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02 2013 I LAND <br /> MINNEAPOLIS-ST. PAUL <br /> Colliers <br /> LAND MAR 1<FT REPORT INTERNATIONAL <br /> ! A recovering housing market and <br /> . • ,11111 decreasing space options in retail <br /> w•: '�u. ['1�1 "r'I ' and industrial brings strong land <br /> sale activity; multifamily developers <br /> continue to show interest in finding local <br /> • - -� sh's� ;;r ,r,3ftir�r <br /> :1: apartment land sites <br /> x�l <br /> > <br /> Activity among developers seeking and purchasing land for single-family homes is robust. <br /> > The looming possibility of increasing interest rates,indicated by discussions at The Federal <br /> Reserve,could slow home sale velocity and put a damper on residential land demand. <br /> > Demand for retail land sites is active among stand-alone retailers,and a number of build-to-suit <br /> projects are occurring,including Walmarts,Chick-fil-A,and grocers. <br /> > Due to the decreasing retail vacancy rate in"A"locations,we expect to see large and small <br /> retail developments/redevelopments proposed and/or break ground over the next 12-18 months. <br /> > An active industrial market that has included significant build-to-suit activity,in addition to <br /> speculative development,has spurred strong interest in industrial land,especially in northwest <br /> and southwest submarkets,and in sizes ranging from five-50 acres. <br /> > Interest in multifamily land continues,from both local and out-of-state developers.Areas of <br /> prime interest include Downtown,Uptown,North Loop,University of Minnesota,and St. Louis <br /> Park. <br /> > Due to steadily recovering commercial real estate markets,we predict a continued steady <br /> increase in demand for well-located land sites in the Minneapolis-St. Paul metropolitan area. <br /> NOTABLE SALES <br /> LAND CITY BUYER SELLER PRICE ACRES PRICE/ACRE NOTES <br /> Site clean up to <br /> Arden Hills Land Arden Hills Ramsey County Federal Government $28,000,000 430.0 $65,116 take 3-5 years;the <br /> land to be sold for <br /> development <br /> Cleveland Ave&County Road Roseville Walmart Roseville Properties $12,070,000 14.0 $862,143 Opening a 160,000 <br /> C Management square foot store <br /> Cedar Ave&Highway 13 Eagan Paragon City of Eagan $5,800,000 29.0 $200,000 Planning an upscale <br /> outlet mall <br /> Former Cottage View Drive-In Cottage Apache Thief Building a 178,000 SF <br /> Land,9338 East Point Douglas Grove Walmart Theatre Company $3,960,000 22.0 $180,000 store on the site <br /> Road S. LLP <br /> www.colliersmsp.com <br />