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MARKET REPORT I AUGUST 2015 1 INDUSTRIAL I MINNEAPOLIS -ST. PAUL <br />MINNEAPOLIS NORTH <br />The vacancy rate in the Minneapolis North submarket is 7.1 percent, up <br />from 6.7 percent in Quarter One. There was 101,449 square feet of <br />absorption. Meritex completed a 130,000 square foot speculative <br />distribution building in Roseville, which come on to the market 100 <br />percent vacant. Smith Medical moved out of 169,502 square feet at <br />Arden Hills to move to 6000 Nathan Lane in Plymouth in the West/ <br />Northwest submarket. <br />Roberts Manage Group is under construction on two office warehouse <br />buildings totaling 93,300 square feet in Arden Hills. These properties <br />are scheduled to be completed during the Fourth Quarter of 2015 and <br />will have 22'-24' clear heights. <br />Hoyt Properties is the managing investor of a group that purchased <br />River Road Business Center I and II in Fridley for $6.3 million. The <br />properties total 149,915 square feet and were approximately 60 percent <br />leased at the time of the sale. Hoyt plans to invest to upgrade the <br />properties and increase occupancy. <br />ST. PAUL EAST <br />The vacancy rate in the St. Paul East submarket is 7.0 percent, up <br />slightly from Quarter One's rate of 6.9 percent. There was negative <br />absorption of 19,874 square feet. <br />3M is building a $150 million research facility at its corporate campus in <br />Maplewood. This state-of-the-art facility is a significant investment <br />locally and will be completed by the end of 2015. The project will total <br />400,000 square feet and be dedicated to technology research. <br />Also under construction is Bridgepoint Business Center III in South St. <br />Paul. Interstate Partners is constructing the 107,498 square foot flex <br />property on a speculative basis. <br />COLLIERS INTERNATIONAL I MINNEAPOLIS -ST. PAUL <br />