Woodbury State Farm Campus Eyes Redevelopment

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A Florida-based real estate investment company appears to be winning over Woodbury officials with the idea of building 100,000 square feet of medical office space near the 400,000-square-foot former State Farm building off Interstate 94.

There would be two build-to-suit medical office buildings — 50,000 square feet each — to the north, a high-end grocery store and pedestrian-friendly retail to the south and possibly a hotel to the northwest of the former State Farm office building, according to a preliminary master concept plan released Thursday by Aventura, Fla.-based Elion Partners. Read more

Twin Cities Land Sales Comeback

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A Cushman & Wakefield/NorthMarq Featured Article

A Florida developer’s purchase price for the site of a former Chili’s restaurant and an Olive Garden in St. Louis Park works out to nearly $30,700 per apartment. The site for the future 158-unit building is in the southwest quadrant of Highway 100 and Interstate 394, near the West End shopping center. (Staff photo: Bill Klotz)Land sales in the Twin Cities are finally showing some welcome signs of life with both transaction volume and sale prices on the rise.

“Things are starting to percolate, although sales are certainly not at the fever pitch that they were in 2004, 2005 and 2006,” says Dan Russ, a vice president in the Investment Services Group at Transwestern in Minneapolis. “But, it is starting to move in the right direction compared to the past few years, which has been stagnant.” Read more