H.J. Development, Inc. Chris Moe (952) 476-9400 $3.81 Net SuperTarget, OfficeMax, Blockbuster Video, Applebee’s N/A NAI Welsh Kris Schisel (952) 897-7715 $5.53 Net Cub Foods, Davanni’s N/A NorthMarq Ronn Thomas (952) 346-4601 $3.42 Net Oasis Market, Sunset Liquors 1989 Park Midwest Commercial RE Doug Sailor (763) 847-6600 N/A Net Lowe’s, Slumberland, Ruby Tuesday 2006 NorthMarq Peter Armbrust (952) 346-4601 N/A Net Applebee’s, Jiffy Lube, Quick Trip N/A N/A N/A N/A $3.44 Net Cub Foods, Blockbuster Video 1999 CB Richard Ellis Andy McConville (952) 924-4600 $0.93 Net Marcus Theaters, Minnesota School of Business 1973 1999 TaTonka Real Estate Advisors Tim Stewart (612) 466-7300 N/A Net Target, Cub Foods, Blockbuster Video, Kohl’s 2000 CB Richard Ellis Andy McConville (952) 924-4600 $4.50 Net Wal-Mart, Michaels, Pier One Imports, Sam’s Club 2002 Shakopee Crossings Steven Soltau (952) 465-3900 N/A Net Checker Auto, Erik’s, Pet Junction 1964 Net Lease Development Rick Hauser (612) 313-0125 N/A Net Fresh & Natural Foods N/A Sentry Real Estate, Inc. Martin Gross (651) 783-9786 $2.69 Net Cub Foods, True Value, Caribou Coffee 1975 Park Midwest Commercial RE Doug Sailor (763) 847-6600 N/A Net Snyders, Knowlan’s Supermarket 1958 1994 Paster Enterprises Richard Jahnke (651) 646-7901 $2.84 Net Empire Education, Party City 1986 New Plan Excel Realty Trust, Inc. Brad Ratajczak (630) 305-0255 $2.10 Net Starbucks, Chefs Gallery 1882 Greystone RE Group Kevin LaCasse (651) 430-2250 N/A Net Cub Foods, OfficeMax, Party City, MGM Liquor, Target 1999 Chase Properties Debi Becksted (216) 464-6626 $2.15 Net Acapulco Restaurant, Anytime Fitness, Tuesday Morning 1978 2003 NorthMarq Jen Helm (952) 346-4601 N/A Net Target, Gold’s Gym, Panera Bread, Festival Foods 2002 Platinum Properties, Inc. Tiffany Thomas (952) 945-9200 $1.00 Net Mackenthun’s County Market, MGM Liquor Warehouse, Great Clips, Quiznos, Beef O’Brady 2003 D.E. Winter & Associates, Inc. Darcy Winter (612) 868-4807 $6.98 Net Down in the Valley, Ski Hut, Lunds 1959 NorthMarq David Daly (952) 346-4601

N/A Net The Foursome, The Quilted Bear 1920 1976 Coldwell Banker Commercial Griffin Companies John Tramm (612) 904-7816 $11.05 Net Talbots, Gianni’s Steakhouse 1987 Boulder Properties, Inc. George Daniels, CPM (952) 476-4036 $5.68 Net Maggie’s Restaurant, Wayzata Paint & Wallpaper 1964 1981 NAI Welsh Sara Martin (952) 897-7700 $2.20 Net RC Dick’s Foods, Stems & Vines, Muller Valu-Rite 1958 1993 Paster Enterprises Richard Jahnke (651) 646-7901 N/A Net Rainbow Foods, UPS Store, Cost Cutters 1989 W.W. Klus Realty, Inc. George Klus (612) 922-2560 $2.17 Net Big Kmart, Dots, Caribou Coffee, US Post Office, Vision World 1955 2006 Suntide Commercial Realty Timothy Igo (651) 603-0321 $2.96 Net Hirshfield’s, Old Country Buffet 1987 1993 NAI Welsh Terese Reiling (952) 897-7700 $2.00 Net Hancock Fabrics, Sherwin-Williams, Famous Footwear, Checker Auto 1960 NorthMarq Ned Rukavina (952) 346-4601 68 Appendix - continued

ALPHABETICAL PROPERTY LISTING BY CITY MNCAR ID PROPERTY NAME ADDRESS CITY ZIP TYPE TOTAL GLA DIRECT VACANT SF HI RATE LO RATE CAM 184554 Ten Acres Center 2021 Robert St S West Saint Paul 55118 Community 163,162 0 N/A N/A N/A 218827 Birch Lake Shopping Center 1350 Hwy 96 E White Bear Lake 55110 Neighborhood 34,809 0 N/A N/A N/A 184548 Century Hills Shopping Center 2670 Co Rd E E White Bear Lake 55110-4909 Neighborhood 54,165 3,815 $22.00 $10.00 $5.68 181794 Kmart 3201 White Bear Ave N White Bear Lake 55110-5402 Neighborhood 117,401 0 N/A N/A N/A 172068 White Bear Commons I-35E & Co Rd 96 White Bear Lake 55110 Community 160,000 0 N/A N/A N/A 184549 White Bear Hills Shopping Center 2671 Co Rd E E White Bear Lake 55110-4908 Neighborhood 73,095 1,170 $15.00 $14.00 $2.13 184545 White Bear Shopping Center 4391 Lake Ave S White Bear Lake 55110-3455 Neighborhood 110,000 0 N/A N/A N/A 184530 Wildwood Shopping Center 909 Wildwood Rd White Bear Lake 55115-1847 Neighborhood 52,140 7,125 $18.00 $18.00 $2.33 184534 City Centre Plaza 8300 City Centre Dr Woodbury 55125 Neighborhood 45,000 0 N/A N/A N/A 184933 Eagle Valley Commons Shopping Center 1000 Valley Creek Dr Woodbury 55119 Neighborhood 45,000 0 N/A N/A N/A 171754 Lightfaire Center 8160 Coller Way Woodbury 55125-3600 Neighborhood 38,000 29,442 $14.00 $14.00 $3.25 173396 Northern Commons 1480 Weir Dr Woodbury 55125-2144 Neighborhood 32,000 3,500 N/A N/A $2.71

171815 Shoppes of Woodbury Village (w Woodbury Village) 7455 Currell Blvd Woodbury 55125 Neighborhood 23,000 3,056 N/A N/A $4.43 999996 Slumberland/Golf Galaxy 9780 Hudson Rd Woodbury 55125 Neighborhood 48,000 0 N/A N/A N/A 184484 Tamarack Village 8194 Tamarack Village Woodbury 55125-3391 Regional 780,495 35,058 $28.00 $21.00 $1.83 184599 Valley Creek Mall 1740 Weir Dr Woodbury 55125-2282 Neighborhood 84,720 8,503 $15.00 $10.00 $4.10 471636 Woodbury Commons 10150 Hudson Rd Woodbury 55129 Neighborhood 118,000 28,092 N/A N/A $2.36 680898 Woodbury Lakes 9000 Hudson Rd Woodbury 55125 Community 412,980 33,846 $31.00 $28.00 $4.94 468270 Woodbury Marketplace 999 Woodbury Dr Woodbury 55125 Community 200,000 0 N/A N/A N/A 184596 Woodbury Village 7020 Valley Creek Plz Woodbury 55125 Regional 458,166 27,721 N/A N/A $1.94 434752 Woodbury Village Green 1475 Queens Dr Woodbury 55125 Neighborhood 84,899 0 N/A N/A N/A Appendix - continued 69

TAX LEASE TENANTS YR BUILT YR RENO BROKER COMPANY BROKER NAME PHONE N/A Net Cub Foods, Burlington Coat Factory, Chinese Buffet 1920 Centro Properties Group Patrick Borgman (612) 284-7080 N/A Net Wells Fargo, Express Tan, Huntington Learning Center, Hair By Stewarts (Regis), Goodyear N/A Hempel Brent Jacobson (763) 383-1100 N/A Net Super Nails, CVS/pharmacy, Subway 1973 CSM Corporation Scott Tubman (612) 395-7000 N/A Net Kmart, Big Lots 1971 Grubb & Ellis/Northco RE Srvs (MN) Noah Larson (952) 820-1687 N/A Net Cub Foods, Blockbuster Video, Hallmark, Great Clips, Attributes 1988 N/A N/A N/A $3.89 Net Festival Foods, Dunn Bros 1990 Centro Properties Group Patrick Borgman (612) 284-7080 N/A Net Kowalski’s, Reed Drug 1959 Urban Anthology Jeff Herman (612) 924-6486 $2.33 Net Royal Pool & Spa 1958 1989 Axiom Realty Robert Welle (651) 643-0700 N/A Net Caribou Coffee, Bruegger’s, Panera Bread, FedEx Kinko’s 1996 Wellington Management, Inc. Kathy Bayliss (651) 292-9844 N/A Net Texaco Convenience Store 2001 N/A N/A N/A $1.25 Net Great Harvest Bread Company 1999 NorthMarq Eric King (651) 734-2385 $3.53 Net CarX 1999 Park Midwest Commercial RE Jesseka Doherty (763) 847-6600 $7.08 Net Noodles & Co., Chipotle 2001 Robert Muir Company Kim Meyer (952) 857-2800 N/A Net Slumberland, Golf Galaxy N/A Ban Tara Brian Zeller (651) 430-2233 $3.86 Net Cub Foods, Ulta, Dick’s Sporting Goods, Home Depot, Jo-Ann Fabrics, Toys ‘R’ Us, JCPenney 1996 Robert Muir Company Kim Meyer (952) 857-2800 $2.14 Net Ace Hardware, Snyders 1979 Wellington Management, Inc. Kathy Bayliss (651) 292-9844 $3.95 Net SuperWal-Mart, Applebee’s, Shuler Shoes, Dollar Tree, Eddie Bauer, Tuesday Morning 2004 Robert Muir Company Kim Meyer (952) 857-2800 $7.96 Net Trader Joe’s, H&M, Archiver’s, Talbots, Coldwater Creek, DSW ShoeWarehouse N/A NorthMarq Tricia Pitchford (952) 346-4601 N/A Net Sam’s Club, Sportsman’s Warehouse N/A NAI Welsh Amy Senn (952) 897-7833 $3.35 Net Rainbow Foods, Kohl’s, Office Depot, Barnes & Noble, Walgreens, Petco, Potbelly Sandwich Works 1992 Robert Muir Company Kim Meyer (952) 857-2800 N/A Net The Tile Shop N/A Robert Muir Company Kim Meyer (952) 857-2800 70 MSCA 2008 Committees

e Need You! The Minnesota Shopping STARRSM Awards Center Association (MSCA) is a volunteer Worganization with 10 active committees. The Awards Committee is responsible for These committees, run by volunteers from the development of the annual Shopping Center MSCA membership, help shape how the Tribute Awards for Retail Real Estate (STARRSM association affects the overall membership and Awards) that are presented each year by MSCA the retail real estate industry as a whole. It is a to recognize excellence in retail real estate. great way to network with other MSCA members Preparation includes award criteria, judging from various disciplines. Time commitment varies process, and the planning, promotion, and by committee with monthly, bimonthly or implementation of the STARRSM Awards event in quarterly meetings. Some require year-round December. The committee meets as needed participation, while others are partial-year April through December. obligations leading up to an annual event. Technology If you would like to join a committee, please call The Technology Committee meets quarterly and the MSCA office at (952) 888-3491. is responsible for staying current on technologies The greatest benefit of MSCA membership is the that might improve the way MSCA operates and opportunity to participate on a Committee. serves its members as a professional association. The most prominent ongoing responsibility is to Membership continually develop MSCA’s website which The Membership Committee’s primary provides timely information about the responsibility is to oversee all membership organization and responds to members’ needs. aspects of the organization. This committee Golf meets every other month to discuss new strategies for increasing membership, as well as The Golf Committee is responsible for devising or improving ways to make new coordinating one of MSCA’s highest-attended members feel welcome and maintaining MSCA’s events, the annual MSCA Golf Tournament! The current membership. Typical duties include committee starts to meet in February followed by follow-up communication to potential members, monthly meetings leading up to the golf event in brainstorming additional ideas to recruit new June. Primary duties include soliciting MSCA members, welcoming new members into MSCA members to sponsor holes, encouraging golfer and more. This is a great committee for signups, requesting auction prizes and donations, networking, and meeting both current and and coordinate events on the day of the potential new members. tournament. Monies raised from the auctions, raffle and putting contest benefit MSCA’s charity, Sponsorship The Caring Tree. The primary responsibility of the Sponsorship Committee is to raise funds for MSCA through solicitation of corporate sponsors. Committee members are assigned companies to call regarding sponsorship renewal, asked to help identify potential sponsoring companies and required to follow-up with sponsors regarding their MSCA benefits. The committee is active August through February to recruit sponsors for the next calendar year, along with follow-up calls for payment. MSCA 2008 Committees - continued 71

Community Enhancement Newsletter The Community Enhancement Committee strives The Newsletter Committee is committed to to facilitate and enhance the community providing MSCA members with an interesting outreach functions of MSCA. The major monthly newsletter with accurate and up-to- undertaking of the committee is to work with The date information. The committee members Caring Tree to conduct the annual Caring Tree discuss new ideas and work together to obtain Program, which was founded by MSCA. The and prepare articles, including features about program helps supply low-income, K-12 children existing and future retail development projects with new school supplies to begin a successful within the state, profiles, program recaps, and school year. The committee coordinates many retail trends that affect our industry and efforts to help The Caring Tree reach its yearly members. This committee meets quarterly in goals, including raising donations for the annual order to make assignments for future issues of the MSCA Golf Tournament, educating and involving newsletter. It is an excellent opportunity for those the MSCA membership in the program, and who like to write and/or stay abreast of current helping to support The Caring Tree’s public events. relations and sponsorship efforts. This committee meets as needed February through September. Program Legislative The MSCA Program Committee meets monthly to discuss program ideas, organize and prepare for In partnership with the ICSC Minnesota upcoming monthly meetings, and prepare long- Government Relations Committee, and in range plans for future programming. All coalition with various commercial real estate committee members are provided the groups and chambers of commerce, the MSCA opportunity to participate in and be responsible Legislative Committee actively presents our for a monthly program. Subcommittees are industry’s concerns to the governor’s office and formed to handle individual programs and meet the Minnesota Legislature. The committee informs as needed for their designated program. The MSCA members about pending legislation and Program Committee is an excellent way to meet other legislative efforts, including generating and key industry leaders. directing grass-roots efforts by MSCA members. This committee meets monthly and works closely Research/Retail Report with MSCA’s paid lobbyists to influence the The Research Committee meets as needed legislative agenda and legislation in the best March through November to prepare the annual interests of our industry. Past and current efforts MSCA Retail Real Estate Report. This report include work on issues such as property tax summarizes key areas of concern for the state’s reform, transportation, “smart growth” initiatives shopping center industry, as well as provides a and special taxing districts. detailed summary of rents, common area charges and taxes for each center. Broker contacts are also included in this report, in an attempt to make it easier for prospective tenants (and their brokers) to reach lease agreements on vacant space. The committee’s findings, and the release of the report, are presented at the MSCA November meeting. 72 MSCA 2008 Corporate Sponsors

American Engineering Testing, Inc. Larkin Hoffman Daly & Lindgren Ltd. Aspen Waste Systems, Inc. Let There Be Lights! Barna, Guzy & Steffen, Ltd. M & I Bank Bremer Bank, N.A. McComb Group, Ltd. Brookfield Properties McCombs Frank Roos Associates CB Richard Ellis Messerli & Kramer P.A. CSM Corporation Midwest Maintenance & Mechanical, Inc. Cambridge Commercial Realty Minneapolis/St. Paul Business Journal Capital Growth Madison Marquette NAI Welsh Chesapeake Companies NorthMarq Capital, Inc. Chuck & Don’s Pet Food Outlet Olsson Associates Colliers Turley Martin Tucker Oppidan, Inc. The Collyard Group L.L.C. Opus Northwest LLC Commercial Partners Title, LLC Park Midwest Commercial Real Estate Cuningham Group Architecture, P.A. Paster Enterprises Cushman & Wakefield of Minnesota, Inc. RJ Marco Construction Inc. Dick’s Sanitation, Inc. RLK Incorporated Doran Companies RSM McGladrey, Inc. Dougherty Funding LLC RSP Architects Emmes Realty Services LLC Reliance Development Company, LLP Exeter Realty Company Robert Muir Company Faegre & Benson LLP Ryan Companies US, Inc. Fendler Patterson Construction, Inc. Shea, Inc. Fredrikson & Byron, P.A. Shingobee General Growth Properties, Inc. Solomon Real Estate Group Inc. Gray Plant Mooty Stewart Title Guaranty Company Great Clips, Inc. Stonehenge USA Griffin Companies TCF Bank H.J. Development, Inc. Target Corporation Hempel U.S. Bank Inland Real Estate Corporation United Properties Itasca Funding Group, Inc. The Velmeir Companies JE Dunn Construction Venture Mortgage Corporation Jones Lang LaSalle/Rosedale Center Weis Builders, Inc. KKE Architects, Inc. Wells Fargo Bank, N.A. Kraus-Anderson Companies Westwood Professional Services, Inc. LandAmerica Winthrop & Weinstine, P.A. Landform MSCA Membership Benefits 73

The Minnesota Shopping Center Association (MSCA) is a nonprofit trade MSCA association that was initiated in 1988. MSCA is the largest statewide 8120 Penn Avenue South Suite 464 organization devoted solely to the retail real estate industry. With over 315 Bloomington, MN 55431 companies and 780 members, the association represents developers, Phone: (952) 345-0452 shopping center owners, brokers, property managers, retailers, attorneys, Fax: (952) 888-0000 architects, appraisers, contractors and all professionals serving the Minnesota real estate industry. Together, the members of MSCA own, www.msca-online.com operate and manage over 50 million square feet of shopping centers in our trade area. MSCA offers its members excellent educational and networking opportunities, market research and trends, as well as participation in governmental affairs. NETWORKING AND SOCIAL OPPORTUNITIES are available by attending programs and functions with over 780 retail real estate colleagues or by joining one of the 10 committees. ANNUAL MEMBERSHIP DIRECTORY includes the most up-to-date information on current members, including photographs, direct telephone and fax numbers, email addresses and area of business specialty. Informative MONTHLY NEWSLETTER, features retail real estate news of major events, developments, trends and changes in the industry. FOCUSED MONTHLY MEETINGS, which offer real estate CONTINUING EDUCATION CREDITS, are tailored to retail real estate personnel and specialists in the related fields. ANNUAL RETAIL REPORT that outlines retail and development activities in the state and provides up-to-date information on properties, occupancy levels, rents, operating expenses and real estate taxes. COMMUNITY SERVICE includes The Caring Tree, founded by MSCA, promotes educational success for Minnesota’s K–12 students in need by ensuring that they have the appropriate school supplies. The project is administered by The Caring Tree, which is a 501(c)(3) nonprofit organization. LEGISLATIVE AFFAIRS is dedicated to improving the retail real estate industry and business climate through legislative actions, including Business Day at the Capitol, lobbying and distribution of educational information.

STARRSM AWARDS are presented annually to recognize retail projects, teams, and professionals who have made substantial contributions to the industry, community, and the association. MINNESOTA SHOPPING CENTER ASSOCIATION 8120 Penn Avenue South, Suite 464 Bloomington, MN 55431

Published November 2008 ©2008 Minnesota Shopping Center Association