Agenda - Council - 08/26/2014 - Laserfiche WebLink

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COMMERCIAL REAL ESTATE SERVICES CBRE 4400 West 78't' Street Suite 200 Minneapolis, MN 55435 Crossroads Professional Center 7550 Sunwood Drive NW, Ramsey, MN 55303 LEASE PROPOSAL: Location: Ramsey Municipal Center is an office complex located in the city of Ramsey, MN. Ramsey is a second ring northern suburb with a population of 23,668. The two main thoroughfares into Ramsey are US Highways 10/169 and State Highway 47. Ramsey is also home to a Northstar Commuter Rail that runs to downtown Minneapolis. Northwest Market: Ramsey Municipal Center is part of the Northwest office market, which has an overall office vacancy rate of 29.84 % and has had a negative 20,384 square feet of absorption in 2014. The property is part of the Northwest Class A office submarket. This submarket experienced a negative 6,508 square feet of absorption in 2014 and currently has a vacancy rate of 50.80%. Ramsey Municipal Center — positives and negatives: - Positives: Excellent visibility, access and location; located near numerous restaurants and retail amenities; located near the Northstar Commuter rail with access to and from downtown Minneapolis. - Negatives: No building amenities; soft office market; outer -ring suburb. Listing Price: Taking into consideration our research findings on MnCar, CoStar we feel marketing the property for lease at a rate of $18 gross is fair market while we expect to get a deal done between $16 and $17 gross. Any lease may require a tenant improvement package and may require a few months of free rent up front. Marketing: Our creative, comprehensive marketing delivers superior client results and is crucial for the success of this project. Utilizing our cutting -edge technology platform and collaborative process, we develop customized solutions for our clients that produce maximum results. Key components of our process include: industry -best collateral (brochures, amenity maps, etc.), tried -but -true hard mailers, professional grade websites, a focus on e-marketing and other customized approaches. See the attached brochure (Exhibit A) and placemat (Exhibit B) for examples of what we have used at other listings.